The motor monitoring market is projected to grow significantly in the coming decade. By 2033, it is anticipated to have a total market value of US$ 5.5 billion, compared to its current value of US$ 2.5 billion in 2023. This growth is expected to occur at a steady pace, with an estimated CAGR of 8.3% between 2023 and 2033.
The trend in the automotive industry toward automated systems has mandated the use of a motor monitoring system. In addition, the need for motor monitoring systems has grown as the demand for efficient working systems has increased for greater performance and fuel efficiency.
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Initiatives to modernize existing power infrastructure to fulfill global energy demand have boosted the global adoption of the motor control market. The increased use of predictive maintenance and other motor monitoring modules prompts businesses to hire a data analysis staff. To obtain accurate information on the health of motors, this team should be well-versed in motors as well as their operation in a specific machine.
As a result, the indirect cost to businesses will rise. During the forecast period, the scarcity of skilled professionals at reasonable prices is the primary factor limiting motor monitoring market growth.
Key Takeaways from the Motor Monitoring Market Report:
The motor monitoring market report highlights several key trends, including the continued dominance of hardware over software and services. There is a growing adoption of online motor monitoring systems driven by the need for mission-critical applications. The oil and gas industry remains a significant end user due to the environmental impact of manufacturing plant failures. In 2020, North America, comprising the United States, Canada, and Mexico, held 33.7% of the market share. This growth is supported by the rising demand for electric vehicles (EVs) and increased investment in infrastructure development across various end-user industries.
Competitive Landscape
Novel solution offerings and predictive analytics integration are the key drivers facilitating innovation in the motor monitoring system market through product differentiation. There are several key companies in the motor monitoring market, including ABB Group and Siemens AGThe following are recent market developments:
Product launch, product development, collaboration, partnership, and other market tactics are used by organizations to increase the motor monitoring market share.
In 2020, utilities in North America invested around USD 85 billion in power generation infrastructure and USD 246 billion in oil and gas activities, according to the International Energy Agency’s World Energy Investment 2021 report.
According to LMC International, EV and hybrid sales in North America are predicted to account for 7% and 20% of total automobile sales by 2030, respectively.
General Electric announced CONNECTIX, a software package and expert services, in March 2021. It covers tools and solutions for operations, maintenance, and services that help to improve operations and enable predictive maintenance and cyber-secure service solutions.
Siemens and Empolis signed a collaboration agreement in September 2021 to digitalize and organize organizational knowledge for drive systems. With the support of Empolis Intelligent Views Platform knowledge graphs, Siemens and Empolis have strengthened the foundation for insight generation in SI-DRIVE IQ.
Södra awarded ABB a contract in August 2020 to supply 70 ABB Ability Smart Sensors to assess the vibrations and performance of several motors installed on a pulp dryer.
Leading Key Players:
The motor monitoring market features several key players, including ABB Group, Siemens AG, Honeywell International Inc., National Instruments Corporation, and General Electric Company. These industry leaders leverage advanced technologies to provide comprehensive solutions for monitoring and maintaining motor performance, ensuring operational efficiency and reliability across various sectors. ABB and Siemens are renowned for their innovative automation and control systems, while Honeywell and General Electric offer robust industrial solutions. National Instruments stands out with its expertise in test, measurement, and control systems, enhancing the capabilities of motor monitoring applications.
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