According to the new research report "Motor Monitoring Market by Offering (Hardware, Software), Monitoring Process (Online, Portable), Deployment, Industry (Oil & Gas, Power Generation, Metals & Mining, Water & Wastewater, Automotive), and Region - Global Forecast to 2023", The motor monitoring market is expected to grow from USD 1.6 billion in 2018 to USD 2.3 billion by 2023, at a CAGR of 7.4% during the forecast period. Major factors driving the market growth are the growing prominence of predictive maintenance and increasing need to minimize revenue loss caused by motor faults.
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Opportunity: Growing penetration of industrial IoT
The industrial internet of things (IIoT) creates a huge demand for advanced connected devices. These connected devices enable machine-to-machine communication and interoperate with other devices according to the requirement of the connected environment. This increases the use of monitoring solutions, which actively take preventive steps for motor maintenance, thereby reducing human intervention.
Challenge: Decreasing greenfield investment in the oil & gas industry
The oil & gas industry is one of the leading industries where motor monitoring solutions are widely used. The recent decline in crude oil prices has resulted in a steep fall in capital budgets, which has eventually led to a fall in demand for industrial equipment from the industry; this, in turn, is expected to reduce the demand for monitoring solutions in the oil & gas industry. Oil & gas companies are increasingly focusing on improving operational efficiency in this period of economic downturn. Their operations are expected to be streamlined in terms of improving efficiencies and working with fewer resources after they overcome the current oil price situation. The reduced investments in the oil & gas industry have resulted in the lesser implementation of motor monitoring solutions.
APAC to hold largest share of motor monitoring market by 2023
APAC is expected to overtake North America to hold the largest share of the motor monitoring market by 2023. The region has a huge industrial sector with the presence of several manufacturing units of big companies. APAC has become a global focal point for large investments and business expansion opportunities. Many countries in this region also has supportive governments that implement several initiatives and policies to support the local manufacturing industry. China, Japan, South Korea, and India are some of the prolific countries in APAC with a considerable presence of manufacturing industries; therefore, there is a continuous demand for motor monitoring systems in APAC.
Key players in the motor monitoring ecosystem are Banner Engineering (US), ABB (Switzerland), National Instruments (US), SKF (Sweden), Siemens (Germany), Honeywell (US), General Electric (US), Emerson Electric (US), Rockwell Automation (US), Qualitrol (US), Schneider Electric (France), Mitsubishi Electric (Japan), Advantech (Taiwan), Eaton (Ireland), WEG (Brazil), Dynapar (US), KCF Technologies (US), Phoenix Contact (Germany), T.F. Hudgins (US), and Koncar (Croatia).
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