The global motor monitoring market size reached US$ 2.4 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 4.3 Billion by 2032, exhibiting a growth rate (CAGR) of 6.69% during 2023-2032.
Motor monitoring represents one of the predictive maintenance aspects involving thorough inspection using modern, state-of-the-art equipment. It focuses on tracking the performance of motors and minimizing downtime needed for repairs. It analyzes testing starting loads, ambient temperature, ease of testing, availability of spares, and the number of starts and stops.
It assists in locating potential problems, avoiding critical unplanned downtime, ensuring efficiency, and improving plant operations. Consequently, it finds extensive applications in the automotive, aerospace, and oil and gas industries worldwide. Nowadays, several companies are offering motor monitoring services through online platforms, which provide details about power quality and operating conditions.
The increasing importance of detecting potential issues in machines before their breakdown is also stimulating the market growth. Apart from this, the leading market players are introducing advanced test equipment that collects data through three voltage probes and corresponding current transformers. The data can be recorded, calculated, and interpreted for uninterrupted comparison, reporting, and trending. These innovations are creating a positive outlook for the market. Furthermore, factors like increasing utilization of motor monitoring in sports and thermal imaging are projected to drive the market.
2. What is the expected growth rate of the global motor monitoring market during 2024-2032?
3. What are the key factors driving the global motor monitoring market?
4. What has been the impact of COVID-19 on the global motor monitoring market?
5. What is the breakup of the global motor monitoring market based on the offering?
6. What is the breakup of the global motor monitoring market based on the monitoring process?
7. What is the breakup of the global motor monitoring market based on the end use?
8. What are the key regions in the global motor monitoring market?
9. Who are the key players/companies in the global motor monitoring market?
Motor monitoring represents one of the predictive maintenance aspects involving thorough inspection using modern, state-of-the-art equipment. It focuses on tracking the performance of motors and minimizing downtime needed for repairs. It analyzes testing starting loads, ambient temperature, ease of testing, availability of spares, and the number of starts and stops.
It assists in locating potential problems, avoiding critical unplanned downtime, ensuring efficiency, and improving plant operations. Consequently, it finds extensive applications in the automotive, aerospace, and oil and gas industries worldwide. Nowadays, several companies are offering motor monitoring services through online platforms, which provide details about power quality and operating conditions.
Motor Monitoring Market Trends:
Electric motors are durable and efficient, require low maintenance, consume less energy, and have high endurance for fluctuating voltages. This, along with their diverse applications in domestic appliances, machine tools, and industrial fans, represents one of the major factors bolstering the market growth. Moreover, governing agencies of numerous countries are formulating stringent policies to promote the adoption of energy-efficient products and reduce carbon emissions from various industrial verticals. This is positively influencing the demand for motors as they are environment-friendly and affordable than a fossil-fuel engine.The increasing importance of detecting potential issues in machines before their breakdown is also stimulating the market growth. Apart from this, the leading market players are introducing advanced test equipment that collects data through three voltage probes and corresponding current transformers. The data can be recorded, calculated, and interpreted for uninterrupted comparison, reporting, and trending. These innovations are creating a positive outlook for the market. Furthermore, factors like increasing utilization of motor monitoring in sports and thermal imaging are projected to drive the market.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global motor monitoring market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on offering, monitoring process and end use.Breakup by Offering:
- Hardware
- Software
Breakup by Monitoring Process:
- Oil Analysis
- Motor Current Analysis
- Ultrasound
- Thermography
- Vibration Analysis
- Others
Breakup by End Use:
- Oil and Gas
- Energy and Power
- Aerospace and Defense
- Automotive
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB SKF, ABB Ltd, ALS Limited, Eaton Corporation plc, Emerson Electric Co., General Electric, Honeywell International Inc, National Instruments Corp., Parker-Hannifin Corp, Rockwell Automation Inc, Schneider Electric and Siemens AG.Key Questions Answered in This Report
1. How big is the global motor monitoring market?2. What is the expected growth rate of the global motor monitoring market during 2024-2032?
3. What are the key factors driving the global motor monitoring market?
4. What has been the impact of COVID-19 on the global motor monitoring market?
5. What is the breakup of the global motor monitoring market based on the offering?
6. What is the breakup of the global motor monitoring market based on the monitoring process?
7. What is the breakup of the global motor monitoring market based on the end use?
8. What are the key regions in the global motor monitoring market?
9. Who are the key players/companies in the global motor monitoring market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Motor Monitoring Market
6 Market Breakup by Offering
7 Market Breakup by Monitoring Process
8 Market Breakup by End Use
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- AB SKF
- ABB Ltd
- ALS Limited
- Eaton Corporation plc
- Emerson Electric Co. General Electric
- Honeywell International Inc
- National Instruments Corp.
- Parker-Hannifin Corp
- Rockwell Automation Inc
- Schneider Electric
- Siemens AG
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 140 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 2.4 Billion |
| Forecasted Market Value ( USD | $ 4.3 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
