Overview and Scope
Motor monitoring refers to a procedure that makes it possible to do preventive maintenance on electric motors. It is used in a variety of machinery, including rotating equipment, auxiliary systems, and components including motors, pumps, and presses.
Sizing and Forecast
The motor monitoring market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to agricultural expansion, water conservation, temperature regulation, increase in intensive farming, crop quality improvement, crop yield enhancement.
The motor monitoring market size is expected to see strong growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to climate change mitigation, organic farming practices, precision agriculture, population growth and food security, focus on soil health, government subsidies and support. Major trends in the forecast period include technological advancements in mulch film materials, mulch films in organic farming, film recycling initiatives, smart mulch technologies, biodegradable mulch films.
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Segmentation & Regional Insights
The motor monitoring market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Deployment: On-Premise, Cloud
3) By Monitoring Process: Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis, Other Monitoring Process
4) By End User: Automotive, Oil And Gas, Metals And Mining, Power Generation, Water And Wastewater Treatment, Food And Beverages, Chemicals, Other End Users
North America was the largest region in the motor monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global motor monitoring market during the forecast period. The regions covered in the motor monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing adoption of electrical vehicles (EVs) is expected to boost the growth of the motor monitoring market going forward. An electric vehicle can be propelled by one or more electric motors. Motor monitoring can decrease in-use failures by detecting prematurely deteriorated systems and giving information for quality improvement initiatives. Hence, the increasing adoption of electrical vehicles (EVs) is expected to boost the motor monitoring market. For instance, according to a report published by the International Energy Agency, a France-based inter-governmental organization, in 2021, 16.5 million electric cars were on the road which showed a 9% increase in sales from 2020. It is expected to be 300 million electric cars on the road by 2030. Therefore, the increasing adoption of electrical vehicles (EVs) is driving the growth of the motor monitoring market.
Key Industry Players
Major companies operating in the motor monitoring market report are ABB Ltd., General Electric Company, Siemens AG, Honeywell International Inc., Schneider Electric SE, Banner Engineering Corp., National Instruments Corp., AB SKF, Emerson Electric Co., Rockwell Automation Inc., Mitsubishi Electric Corporation, Eaton Corporation PLC, WEG Group, KCF Technologies Inc., Advantech Co. Ltd., Dynapar Corporation, Phoenix Contact GmbH & Co. KG, Parker Hannifin Corporation, Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics N.V., NXP Semiconductors N.V., Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated Products Inc., ON Semiconductor Corporation, Microchip Technology Inc., Broadcom Inc., TE Connectivity Ltd., Mouser Electronics Inc., Amphenol Corporation, RS Components Ltd., Vishay Intertechnology Inc., Murata Manufacturing Co.Ltd., Panasonic Corporation
The motor monitoring market report table of contents includes:
1. Executive Summary
2. Motor Monitoring Market Characteristics
3. Motor Monitoring Market Trends And Strategies
4. Motor Monitoring Market – Macro Economic Scenario
5. Global Motor Monitoring Market Size and Growth
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31. Global Motor Monitoring Market Competitive Benchmarking
32. Global Motor Monitoring Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Motor Monitoring Market
34. Motor Monitoring Market Future Outlook and Potential Analysis
35. Appendix
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