Motor Monitoring Market

Motor Monitoring Market Overview

The global Motor Monitoring Market size was valued at USD 2.21 billion in 2023 and is predicted to reach USD 3.79 billion by 2030 with a CAGR of 8.0% from 2024-2030. The motor monitoring or motor tracking market encompasses the technologies, systems, and solutions designed to track, analyse, and maintain the health and performance of electric motors used across various industries. By continuous monitoring of electric motors these systems provide early detection of irregularities and potential faults, allowing for proactive maintenance and minimizing equipment failures. Additionally, this market includes hardware such as sensors and transmitters, software platforms for data analysis and predictive maintenance, and services for implementation and support of wide-ranging applications across industries, ensuring the smooth operation, safety, and efficiency of electric motors.

Market Dynamics and Trends

The worldwide expansion of aerospace sector significantly drives the motor monitoring market demand for motor monitoring solutions, as this sector extensively relies on electric motors for several tasks such as propulsion systems, auxiliary power units, avionics, and control systems for ensuring reliability and performance of aircrafts. According to Aerospace Technology, by 2050, the global aircraft deliveries market is estimated to reach USD 277 billion, with zero-carbon aircraft expected to account for 41% of the market share. As the demand for aircraft deliveries continues to rise, there is a growing emphasis on the significance of dependable monitoring solutions to support this expansion and meet sustainability objectives.

Moreover, integration of motor monitoring system with advanced technologies such as artificial intelligence, machine learning and others are driving the growth of the motor tracking market by enhancing operational efficiency across industries. This system reduces unplanned downtime and extends the lifespan of motors, thereby reducing operational costs and improving overall equipment reliability. For instance, in May 2022, TMEIC Asia in collaboration with Analog Devices, Inc., launched AI-based smart motor sensor. The product is designed to monitor and analyse motor conditions continuously, predicting potential failures and offering solutions via user-friendly dashboard.

Furthermore, the rise of Industry 4.0, with its emphasis on predictive maintenance of wide range of equipment is significantly fuelling the growth of the motor monitoring market. This initiative fosters the integration of smart technologies such as advanced monitoring systems within industries to boosts efficient operations by providing real-time data and analytics and predictive maintenance that helps in reducing unexpected breakdowns and repair costs, thereby shaping the future of industrial operations. However, concerns about data security, and compliance with strict regulations such as GDPR (General Data Protection Regulation) restraints the growth of the market. 

On the contrary, introduction of cloud-based motor monitoring platforms is anticipated to create ample growth opportunity in the forthcoming years. These platforms provide real-time data access from any location, enabling faster decision making. Additionally, they are scalable to manage growing data and device numbers, integrate advanced analytics for predictive maintenance, and reduce costs by minimizing on-site hardware needs.

Market Segmentations and Scope of the Study

The motor monitoring market report is segmented on the basis of offering, mode of operation, deployment, application, end user and region. On the basis of offering, the market is divided into, hardware and software. Based on deployment the market is segmented into cloud and on premise. Based on application, the market is categorised into predictive maintenance, condition monitoring, fault detection, performance monitoring and efficiency optimization. On the basis of end user, the market is divided into manufacturing, aerospace & defence, energy & power and transportation. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and Rest of the World (Row).

Geographical Analysis

Asia-Pacific region holds the dominant in motor monitoring market share during the forecast period, due to rapid industrial growth in recent years. Motor tracking solutions are adopted across various industries present in this region to prevent unexpected downtime, optimize maintenance schedules, and ultimately, ensure smooth and cost-effective industrial operations. According to the National Bureau of Statistics (NBS), the value-added industrial output of China, increased by 4.6 percent in 2022 compared to 2023. This rapid industrial growth demands monitoring solution for looking into the extensive range of motors utilized in its functioning.

Moreover, the rising adoption of industrial automation across the region further drives the growth of motor monitoring market as it provides solutions to prevent unexpected downtime of complex industrial equipment and enhance effective operation within the industrial environment. As per, Organization for Research on China and Asia, states that, 52% of all new industrial robot installations were made in China in 2022. Such high adoption of automation in the industrial sector drives the demand for effective monitoring solutions to keep track on complex machineries and ensuring optimal performance in industrial settings.

On the other hand, North America is expected to show a steady rise in the motor monitoring market during the forecast period due to the expansion of oil and gas industry. Machinery downtime presents considerable financial risks within these industry and monitoring solutions helps in mitigating these risks by identifying overheating or excessive vibration. According to American Petroleum Report of May 2023, oil and natural gas industry contributed nearly USD1.8 trillion in the U.S. gross domestic product, accounting for 7.6 percent of the national total. This substantial growth in the industry fuels an increased demand for advanced monitoring solutions to ensure operational efficiency and reduce potential downtime.

Moreover, ongoing technological advancements across various sectors including tracking systems in this region significantly boosts the motor monitoring market growth of the motor monitoring sector. These advancements enable the development of advanced motor tracking systems capable of predictive maintenance, remote monitoring, and advanced analytics of diverse range of equipment used across various sectors.  According to the latest Global Innovation Index, the U.S. and Canada holds 3rd and 15th position respectively in global rankings, reflecting its strong performance in innovation. Such high position of the countries as top innovators demands investment in advanced monitoring solutions to ensure smooth functioning across various sector.

Competitive Landscape

Various key players operating in the motor monitoring industry includes ABB Group, Eaton Corporation plc, Emerson Electric Co., General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, National Instruments Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, and others. These companies are adopting various strategies such as acquisition and product launches to remain dominant in the market.

For instance, in March 2023, Honeywell launched Versatilis Transmitters to enhance the monitoring of various rotating equipment. These transmitters aimed to provide critical measurements and intelligence to address issues such as unplanned downtime and high maintenance costs by improving safety, availability, and reliability.

Moreover, in November 2022, Rockwell Automation acquired CUBIC. The acquisition aimed to expand Rockwell's portfolio in intelligent motor control technologies. By integrating CUBIC's modular systems, that support efficient and flexible electrical panel construction, Rockwell aimed to enhance its offerings in motor monitoring solutions.

Key Benefits

• The report provides quantitative analysis and estimations of the motor monitoring market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of current and future motor monitoring market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the motor monitoring market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Motor Monitoring Market Key Segments

By Offering

• Hardware

• Software

By Deployment

• Cloud based

• On Premise

By Application   

• Predictive Maintenance

• Condition Monitoring

• Fault Detection

• Performance Monitoring

• Efficiency Optimization

By End Use

• Manufacturing

• Aerospace & Défense

• Energy & Power 

• Transportation

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• Rest of the World (RoW)

  • Latin America

  • Middle East 

  • Africa

Key Players

• ABB Group

• Eaton Corporation plc

• Emerson Electric Co.

• General Electric Company

• Honeywell International Inc.

• Mitsubishi Electric Corporation

• National Instruments Corporation

• Rockwell Automation, Inc.

• Schneider Electric SE

• Siemens AG

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 2.21 Billion
Revenue Forecast in 2030	USD 3.79 Billion
Growth Rate	CAGR of 8.0% 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	The worldwide expansion of aerospace sector drives the market growth. Integration of motor monitoring system with advanced technologies drives the market expansion. Rise of Industry 4.0 accelerates the growth of the motor tracking market.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.