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 market.
Mr. Shelly Singh
MarketsandMarkets™ INC.
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Suite 430
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Hardware segment to dominate motor monitoring market during forecast period
Based on offering, the motor monitoring market has
been segmented into hardware and software. Hardware is expected to hold
the largest share of the market in 2018 owing to the criticality of the
use of hardware to ensure basic-level monitoring of motors in plants or
systems. Sensors and probes are the main types of hardware, and these
are used to monitoring motor conditions by keeping a check on vibration,
temperature, noise, and corrosion. Software segment is expected to
witness significant growth during the forecast period owing to the
growing need for data analytics to deduce faults or errors in motors in a
manufacturing plant.
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Online motor monitoring to register highest growth in motor monitoring market during forecast period
The market for online motor monitoring is expected to
witness the highest CAGR during the forecast period. This growth is
credited to its ability to provide an advanced solution and real-time
data to the operators. Online vibration monitoring systems have
applications in industries demanding 24-hour production. This type of
monitoring process is generally used in production-intensive industries,
such as oil & gas, power generation, and mining as they have a
higher probability of motor failure.
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.
North America to hold largest share in motor monitoring market in 2018
North America is the major revenue-generating region
in the global motor monitoring market. It is one of the most advanced
regions with regard to the adoption of advanced technologies and
infrastructure network. Constant advancements in the motor monitoring
software, such as developments in cloud computing and security measures
for cloud users, are expected to boost the growth of the market in North
America.
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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Contact:Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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