Motor Monitoring Market

Motor Monitoring Market by Offering (Hardware, Software), Monitoring Process (Online, Portable), Deployment, Industry (Oil & Gas, Power Generation, Metals & Mining, Water & Wastewater, Automotive), and Region - Global Forecast to 2023

Report Code: SE 6940 Feb, 2019, by marketsandmarkets.com

[120 Pages Report] Motor monitoring is one of the aspects of predictive maintenance that tracks the performance of motors to minimize downtime needed for repairs. The machinery failure is predicted by monitoring the vibration or temperature of the motor case or the bearings; it can also be detected by monitoring and analyzing current in motors.

The motor monitoring market was valued at USD 1.62 billion in 2018 and is expected to reach USD 2.32 billion by 2023, at a CAGR of 7.43% during the forecast period. The market has been segmented into offerings, monitoring process, deployment type, industry, and geography.

Motor Monitoring Market

Hardware to hold the largest share in the motor monitoring market during the forecast period

This growth is attributed to the important role of hardware in ensuring basic-level monitoring of motors in an entire plant or system. Hardware offerings comprise vibration sensors, infrared sensors, ultrasound detectors, and corrosion probes that are used to collect and analyze data, which is essential for any monitoring solution and thus is a key factor contributing to the market for hardware offering.

Oil & gas to hold the largest size of the motor monitoring market by 2023

Oil & gas companies have been emphasizing on increasing productivity and lowering operating costs in response to the pressure built by the fluctuating oil prices in the global market; this encourages them to select and implement predictive maintenance programs, including motor monitoring, to ensure continuous functioning of plant machinery and prevent unplanned downtime.

Motor Monitoring Market

The market in APAC is expected to grow at the highest CAGR during 2018–2023

The growth of the market in this region is attributed to the presence of several manufacturing industries and increasing awareness regarding the benefits of the implementation of monitoring solutions. China, Japan, South Korea, and India own a substantial number of manufacturing industries; therefore, there is a continuous demand for motor monitoring systems in APAC.

Motor Monitoring Market

Market Dynamics

Driver: Need to minimize revenue loss caused by motor faults

Motors are the key components in any machinery and are highly susceptible to wear and tear when used extensively in unfavorable environmental and mechanical conditions. A minor fault in motors can impact the productivity of the entire plant. The growing competitiveness of several capital-intensive manufacturing industries, such as oil & gas, aerospace & defense, mining, and automotive, is expected to encourage the companies to generate maximum revenue with a minimum investment. This may lead them to plan operational excellence and quality management processes at the ground level. Such management processes demand the monitoring of faults in the most critical components of plant machinery, such as motors, to avoid the impact of their failure on final productivity. Motor monitoring senses the faults in motors at their nascent stage. The installation of monitoring solutions incurs some cost to the plant; however, companies prefer bearing this cost to suppress the possibility of much bigger losses.

Restraint: Limited in-house skillset to manage monitoring solutions and analyze data

The growing adoption of predictive maintenance and other monitoring solutions is compelling enterprises to appoint a dedicated data analysis team. This team should know motors well, along with their operation in a particular machine, to get the correct information on the health of motors. This will, in turn, increase the indirect cost to companies. The lack of skilled professionals at reasonable costs is expected to be the major factor restraining market growth during the forecast period.

Opportunity: Growing penetration of industrial IoT

The industrial internet of things (IIoT) creates a huge demand for advanced connected devices. These connected devices enable machine-to-machine communication and interoperate with other devices according to the requirement of the connected environment. This increases the use of monitoring solutions, which actively take preventive steps for motor maintenance, thereby reducing human intervention.

Challenge: Decreasing greenfield investment in the oil & gas industry

The oil & gas industry is one of the leading industries where motor monitoring solutions are widely used. The recent decline in crude oil prices has resulted in a steep fall in capital budgets, which has eventually led to a fall in demand for industrial equipment from the industry; this, in turn, is expected to reduce the demand for monitoring solutions in the oil & gas industry. Oil & gas companies are increasingly focusing on improving operational efficiency in this period of economic downturn. Their operations are expected to be streamlined in terms of improving efficiencies and working with fewer resources after they overcome the current oil price situation. The reduced investments in the oil & gas industry have resulted in the lesser implementation of motor monitoring solutions.

Scope of the Report

Report Metric

Details

Market size available for years

2015–2023

Base year considered

2017

Forecast period

2018–2023

Forecast units

USD million

Segments covered

Offering, Monitoring process, Deployment, Industry, and Region

Geographies covered

North America, Asia Pacific, Europe, and Rest of the World

Companies covered

Banner Engineering (US), ABB (Switzerland), National Instruments (US), SKF (Sweden), Siemens (Germany), Honeywell (US), General Electric (US), Emerson Electric (US), Rockwell Automation (US), and Qualitrol (US)
A total of 20 ecosystem players have been covered.

This research report categorizes the motor monitoring market based on offering, monitoring process, deployment, industry, and region.

Based on Offering:

  • Hardware
    • Vibration Sensors
    • Infrared Sensors
    • Corrosion Probes
    • Ultrasound Detectors
    • Spectrum Analyzers
    • Others
  • Software

Based on Monitoring Process:

  • Online
  • Portable

Based on Deployment:

  • On-Premises
  • Cloud

Based on Industry:

  • Metals & Mining
  • Oil & Gas
  • Power Generation
  • Water & Wastewater
  • Food & Beverages
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Others (Agriculture and Electronics & Semiconductor)

Based on Region:

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • South Korea
    • India
    • Rest of APAC
  • Rest of the World (RoW)

Key Market Players

ABB, Siemens, General Electric, Honeywell, Schneider Electric

Recent Developments

  • In August 2018, Banner Engineering launched the LM Series of laser measurement sensors offerings best-in-class performance with superior stability, reliability, and precision for real-world targets. These sensors are used in precise part inspection, assembly and accuracy checks, dimensional control, product position control, PCB warp inspection, correct product placement, and thickness and height measurement.
  • In August 2018, The Electrification Products division of ABB announced its strategy of leveraging the ABB Ability Marketplace for the commercialization of the ABB Ability Electrical Distribution Control System through a software-as-a-service model, carrying the electrical distribution system for plants and buildings.
  • In August 2018, Emerson introduced a HART 7 position transmitter option for its TopWorx D-Series switchbox. The addition of the HART 7 communications protocol enables advanced diagnostic and monitoring capabilities for valve integrators and automators.
  • In June 2018, Honeywell launched Honeywell Connected Plant Measurement IQ for Gas, a new gas metering solution that provides easy-to-use health monitoring of midstream metering systems for operations, maintenance, and leadership teams. This solution enhances the reliability and safety of metering operations while cutting costs by massively reducing the need for site visits.
  • In February 2018, Qualitrol enhanced the Transformer Bushing Monitoring System with a range of new features providing additional flexibility and functionality in the power transformer space. This development is also targeted to meet increasing market demands for the monitoring systems for transformers.

Critical questions the report answers:

  • What is the profile of the key players in the market?
  • How do key players compare in terms of market share and core competencies?
  • What is the strategic analysis of micro markets with regard to individual growth trends, prospects, and contribution to the total market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Content

1 Introduction
    1.1 Objective of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Geographic Scope
           1.3.3 Years Considered for the Study
    1.4 Currency and Pricing
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology
    2.1 Market Size Estimation
           2.1.1 Bottom-Up Approach
           2.1.2 Top-Down Approach
    2.2 Market Breakdown and Data Triangulation
           2.2.1 Key Data From Secondary Sources
           2.2.2 Key Data From Primary Sources
                    2.2.2.1 Key Industry Insights
    2.3 Assumptions

3 Executive Summary

4 Premium Insights

5 Market Overview
    5.1 Introduction
    5.2 Market Segmentation
    5.3 Market Dynamics
           5.3.1 Drivers
           5.3.2 Restraints
           5.3.3 Opportunities
           5.3.4 Challenges
    5.4 Value Chain Analysis

6 Market By Offerings
    6.1 Introduction
    6.2 Hardware
           6.2.1 Vibration Sensor
           6.2.2 Infrared Sensor
           6.2.3 Corrosion Probes
           6.2.4 Ultrasound Detector
           6.2.5 Spectrum Analyzer
           6.2.6 Others
    6.3 Software

7 Market By Monitoring Process
    7.1 Introduction
    7.2 Online
    7.3 Portable

8 Market By Deployment
    8.1 Introduction
    8.2 On-Premise
    8.3 Cloud

9 Market By Vertical
    9.1 Introduction 
    9.2 Metals & Mining
    9.3 Oil & Gas
    9.4 Power Generation
    9.5 Water & Wastewater
    9.6 Food & Beverages
    9.7 Chemicals
    9.8 Automotive
    9.9 Aerospace & Defense
    9.10 Others

10 Market By Geography
     10.1 North America
             10.1.1 U.S.
             10.1.2 Canada
             10.1.3 Mexico
     10.2 Europe
             10.2.1 Germany
             10.2.2 U.K.
             10.2.3 France
             10.2.4 Italy
             10.2.5 Rest of Europe
     10.3 Asia-Pacific (APAC)
             10.3.1 China
             10.3.2 Japan
             10.3.3 South Korea
             10.3.4 India
             10.3.5 Rest of APAC
     10.4 Rest of the World (RoW)
             10.4.1 Middle East & Africa
             10.4.2 South America

11 Competitive Landscape
     11.1 Introduction 
     11.2 Market Ranking Analysis 
     11.3 Competitive Situations and Trends 
             11.3.1 Product Launches and Developments
             11.3.2 Partnerships, and Collaboration
             11.3.3 Contracts and Agreements
             11.3.4 Expansions

12 Company Profile
     12.1 Introduction 
     12.2 Banner Engineering
     12.3 ABB
     12.4 National Instruments
     12.5 SKF (Baker Instrument Company)
     12.6 Siemens
     12.7 Honeywell
     12.8 General Electric
     12.9 Emerson Electric
     12.10 Rockwell Automation
     12.11 Qualitrol
     12.12 Other Company
             12.12.1 Schneider Electric
             12.12.2 Mitsubishi Electric
             12.12.3 Advantech
             12.12.4 Eaton
             12.12.5 Weg Group
             12.12.6 Dynapar
             12.12.7 KCF Technologies
             12.12.8 Phoenix Contact
             12.12.9 T.F. Hudgins
             12.12.10 Koncar

13 Appendix


List of Tables (64 Tables)

Table 1 Motor Monitoring Market, By Offering, 2015–2023 (USD Million)
Table 2 Motor Monitoring Hardware Market, By Component Type, 2015–2023 (USD Million)
Table 3 Motor Monitoring Market, By Monitoring Process, 2015–2023 (USD Million)
Table 4 Motor Monitoring Software Market, By Deployment Type, 2015–2023 (USD Million)
Table 5 Market, By Industry, 2015–2023 (USD Million)
Table 6 Market for Oil & Gas, By Region, 2015–2023 (USD Million)
Table 7 Market for Oil & Gas in North America, By Country, 2015–2023 (USD Million)
Table 8 Market for Oil & Gas in RoW, By Region, 2015–2023 (USD Million)
Table 9 Market for Metals & Mining, By Region, 2015–2023 (USD Million)
Table 10 Market for Metals & Mining in North America, By Country, 2015–2023 (USD Million)
Table 11 Market for Metals & Mining in RoW, By Region, 2015–2023 (USD Million)
Table 12 Market for Power Generation, By Region, 2015–2023 (USD Million)
Table 13 Market for Power Generation in North America, By Country, 2015–2023 (USD Million)
Table 14 Market for Power Generation in APAC, By Country, 2015–2023 (USD Million)
Table 15 Market for Automotive, By Region, 2015–2023 (USD Million)
Table 16 Market for Automotive in Europe, By Country, 2015–2023 (USD Million)
Table 17 Market for Automotive in APAC, By Country, 2015–2023 (USD Million)
Table 18 Market for Chemicals, By Region, 2015–2023 (USD Million)
Table 19 Market for Chemicals in North America, By Country, 2015–2023 (USD Million)
Table 20 Market for Chemicals in APAC, By Country, 2015–2023 (USD Million)
Table 21 Market for Water & Wastewater, By Region, 2015–2023 (USD Million)
Table 22 Market for Water and Wastewater in North America, By Country, 2015–2023 (USD Million)
Table 23 Market for Water and Wastewater in APAC, By Country, 2015–2023 (USD Million)
Table 24 Market for Food & Beverages, By Region, 2015–2023 (USD Million)
Table 25 Market for Food & Beverages in Noth America, By Country, 2015–2023 (USD Million)
Table 26 Market for Food & Beverages in APAC, By Country, 2015–2023 (USD Million)
Table 27 Market for Aerospace & Defense, By Region, 2015–2023 (USD Million)
Table 28 Market for Aerospace & Defense in Noth America, By Country, 2015–2023 (USD Million)
Table 29 Market for Aerospace & Defense in Europe, By Country 2015–2023 (USD Million)
Table 30 Market for Other Industries, By Region, 2015–2023 (USD Million)
Table 31 Market for Other Industries in Noth America, By Country, 2015–2023 (USD Million)
Table 32 Market for Other Industries in Asia Pacific, By Country 2015–2023 (USD Million)
Table 33 Market, By Region, 2015–2023 (USD Billion)
Table 34 Market in North America, By Country, 2015–2023 (USD Million)
Table 35 Market in North America, By Offering, 2015–2023 (USD Million)
Table 36 Market in North America, By Industry, 2015–2023 (USD Million)
Table 37 Market in US, By Industry, 2015–2023 (USD Million)
Table 38 Market in Canada, By Industry, 2015–2023 (USD Million)
Table 39 Market in Mexico, By Industry, 2015–2023 (USD Million)
Table 40 Market in Europe, By Geography, 2015–2023 (USD Million)
Table 41 Market in Europe, By Offering, 2015–2023 (USD Million)
Table 42 Market in Europe, By Industry, 2015–2023 (USD Million)
Table 43 Market in Germany, By Industry, 2015–2023 (USD Million)
Table 44 Market in UK, By Industry, 2015–2023 (USD Million)
Table 45 Market in France, By Industry, 2015–2023 (USD Million)
Table 46 Market in Italy, By Industry, 2015–2023 (USD Million)
Table 47 Market in Rest of Europe, By Industry, 2015–2023 (USD Million)
Table 48 Market in APAC, By Geography, 2015–2023 (USD Million)
Table 49 Market in Asia Pacific, By Offering, 2015–2023 (USD Million)
Table 50 Market in APAC, By Industry, 2015–2023 (USD Million)
Table 51 Market in China, By Industry, 2015–2023 (USD Million)
Table 52 Market in Japan, By Industry, 2015–2023 (USD Million)
Table 53 Market in South Korea, By Industry, 2015–2023 (USD Million)
Table 54 Market in India, By Industry, 2015–2023 (USD Million)
Table 55 Motor Monitoring Market in Rest of APAC, By Industry, 2015–2023 (USD Million)
Table 56 Motor Monitoring Market in RoW, By Region, 2015–2023 (USD Million)
Table 57 Motor Monitoring Market in RoW, By Offering, 2015–2023 (USD Million)
Table 58 Motor Monitoring Market in RoW, By Industry, 2015–2023 (USD Million)
Table 59 Motor Monitoring Market in Middle East and Africa, By Industry, 2015–2023 (USD Million)
Table 60 Motor Monitoring Market in South America, By Industry, 2015–2023 (USD Million)
Table 61 Rank of Motor Monitoring Market Players, 2017
Table 62 10 Most Recent Product Launches, and Developments in Motor Monitoring Market
Table 63 Partnerships in Motor Monitoring Market
Table 64 Contracts in Motor Monitoring Market


List of Figures (17 Figures)

Figure 1 Motor Monitoring Market Segmentation
Figure 2 Geographic Snapshot of Motor Monitoring Market , 2017
Figure 3 North America: Motor Monitoring Market Snapshot
Figure 4 Europe: Motor Monitoring Market Snapshot
Figure 5 Asia Pacific: Motor Monitoring Market Snapshot
Figure 6 RoW: Motor Monitoring Market Snapshot
Figure 7 Key Developments Adopted By Leading Players in Motor Monitoring Market During October 2015–2018
Figure 8 Banner Engineering: Company Snapshot (2017)
Figure 9 ABB: Company Snapshot
Figure 10 National Instruments: Company Snapshot
Figure 11 SKF: Company Snapshot
Figure 12 Siemens: Company Snapshot
Figure 13 Honeywell: Company Snapshot
Figure 14 General Electric: Company Snapshot
Figure 15 Emerson Electric: Company Snapshot
Figure 16 Rockwell Automation: Company Snapshot
Figure 17 Qualitrol: Company Snapshot

The study involved 4 major activities to estimate the current size of the motor monitoring market. Exhaustive secondary research was done to collect information about the market being studied, along with its peer and parent markets. The next step was to validate these findings, assumptions, and sizing, with industry experts across value chain through primary research. Both, top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources—such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet—have been referred to for identifying and collecting information for this study. The other secondary sources used during the study included annual reports, press releases and investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard and silver standard websites, regulatory bodies, trade directories, and databases.

Primary Research

Several stakeholders in the motor monitoring market are raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the metals & mining, oil & gas, power generation, water & wastewater, food & beverages, chemicals, automotive, aerospace & defense, agriculture, electronics & semiconductor industries. The supply side highlights the advancements in technology and diverse use cases. Various primary sources from both supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents has been provided below.

Motor Monitoring Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both, top-down and bottom-up approaches were implemented to estimate and validate the total size of the motor monitoring market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size has been mentioned in brief below:

  • Key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size—using the estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data were triangulated by studying various factors and trends from both the demand and supply sides in the metals & mining, oil & gas, power generation, water & wastewater, food & beverages, chemicals, automotive, aerospace & defense, agriculture, and electronics & semiconductor industries.

Report Objectives

  • To define, describe, and forecast the motor monitoring market, in terms of value, segmented on the basis of offerings, monitoring process, deployment, industry, and geography
  • To forecast the market size with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding drivers, restraints, opportunities, and challenges the growth of the motor monitoring market
  • To provide an overview of the value chain analysis pertaining to the motor monitoring industry
  • To strategically analyze each submarket with respect to individual growth trends and contribution to the overall motor monitoring market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the motor monitoring market
  • To profile key players in the motor monitoring market and comprehensively analyze their core competencies
  • To analyze competitive developments such as partnerships, product launches and developments, contracts, and mergers and acquisitions carried out in the global motor monitoring market

Available Customizations

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The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players on the basis of various blocks of the value chain

Regional Analysis

  • Further provide the breakdown of the regional markets, by offering, into countries
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SE 6940
Published ON
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