The motor monitoring market is expected to grow at a CAGR of 6.8% during the forecast period 2021-2026. 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 with 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, with the goal of making 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 this 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 speed and handles multiple devices at once. The designed system is easy to install and scale up to large industrial setup as it does not involve a complex mechanism and uses a lightweight MQTT protocol.
- However, the COVID-19 pandemic is affecting 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 who have deployed the cloud solution and provide 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 is forcing 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 this 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 further help to drive the market in this situation.
- 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 will be integrated 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.
Key Market Trends
Oil and Gas 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, as in most industries, 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 its 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 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.
- Also, according to a recent survey by Accenture, 62% of the executives in the global oil and gas industry are set to increase investments in digital technologies in the next 3 to 5 years. Further, Wireless Sensor Networks (WSNs) is one of the fastest-growing and emerging technologies and have a vast amount of applications, including environmental monitoring.
- The remote motor condition monitoring is implemented through a wireless sensor network (WSN) based on the IEEE 802.15.4 standard. The deployed network uses the beacon-enabled mode to synchronize several sensor nodes with the coordinator node, and the guaranteed time slot mechanism provides data monitoring with a predetermined latency in the oil and gas industry.
- A player such as ABB's Ability smart sensor converts traditional motors into smart, wirelessly connected devices. It is attached to the frame of the motor, so no wiring or machining is needed. Using algorithms, based on ABB’s decades of motor expertise, the ABB Ability smart sensor relays information about the motor's operation and health via a Bluetooth-gateway or smartphone to a secure server.
- Further, 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 reserve has led to increasing demand for EPC (Engineering, Procurement, and Construction) services. It is led by the United States, followed by Canada. According to International Energy Agency (IEA), the global demand for natural gas is also expected to increase by 1.6% a year between 2016 and 2022, with additional consumption of 370 billion cubic meters by 2022, up from 3630 billion cubic meters segmented in 2016. Hence, the upstream segment is expected to be the largest segment, which further the demand for motor monitoring increases during the coming years.
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 initiate the plans to make India equally strong for domestic and foreign players and give recognition to the Indian economy at a global level. At the end of 2020, it is estimated that the Indian manufacturing sector will touch USD 1 trillion. With the increasing scope, the demand for motor monitoring will significantly rise up in this nation.
- The country is also planning to reach 175 GW of installed renewable capacity by 2022, which includes solar and wind power. The country plans to get hold of 40% of the energy through renewable sources by 2030, which is currently at 15% at present in 2020. Also, the World Bank has estimated India’s energy efficiency market at around INR 1.6 lakh crore. Hence, the demand for an industrial motor is expected to grow further, in addition to increasing the demand for motor maintenance.
- China is one fo the global hub for manufacturing and has the largest population worldwide, boosting investments in the 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 is 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.
- In spite of the lowering down of 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 largest shale oil & as reserve worldwide, and is focusing on tapping the same through joint ventures with oil & gas companies.
- Further, according to Forschungsgesellschaft Kraftfahrwesen Aachen, projected plug-in electric car production in China in 2021 is expected to manufacture 6.8 million units. This demands the requirement of motors and its maintenance service in the future.
The motor monitoring market is highly competitive 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 services differentiation. Key players are ABB Group, Siemens AG, etc. Recent developments in the market are -
- October 2019 - Analog Devices, Inc. announced the acquisition of Test Motors. Based in Barcelona, Spain, Test Motors offers products and services that detect faults in electric motors before they cause damage to production cycles and advice on how and when to repair them. The acquisition expands Analogs' portfolio of condition-based monitoring solutions capable of identifying equipment faults before downtime and catastrophic failure occur.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Growing Awareness Toward Predictive Maintenance and Augmenting it With Analytics
4.2.2 Growing Adoption of Wireless Systems for Motor Monitoring
4.3 Market Restraints
4.3.1 Lack of Customization and High Initial Investment
4.4 Industry Value Chain Analysis?
4.5 Industry Attractiveness - Porter's Five Forces Analysis?
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment of Impact of Covid-19 on the Industry
5.3.2 Oil & Gas
5.3.3 Energy & Power
5.3.5 Food & Beverage
5.3.7 Aerospace & Defense
5.3.8 Other End-Users
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.4.4 Rest of the World
126.96.36.199 Latin America
188.8.131.52 Middle-East and Africa
6.1.1 ABB Group
6.1.2 Siemens AG
6.1.3 Honeywell International Inc.
6.1.4 National Instruments Corporation
6.1.5 General Electric Company
6.1.8 Koncar- Electrical Engineering Institute, Inc.
6.1.9 Dynapar Corporation
6.1.10 SKF Group (Baker Instrument Company)
A selection of companies mentioned in this report includes:
- ABB Group
- Siemens AG
- Honeywell International Inc.
- National Instruments Corporation
- General Electric Company
- Banner Engineering Corporation
- Iris Power LP
- Koncar- Electrical Engineering Institute, Inc.
- Dynapar Corporation
- SKF Group (Baker Instrument Company)