Motor Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Motor Monitoring System Market is Segmented by Offerings (Hardware, Software), Deployment (Cloud, On-Premise), End-User (Automotive, Oil & Gas, Energy & Power, Mining, Food & Beverage, Chemicals, Aerospace & Defense), and Geography (North America, Europe, Asia-Pacific, Rest of the World). The market sizes and forecasts are provided in terms of value (USD million) for the above segments.

Motor Monitoring Market Size

Motor Monitoring Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 2.67 Billion
Market Size (2029) USD 4.40 Billion
CAGR (2024 - 2029) 10.46 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Motor Monitoring Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Motor Monitoring Market Analysis

The Motor Monitoring Market size is estimated at USD 2.67 billion in 2024, and is expected to reach USD 4.40 billion by 2029, growing at a CAGR of 10.46% during the forecast period (2024-2029).

All rotating machines experience vibration. Motors have different faults that vibration screening can identify. The adoption of condition monitoring with wireless IoT sensors and cloud-based software empowers industry professionals to get ahead of equipment problems and avoid downtime by accessing current, vibration, and temperature data from anywhere in a plant at any given time. This follows an ongoing trend driving the growth of the market.

  • Growing awareness of predictive maintenance and augmenting it with analytics drive the market. The importance of electric motor monitoring is connected to the damages deriving from the failure of even a single motor. It has been estimated that for each downtime hour, the cost of the missed production is around EUR 1000 in the pasta production sector. Further implementing predictive maintenance and training the internal maintenance staff to make them autonomous in the shortest possible time is one of the low-cost solutions.
  • Rule-based predictive maintenance relies on sensors to continuously collect data about assets and sends alerts according to predefined rules, including when a specified threshold has been reached. With rule-based analytics, product teams work alongside engineering and customer service departments to establish causes or contributing factors to their motor failing. Hence these industrial IoT technologies drive the market.
  • The growing adoption of wireless systems for motor monitoring drives the market. Electrical motors and drives consume about 45% of the power generation. However, if the electrical machines are not maintained properly, it consumes about 5% to 10 % of excess power, which affects productivity and revenue. Wireless monitoring of the motor is capable of capturing the machine parameters more accurately with automatic detection of abnormal conditions and reporting to the server within a few microseconds. The advantage of wireless technology is that it is very reliable and operates even at very slow network speeds,and handles multiple devices at once. The designed system is easy to install and scale up to large industrial setups as it does not involve a complex mechanism and uses a lightweight MQTT protocol.
  • However, lacking customization with the high initial investment restraints the growth of the market. Due to the integration of new technologies, industrial systems are becoming more complex. At the same time, it makes maintenance and monitoring activities more expensive and complicated to get reliable data on time. The more sensors are wareintegrated into the system, the more data will be generated that should be handled. But processing this growing number of data through database technologies will be challenging. This problem is directly related to the concept of Big Data. There has also been an impact of the Russia-Ukraine war on the overall packaging ecosystem.
  • However, the COVID-19 pandemic affected production in manufacturing plants such as the automotive, mining sector, etc. But the digital transformation is offering significant features to manufacturers, such as real-time visibility into the equipment which have deployed the cloud solution and provides them with the ability to analyze the condition of their motor. Further software solutions equipped by the manufacturing plant can also be monitored by their central system.
  • Moreover, COVID-19 forced quicker adoption of a new predictive maintenance service model on motor-driven systems as there is a restriction in traveling to perform asset health analysis. Various service providers performed an analysis through these critical portable monitoring devices, such as Fluke's 810 Vibration Tester or Megger's Baker EXP4000. Smart sensors are a readily available tool providing a remote view into client assets, which in turn eliminates the immediate need to travel to a facility. Remote monitoring and diagnosis will be a key acceptance and further help to drive the market in this situation.

Motor Monitoring Market Trends

Oil and Gas Segment is Anticipated to Witness Significant Growth

  • Oil and gas plants are running some of the most complex systems in industrial production today. In addition to this complexity, if a sudden failure occurs in the form of misalignment, looseness, imbalance, and bearing wear, the financial and environmental consequences could be extremely serious. In the oil and gas industry induction motors are a core piece of machinery as they are versatile and rugged. Within an oil or gas refinery, induction motors supply rotational mechanical power to numerous systems, large and small, and are therefore important to monitor their working condition.
  • Further, the oil & gas industry has long been a leader in the deployment of predictive maintenance technologies in pursuit of improved asset performance. A player such as Artesis's predictive maintenance system aims to provide all the benefits of traditional condition monitoring systems at a fraction of the complication and cost. Artesis MCM (motor condition monitor) uses an intelligent, model-based approach to provide complete monitoring and diagnostic capabilities for most electric motor-driven equipment.
  • Furthermore, as the global oil and gas industry increases investments in digital technologies, the demand for motor monitoring solutions is analyzed to witness significant growth in the oil & gas sector over the forecast period. Motor monitoring solutions are gaining considerable traction in upstream, midstream, and downstream operations to constantly improve productivity and efficiency while meeting the most comprehensive industry specifications.
  • Morover, in Canada, with increasing crude oil production in Western and Eastern Canada during the forecasted period, the demand for motor monitoring will increase, providing growth in the market. Moreover, the exploitation of shale reserves has led to increasing demand for EPC (Engineering, Procurement, and Construction) services. For instance, according to the data from CAPP, total curde oil production in Canada is expected to reach 6.67 million barrels per day.
Motor Monitoring Market: Total Crude Oil Production, in Million Barrels per day, in Canada, 2014-2035*

Asia Pacific Accounts to Hold Significant Market Growth

  • Asia-Pacific is expected to account for significant market growth with the increase in industrial growth in countries such as China and India. The Indian manufacturing sector is one of the prominent growth sectors, which registers a 7.9% year-on-year growth. The government's Make in India initiates the plans to make India equally strong for domestic and foreign players and give recognition to the Indian economy at a global level.
  • China is one of the global hubs for manufacturing and has the largest population worldwide, boosting investments in power as well as in the infrastructure sector. The Chinese government, in the past, announced investments worth USD 78 billion for developing 110 nuclear power plants, which are planned to start operations by 2030. Such initiative developments are expected to widen the scope of the adoption of modern technologies, including vibration monitoring solutions, to assist condition-based monitoring for the motor.
  • Further, despite lowering hydrocarbon energy prices, the continued focus on oil & gas exploration activities to achieve energy self-sufficiency by NOCs, such as CNPC in China, is highly recommended. These activities are anticipated to create a robust demand for monitoring solutions to monitor and facilitate the maintenance of oil & gas equipment and infrastructures. It has been observed that China has the most significant shale oil & reserves worldwide and is focusing on tapping the same through joint ventures with oil & gas companies.
  • Moreover, the emergence of Industry 4.0 in countries like Japan, China, South Korea and India is further analyzed to proliferate the market growth in Asia Pacific region over the forecast period, as monitoring of motors essential for successfully running an industrial plant. Further, with Industry 4.0, the role of IoT in online condition monitoring of electrical machines is expected to gain considerable significance, thus positively impacting the market's growth.
Motor Monitoring Market - Growth Rate By Region

Motor Monitoring Industry Overview

The motor monitoring market is fragmented and consists of several major players. With innovative solution offerings and predictive analytics integration, many of the market players are increasing their market worth by product and service differentiation. Key players are ABB Group, Siemens AG, etc.

In February 2023, OMRON announced to release of the K7DD-PQ Series of advanced motor condition monitoring devices starting in March 2023 in Japan and globally in April 2023. The K7DD-PQ numerically tracks trends in the deterioration and wear of servomotors, machine tools, and other equipment to reduce inspection efforts and prevent unexpected failure.

Motor Monitoring Market Leaders

  1. ABB Group

  2. Siemens AG

  3. Honeywell International Inc.

  4. National Instruments Corporation

  5. General Electric Company

*Disclaimer: Major Players sorted in no particular order

Motor Monitoring Market Concentration
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Motor Monitoring Market News

  • June 2023 - Macnica, Inc. launched the Mpression Smart Motor Sensor, a solution comprising products developed by Analog Devices, Inc. in Taiwan. A Macnica, Answer Technology Co., Ltd. subsidiary sells Mpression Smart Motor Sensor in Taiwan. Mpression Smart Motor Sensor can be applied to predictive maintenance, industrial automation, and monitoring, such as pharmaceutical, food & beverage, energy, water utilities, paper, and other industries.
  • March 2023 - Honeywell introduced its Versatilis Transmitters for condition-based monitoring of rotating equipment such as motors, compressors, fans, pumps, blowers, and gearboxes. Honeywell Versatilis Transmitters offer relevant measurements of rotating equipment, delivering intelligence that can improve availability, safety, and reliability across industries.

Motor Monitoring Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of Impact of COVID-19 on the Industry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Growing Awareness Toward Predictive Maintenance and Augmenting it With Analytics

      2. 5.1.2 Growing Adoption of Wireless Systems for Motor Monitoring

    2. 5.2 Market Restraints

      1. 5.2.1 Lack of Customization and High Initial Investment

  6. 6. MARKET SEGMENTATION

    1. 6.1 Offering

      1. 6.1.1 Hardware

      2. 6.1.2 Software

    2. 6.2 Deployment

      1. 6.2.1 Cloud

      2. 6.2.2 On-Premise

    3. 6.3 End-User

      1. 6.3.1 Automotive

      2. 6.3.2 Oil & Gas

      3. 6.3.3 Energy & Power

      4. 6.3.4 Mining

      5. 6.3.5 Food & Beverage

      6. 6.3.6 Chemicals

      7. 6.3.7 Aerospace & Defense

      8. 6.3.8 Other End-Users

    4. 6.4 Geography

      1. 6.4.1 North America

        1. 6.4.1.1 United States

        2. 6.4.1.2 Canada

      2. 6.4.2 Europe

        1. 6.4.2.1 Germany

        2. 6.4.2.2 United Kingdom

        3. 6.4.2.3 France

        4. 6.4.2.4 Rest of Europe

      3. 6.4.3 Asia-Pacific

        1. 6.4.3.1 India

        2. 6.4.3.2 China

        3. 6.4.3.3 Japan

        4. 6.4.3.4 Rest of Asia-Pacific

      4. 6.4.4 Rest of the World

        1. 6.4.4.1 Latin America

        2. 6.4.4.2 Middle-East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 ABB Group

      2. 7.1.2 Siemens AG

      3. 7.1.3 Honeywell International Inc.

      4. 7.1.4 National Instruments Corporation

      5. 7.1.5 General Electric Company

      6. 7.1.6 Banner Engineering Corporation

      7. 7.1.7 Iris Power LP

      8. 7.1.8 Koncar- Electrical Engineering Institute, Inc.

      9. 7.1.9 Dynapar Corporation

      10. 7.1.10 SKF Group (Baker Instrument Company)

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Motor Monitoring Industry Segmentation

Motor monitoring, which has applications in a number of industry verticals, including oil & gas, power generation, aerospace & military, automotive, and others, is the collection, sorting, and analysis of streaming data using detectors, sensors, diagnostic software, and other tools.

The motor monitoring market is segmented into hardware and software, ensuring basic-level monitoring of motors in plants or systems through further deployment in the cloud or on-premise among the end-users such as oil & gas, energy & power, mining, etc. The motor monitoring market is segmented by offerings (hardware, software), Deployment (cloud, on-premise), end-user (automotive, oil & gas, energy & power, mining, food & beverage, chemicals, aerospace & defense), and geography.

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Offering
Hardware
Software
Deployment
Cloud
On-Premise
End-User
Automotive
Oil & Gas
Energy & Power
Mining
Food & Beverage
Chemicals
Aerospace & Defense
Other End-Users
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
Rest of the World
Latin America
Middle-East and Africa
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Motor Monitoring Market Research FAQs

The Motor Monitoring Market size is expected to reach USD 2.67 billion in 2024 and grow at a CAGR of 10.46% to reach USD 4.40 billion by 2029.

In 2024, the Motor Monitoring Market size is expected to reach USD 2.67 billion.

ABB Group, Siemens AG, Honeywell International Inc., National Instruments Corporation and General Electric Company are the major companies operating in the Motor Monitoring Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Motor Monitoring Market.

In 2023, the Motor Monitoring Market size was estimated at USD 2.42 billion. The report covers the Motor Monitoring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Motor Monitoring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Motor Monitoring Industry Report

Statistics for the 2024 Motor Monitoring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Motor Monitoring analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Motor Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)