Motor monitoring market for automotive industry to grow at highest CAGR during forecast period 2018 - 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. The increasing popularity of wireless technologies in the industrial sector is a major factor driving the growth of the motor monitoring market.

Motor monitoring market for automotive industry to grow at highest CAGR during forecast period

The global automotive industry is emphasizing on automating and upgrading assembly lines, which require continuous monitoring of motors to avoid downtimes. Motor current analysis helps reduce machine failures and extend the life of machines. The automotive industry is witnessing significant growth in the number of units produced per day; this triggers the need for proper maintenance machinery on the production floor to shorten production cycle and increase the production output, without hampering the product quality. This is expected to be the key factor contributing to the highest growth of the market for the automotive industry.

Key Market Players

Key players in the motor monitoring market 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).

ABB offers a diverse range of motor condition monitoring products, tools, and services. The company’s motor monitoring offerings include smart sensors, predictive maintenance services, and drive condition monitoring solutions. ABB is one of the leading players in the power and automation industry, and it has operations in all major regions. It is known for its automation solutions in the oil & gas industry. In 2017, the company spent 4.0% of its total revenue on R&D, which totals up to USD 1.37 billion. ABB utilizes such high shares of R&D spending to keep it updated in all its product categories.

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