Farmington, March 13, 2023 (GLOBE NEWSWIRE) -- The Motor Monitoring Market Is Expected To Grow From An Estimated USD 2.0 Billion In 2022 To USD 2.9 Billion In 2030, At A CAGR Of 7.8% During The Forecast Period 2022 to 2030. Motor tracking is the process of collecting, sorting, and analyzing real-time data from sensors, detectors, and other equipment parts. The data that has been analyzed is then put through different algorithms and tracking processes by software. So, there are both hardware and software options for motor tracking. Motor monitoring is used in many different industries, including oil and gas, energy and power, aerospace and defense, automobiles, and more.
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Motor monitoring is the process of keeping an eye on motors, generators, and clutches that are used in a wide range of businesses and are under a lot of stress. Sensors are always attached to the motor to keep track of how well it works. Sensors are connected to output devices like monitors, analyzers, and central computers so that data can be sent through wired or wireless networks.
Motor Monitoring Market Recent Developments:
- In March 2021, GE launched the software suite CONNECTIX and expert services. It includes operations, maintenance and service tools, and solutions that help optimize operations and enable predictive maintenance and cybersecurity service solutions.
- In September 2021, Siemens and Empolis entered into a cooperation agreement to digitize and structure the organizational knowledge of drive systems. With the Empolis Intelligent Views Platform's knowledge graph, the Siemens and Empolis collaboration strengthens the foundation for insight generation in SI-DRIVE IQ.
- In August 2020, ABB was awarded a contract from Södra to supply 70 ABB Ability Smart Sensors to measure the vibration and performance of numerous electric motors installed on pulp dryers.
- In December 2019, SFK entered into a partnership with Nornickel Harjavalta. SFK provides condition monitoring and lubrication management to support a continuous improvement process. Nornickel has also decided to deploy the condition monitoring system SKF Enlight ProCollect in the rest of its plant following a successful pilot project in 2021.
Motor Monitoring Market Dynamics:
Drivers:
Motor tracking is the process of collecting, sorting, and analyzing real-time data from sensors, detectors, and other equipment parts. The data that has been analyzed is then put through different algorithms and tracking processes by software. So, there are both hardware and software options for motor tracking. Motor monitoring is used in many different industries, including oil and gas, energy and power, aerospace and defense, automobiles, and more. Motor monitoring is the process of keeping an eye on motors, generators, and clutches that are used in a wide range of businesses and are under a lot of stress. Sensors are always attached to the motor to keep track of how well it works. Sensors are connected to output devices like monitors, analyzers, and central computers so that data can be sent through wired or wireless networks.
Restraints:
Companies are putting together specialized data analytics teams because more and more people are using predictive maintenance and other monitoring tools. For the team to get the right information about the motor's health, they should know a lot about the motor and how it works in the machine. This makes the company pay more for extra costs. Also, it's not easy for companies that make motors to offer monitoring solutions. If the industry wants to use monitoring solutions, it has to look for other companies that are good at offering monitoring solutions. This can sometimes add to the overall cost structure on top of the cost of installing the motor.
Opportunity:
An energy audit is a standard set by the government that says how energy audits of different kinds of electrical tools have to be done. It gives a complete and organized plan for things like lowering energy costs, better safety, and making industrial systems easier to run and keep up. It also affects how much energy costs, how decisions are made about energy structures, how much energy is saved, and how reliable the energy source is. In North America, Europe, and Asia, this type of application is a must. Several countries in Asia, such as China and India, do energy surveys. Some countries in the Middle East and Africa, like Tunisia and Algeria, need energy audits because they use a lot of power everywhere. Energy checks are required in Europe for factories and other places that make things.
Regional Outlook:
In 2020, North America had a 7% share of the world market for motor tracking. The United States, Canada, and Mexico are all a part of the area market. The area is growing because more people are buying electric vehicles (EVs) and more money is being put into building infrastructure for motor monitoring industries. For example, the World Energy Investment Report 2021 from the International Energy Agency says that utilities in North America spent about $85 billion on electricity generation infrastructure and $246 billion on oil and gas operations in 2020. LMC International says that by 2030, EV and hybrid sales will make up 7 percent and 20 percent, respectively, of all car sales in North America.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 7.8% from 2023 to 2030 |
| Market Size in 2022 | USD 2.0 Billion |
| Revenue Forecast by 2030 | USD 2.9 Billion |
| By Type |
|
| By Applications |
|
| By Companies | Banner Engineering, ABB, National Instruments, Megger, Siemens, Honeywell, General Electric, Emerson Electric, Rockwell Automation, Qualitrol, Schneider Electric, Mitsubishi Electric, Advantech, Eaton, Weg Group, Dynapar, KCF Technologies, Phoenix Contact, T.F. Hudgins, Koncar, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Motor Monitoring Market Key Segments Covered:
Top Market Players:
Banner Engineering, ABB, National Instruments, Megger, Siemens, Honeywell, General Electric, Emerson Electric, Rockwell Automation, Qualitrol, Schneider Electric, Mitsubishi Electric, Advantech, Eaton, Weg Group, Dynapar, KCF Technologies, Phoenix Contact, T.F. Hudgins, Koncar, and Others.
Motor Monitoring Market by Types:
- Hardware Devices
- Software System
Motor Monitoring Market by Applications:
- Metals & Mining
- Power Generation
- Food & Beverages
- Chemicals
- Automotive
- Aerospace & Defense
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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