The global motor condition monitoring market is expected to generate revenue worth $2,487.6 million in 2019, and is projected to reach $4,168.4 million by 2026, to register a CAGR of 7.3 % during the forecast period. Motor condition monitoring is the collection, sorting, and analyzation of streamed data from components such as sensors, detectors, and others on the device. The data analyzed in then processed through the software using various algorithms and monitoring process. Therefore, motor condition monitoring is available as the combination of hardware and software. It finds its application in various industry verticals such as oil & gas, energy & power, aerospace & defense, and automotive.
The factors such as increase in usage of motor condition monitoring in sports, increase in adoption of motor condition monitoring in automotive & transportation, and a rise in demand for thermal imaging applications drive the market growth. However, the high cost associated with motor condition monitoring hampers the market growth. Further, increase in adoption of intelligent transportation system (ITS) and in aerospace creates lucrative opportunities in the market.
The motor condition monitoring market is segmented on the basis of offering, monitoring process, end use, and region. By offering, the market is bifurcated as hardware and software. By monitoring process, it is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. By end use, it is classified into oil & gas, energy & power, aerospace & defense, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global motor condition monitoring market are Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin. The companies follow various market strategies such as product launch, product development, collaboration, partnership, and others that leads to the market growth.
KEY MARKET SEGMENTS
By Offering
By Monitoring Process
By End Use
By Region
Key Market Players
The factors such as increase in usage of motor condition monitoring in sports, increase in adoption of motor condition monitoring in automotive & transportation, and a rise in demand for thermal imaging applications drive the market growth. However, the high cost associated with motor condition monitoring hampers the market growth. Further, increase in adoption of intelligent transportation system (ITS) and in aerospace creates lucrative opportunities in the market.
The motor condition monitoring market is segmented on the basis of offering, monitoring process, end use, and region. By offering, the market is bifurcated as hardware and software. By monitoring process, it is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. By end use, it is classified into oil & gas, energy & power, aerospace & defense, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global motor condition monitoring market are Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin. The companies follow various market strategies such as product launch, product development, collaboration, partnership, and others that leads to the market growth.
KEY MARKET SEGMENTS
By Offering
- Hardware
- Software
By Monitoring Process
- Oil Analysis
- Motor Current Analysis
- Ultrasound
- Thermography
- Vibration Analysis
- Others
By End Use
- Oil & Gas
- Energy & Power
- Aerospace & Defense
- Automotive
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Emerson Electric
- General Electric
- Honeywell International
- Rockwell Automation
- ABB
- National Instruments
- SKF Group
- Siemens
- ALS Limited
- Parker-Hannifin
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MOTOR MONITORING MARKET, BY OFFERING
CHAPTER 5: MOTOR MONITORING MARKET, BY MONITORING PROCESS
CHAPTER 6: MOTOR MONITORING MARKET, BY END USE
CHAPTER 7: MOTOR MONITORING MARKET, BY REGION
CHAPTER 8: COMPANY PROFILE
Executive Summary
This report titled, 'Motor Condition Monitoring Market by Offering, Monitoring Technology, and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026' projects that the global motor condition monitoring market size is estimated to reach $4,168.4 million by 2026. In 2019, Asia-Pacific dominated the market, contributing a major share of the overall revenue, followed by Europe and North America. Emerging advancements of IoT and AI, rapid adoption of automated features in automobiles and penetration of motor condition monitoring in oil & gas industry features fuels the growth of the global motor condition monitoring market.Motor condition monitoring market refers to the use of sensors, detectors, among other hardware components governed by software algorithms for analysis of any faults or errors in the functioning of motor machineries. For efficient motor operations the motor condition monitoring systems are installed in industrial vertical such as oil & gas, energy & power, aerospace & defense, automotive, among others. The system includes two components that are hardware and software. Further, the efficiency of motor condition monitoring through various analysis such as oil analysis, motor current analysis, ultrasound, thermography, vibration analysis and others.
Motor condition monitoring system provides various advantages to the user after installation such as Preserves the health and extends the life of the assets, reduces energy expenses. Extend the maintenance staff’s reach optimizes your maintenance processes, makes smarter asset management decisions and avoids unplanned outages, minimizes downtime, works safer and reduces defects.
Factors such as adoption of motor monitoring systems in sports, penetration of motor condition monitoring system in automotive & transport and increasing demand for thermal imaging applications influences the market growth. However, high cost associated with motor condition monitoring hampers the global market. Further, increasing application of Motor condition monitoring in intelligent transportation system (ITS) and growing adoption of Motor condition monitoring in aerospace creates lucrative opportunities in the market.
The hardware segment was the highest contributor to the market in 2019, however, software is expected to experience fastest growth with a CAGR of 8.6% during the forecast period. The innovation and st andardization in the smart analysis of fault detection are the factors for its fast growth in future.
Among various regions, Asia-Pacificwas the major revenue generator in 2019 andis expected to maintain its dominance in the future. This is attributed to the rise in industrial sector and its automation.
According to Shantanu Sachan, Lead Analyst, Semiconductor and Electronics,“Motor condition monitoring in oil & gas vertical is gaining wide acceptance and their market share is on the rise,due to increase in demand systems which prejudge the faults curbing any sort of fault. Vibration analysis among the monitoring technology segment dominated the global market. Furthermore, the demand for IoT based motor condition monitoring system that can provide output to the remote devices is increasing due to surge in adoption of smart connectivity for sharing data. In addition, the advancementsin electronic components such as microcontrollers, sensors, and others, fuels the market growth.”
Asia-Pacific is projected to experience rapidgrowththroughout the analysis period, China witnessed the highest demand for motor condition monitoring systems, due to wide presence of semiconductor companies in the country and stringent government regulations associated with electronics market. Moreover, enhancement in industrial autonomy and an increase in expenditure in the emerging markets such as LatinAmerica and the Middle East to meet demand for exponentially growing economies in these countries have strengthened the market growth. Furthermore, technological advancements for cost-effective and high precision applications in these nations offer lucrative opportunity for the expansion of themarket.
The motor condition monitoring market is segmented based on offering, monitoring process, end use and region. Based on offering, the market is bifurcated as hardware and software. Based on monitoring process, the market is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis and others. Based on end use the market is divided into oil & gas, energy & power, aerospace & defense, automotive and others. Region-wise the market is segmented as North America, Europe, Asia-Pacific and LAMEA.
The report provides a comprehensive analysis of the major market players such as Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin. The companies follow various market strategies such as product launch, product development, collaboration, partnership, and others that leads to the market growth.
KEY FINDINGS OF THE STUDY
- By offering, the harwdare segmentaccounted for the highest share of the marketin 2019 with $1,418.9million, growing at a CAGR of 6.3%from 2019 to 2026.
- On the basis ofmonitoring technology, the vibration analysis segment generated the highest revenue, accounting for $607.8million in 2019.
- By region, Asia-Pacific is expected to dominate themarket,garnering 8.2% shareduring the forecast period.
Companies Mentioned
- Emerson Electric
- General Electric
- Honeywell International
- Rockwell Automation
- ABB
- National Instruments
- SKF Group
- Siemens
- ALS Limited, Parker-Hannifi
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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