Motor Monitoring Market

Market Leaders - Motor Monitoring Market

The motor monitoring market is expected to grow from an estimated USD 2.0 billion in 2021 to USD 2.9 billion by 2026, at a CAGR of 7.8% during the forecast period. The increasing adoption of industry 4.0 principles in manufacturing sector and growing demand for predictive maintenance and analytics is the main driver for the motor monitoring market. The growing focus on energy audits and regulations worldwide and growing demand from aerospace and automotive industries provide lucrative opportunities for the motor monitoring market during the forecast period

A few major players that have a wide regional presence dominate the well intervention market. The leading players in the well intervention market include General Electric (US), Siemens (Germany), ABB  (Switzerland), Honeywell (US), and Schneider Electric (France). The major strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations. New product launches and agreements were the two most commonly adopted strategy from January 2017 to November 2021.

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Siemens is a German conglomerate that focuses on offering electrification, automation, and digitalization solutions. The company conducts its operations through 6 business segments, namely, Digital Industries, Siemens Healthineers, Smart Infrastructure, Mobility, Portfolio Companies, and Siemens Financial Services. The company offers motor monitoring solutions through its Digital Industries business segment. The Digital Industries segment offers products and solutions for automation used in discrete and process industries, automation systems and software for factories, numerical control systems, motors, drives and inverters and integrated automation systems for motors, drives, machine tools, and production machines. The segment also provides process control systems; machine-to-machine communication products; sensors for measuring pressure, temperature, level, flow rate, distance or shape; and radio frequency identification systems. Furthermore, it offers production and product lifecycle management (PLM) software, and software for simulation and testing of mechatronic systems. These software offerings are integrated with an electronic design automation (EDA) software portfolio, and the open, cloud-based industrial internet of things (IIoT) operating system MindSphere. Siemens has presence in Europe, North America, the Middle East, South America, Africa, and Asia Pacific. The company operates in more than 100 countries globally and has a strong network of regional offices, warehouses, research and development facilities, and sales offices. The company has 16 corporate technology facilities for research and development and production and quality assurance globally that optimize its business processes. The company focuses on product launches and collaborations to strength its market presence. For instance, in August 2021, Siemens and Empolis entered into a collaboration agreement in order to digitalize and structure the organizational knowledge for drive systems. The collaboration of Siemens and Empolis strengthened the foundation for insight generation in SIDRIVE IQ with the help of Empolis Intelligent Views Platform’s knowledge graphs.

ABB is one of the leading companies offering power and automation solutions. The company provides a broad range of products, systems, solutions, and services to various industries, such as aluminum, automotive, cement, chemicals, data center, food & beverages, process automation, life sciences, marine, metals, mining, oil & gas, ports, power generation, pulp & paper, railway, smart cities, solar power, water treatment, and wind power. ABB conducts its operations through 4 business segments, namely, Electrification, Motion, Industrial Automation, and Robotics & Discrete Automation. The company offers motor monitoring products and services through its ABB Ability solutions portfolio, a part of the Motion business segment. The Motion segment offers a broad range of electrical motors, generators, drives, and services, as well as integrated digital powertrain solutions. The segment offers products, services, and solutions through 6 operating divisions, namely, Motors & Generators, Drive Products, System Drives, Traction, Mechanical Power Transmission, and Service. The Service segment offers base services and spare parts, upgrades & replacements, and smart solutions. The segment provides ABB Ability digital solutions and services, including condition monitoring service for powertrains, which help in optimizing the performance and efficiency of rotating equipment. The segment serves several end markets such as renewables, conventional power generation, oil & gas, chemicals, mining, metals, food & beverages, pharmaceuticals, buildings, rail, and other industries. Some of the principal competitors of the Motion business segment include Schneider Electric, Siemens, Toshiba, WEG, SEW EURODRIVE, and Danfoss. ABB has 548 offices in 89 countries across 4 regions, namely, Europe, the Americas, Asia, and the Middle East & Africa. It has approximately 320 consolidated operating and holding subsidiaries and serval production and R&D centers located across the world. The company focuses on sale contracts and product launches to strength its market presence. For instance, in June 2020, ABB was awarded a contract by Infraserv Höchst Prozesstechnik. ABB provided ABB Ability Smart Sensors to optimize maintenance and energy output by predicting the failure of powertrain assets in a waste-to-energy (WTE) plant. The solution ensured the operational uptime of WTE plant’s motors, mounted bearings, and pumps.

Related Reports:

Motor Monitoring Market by Offering (Hardware, Software, Services), Monitoring Process (Online, Portable), End-User Industry (Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive), Deployment and Region - Global Forecast to 2026

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Motor Monitoring Market Size,  Share & Growth Report
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