Motor Monitoring Market By End-User Industry (Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive),Offering (Hardware, Software, Services), Monitoring Process (Online, Portable) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Industry : Electronics & Semiconductors | Pages : 187 Pages | Upcoming : Jun 2024

         
     

The global market for motor monitoring, in terms of revenue, was valued at $2.0 billion in 2023 and is projected to reach $2.9 billion by 2030, with a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The installation of motor monitoring systems is increasing, and the market is experiencing robust growth.

Impact of COVID-19 on the motor monitoring market:
The COVID-19 pandemic has had a negative impact on the growth of the motor monitoring market. The implementation of lockdowns by countries during the first half of 2020 resulted in significant disruptions. Governments and local authorities issued strict guidelines, leading to the suspension of non-essential operations. Consequently, the development of end-user industries, which are key consumers of motor monitoring solutions, received less attention.

Furthermore, the second quarter of the pandemic witnessed delays in production and supply chain disruptions, posing additional challenges for the motor monitoring industry.

Motor Monitoring Market Dynamics
Drivers: Increasing demand for predictive maintenance and analytics

The adoption of digitalization has led to the recognition of predictive maintenance as a valuable application. Predictive maintenance involves predicting when equipment will fail and replacing components before they do, reducing downtime and extending the lifespan of equipment. Implementing predictive maintenance can save millions of dollars in lost output by preventing production line downtime. This emerging trend provides a fresh stream of data for both original equipment manufacturers (OEMs) and end users, making it crucial for ensuring the safety and optimal performance of motors and their components. Parameters such as motor functioning, temperature, and moisture conditions are measured under full load to facilitate predictive maintenance.

Predictive maintenance offers several benefits for industries, including reduced time spent on asset upkeep, minimized downtime resulting in fewer lost production hours, and maximizing the lifespan of existing assets to lower spare parts costs.

Restraints: Limited technical expertise in managing monitoring solutions
The growing adoption of predictive maintenance and other monitoring solutions requires enterprises to establish dedicated data analysis teams. These teams must possess comprehensive knowledge of motors and their operation within specific machines to accurately assess motor health. This introduces indirect costs for companies. Additionally, motor manufacturing companies may not readily provide monitoring solutions, requiring industries to seek expertise from other providers. This can increase the overall cost structure, in addition to motor installation investments. Monitoring motor data points necessitates different skill sets, demanding staff training and the establishment of standard procedures for motor monitoring. The scarcity of skilled professionals at reasonable costs is expected to be a major factor restraining market growth during the forecast period.

Opportunities: Growing focus on energy audits and regulations worldwide
Energy audits, mandated by governments, regulate the evaluation of energy usage in various electrical equipment. These audits encompass methods to optimize energy costs, improve safety, and enhance operating and maintenance practices for industrial systems. They aid in decision-making related to energy mix, power conservation, and reliable energy supply.

Energy audits are mandatory in regions such as North America, Europe, and Asia. Countries like China and India impose energy audits in Asia, while countries like Tunisia and Algeria require them in the Middle East & Africa due to high electricity consumption. In Europe, the industrial sector and manufacturing plants must undergo mandatory energy audits. Manufacturing units in industries such as automotive, aerospace and defense, consumer electronics, and medical equipment require power analyzers to comply with energy audits. The Energy Efficiency Directive in Europe makes energy audits compulsory for large companies every four years, with penalties for non-compliance. Since motors account for approximately 70% of energy consumption in industrial setups, proper monitoring of motors can result in significant energy savings and help industries meet energy audit requirements.

Challenges: Lengthy payback period for investment
Continuous monitoring requires significant upfront investment in data gathering, analysis technology, and installation. Total cost of ownership considerations include system engineering and installation, field instrumentation (sensors, cabling), monitoring and diagnostic systems (hardware, software, licenses), user training, customer support, system maintenance (sensor replacement, software updates), and external expertise and support. These software, services, and equipment can be costly and require specific skill sets to operate. Operators must also invest in training and maintaining the motor control process. The cost varies depending on the industry scale and the level of control service deployment. While larger industries can expect a relatively short payback period, small and medium-scale industries face challenges in terms of payback time for control processes. Furthermore, the payback period and return on investment (ROI) depend on the likelihood and occurrence of motor failures, further extending the duration of the payback period.

Market Trend:
The hardware segment was the dominant contributor to the motor monitoring market in 2022.

In 2020, the hardware segment held the largest market share in the motor monitoring market by offering. It is projected to maintain a significant market share due to government initiatives promoting energy audits, increasing mandatory regulations, growing demand for electric vehicles (EVs), and the expanding Internet of Things (IoT) market. Hardware components, such as vibration sensors, infrared sensors, ultrasound detectors, spectrum analyzers, and corrosion probes, play a vital role in machine condition monitoring systems.

The online segment was the major contributor to the motor monitoring market in 2022 by monitoring process.
In 2020, the online segment accounted for the largest share of the motor monitoring market by monitoring process. The majority of projects are undertaken in this segment. Online motor monitoring is particularly beneficial for plants that operate 24/7, mission-critical applications, and remote locations with hazardous environments. Online monitoring solutions enable continuous data collection, providing critical information for maintaining process performance and instant alerts for unnoticed issues during periodic maintenance. It eliminates the need for in-person inspections of rotating equipment, reducing associated risks. The decreasing costs of sensors and submeters, along with advancements in big data analytics, have made online motor monitoring solutions more accurate and affordable, driving market growth.

The oil & gas segment was the leading contributor to the motor monitoring market in 2022 by end user.
In 2020, the oil & gas segment held the largest share of the motor monitoring market by end user. Oil and gas companies are seeking ways to meet rising energy demands, reduce operating costs, and improve efficiency. Oil and gas plants are known for their complex systems, and failures can have significant financial and environmental consequences. Ensuring high levels of efficiency, safety, and profitability in oil and gas operations has become increasingly challenging. To address these demands, oil & gas players are investing in research and development of new technologies to increase output. Since motors are critical components in oil & gas plants, there is a need for exclusive monitoring solutions. Additionally, as drilling operations expand to remote offshore locations, proper monitoring solutions become essential. Motor monitoring is required at every phase of oil & gas operations, including upstream, midstream, and downstream.

The on-premise segment was the major contributor to the motor monitoring market in 2022 by deployment.
In 2020, the on-premise segment accounted for the largest share of the motor monitoring market by deployment. On-premise deployment involves implementing motor monitoring solutions within a company's premises. The software or solution is installed locally on motors, bearings, shafts, computers, and servers. On-premise deployment provides industries with complete control over their data, as it is physically stored on their premises. Benefits of on-premise deployment include better overall system control, ownership and management of hardware, data, and software platforms, and reduced dependency on external factors like networks and third-party dealers. This type of deployment offers higher data security compared to cloud storage, as the company has greater control over the data storage location. Better data control and storage location are significant factors driving the adoption of on-premise motor monitoring systems in industries.
North America has a robust demand for the motor monitoring market, which is further driven by the increasing maritime trade, growth of electric vehicles, and supportive government policies. In 2020, North America accounted for a 33.7% share of the global motor monitoring market.

This regional market encompasses the United States, Canada, and Mexico. The growth in this region is fueled by the rising demand for electric vehicles (EVs) and significant investments in infrastructure development across various end-user industries that utilize motor monitoring. For example, according to the International Energy Agency's World Energy Investment 2021 report, utilities in North America invested approximately USD 85 billion in power generation infrastructure and USD 246 billion in oil & gas activities in 2020. Additionally, according to LMC International, it is projected that EV and hybrid sales in North America will account for 7% and 20% of total car sales, respectively, by 2030.

The motor monitoring market is led by key players such as General Electric (US), Siemens (Germany), ABB (Switzerland), Honeywell (US), and Schneider Electric (France).

This research report categorizes the motor monitoring market based by offering, deployment, monitoring process, and end-user industry.
Based on offering:

• Hardware
o Vibration Sensors
o Infrared Sensors
o  Corrosion Probes
o Ultrasound Detectors
o  Spectrum Analyzers
o Others
• Software
o Analytics Software
o  Diagnostic Software
• Services
o Training Services
o  Data Analysis Services
o  Technical Support & Maintenance Services

Based on deployment:
• On-premise
• Cloud

Based on monitoring process:
• Online
• Offline/Portable

Based on End user:
• Automotive
• Oil & gas
• Metals & mining
• Power Generation
• Water & wastewater treatment
• Food & beverages
• Chemicals
• Others – Agriculture and Electronics & Semiconductors

Based on the region:
• North America
• Asia Pacific
• Europe
• South America
• Middle East & Africa

Recent Developments:
• General Electric launched CONNECTIX in March 2021, which is a software suite and expert services offering. It includes tools and solutions for operations, maintenance, and services. CONNECTIX helps optimize operations, enables predictive maintenance, and provides cyber-secure service solutions.
• Siemens and Empolis entered into a collaboration agreement in September 2021 to digitalize and structure the organizational knowledge for drive systems. This collaboration strengthens the foundation for insight generation in SIDRIVE IQ through the utilization of Empolis Intelligent Views Platform's knowledge graphs.
• In August 2020, ABB secured a contract from Södra to supply 70 ABB Ability Smart Sensors. These sensors are used to measure vibrations and monitor the performance of multiple motors installed on a pulp dryer.
• SFK (SKF) formed a partnership with Nornickel Harjavalta in December 2019. SFK provided condition monitoring and lubrication management support to facilitate a continuous improvement process. As a result of a successful pilot project in 2021, Nornickel decided to implement the SKF Enlight ProCollect condition monitoring system in the rest of their plant.

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