Motor Monitoring Market: Current Analysis and Forecast (2021-2027)

Report Description

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Motor monitoring involves gathering, grouping, and analyzing data streams from various on-device components, including sensors, detectors, and others. It is impossible to properly monitor equipment manually due to the risk of unexpected breakdowns, outages, and financial losses. Unwanted modifications are detected early on by the motor monitoring system and are corrected through analysis. These systems are extensively utilized to raise the organization’s overall productivity. The adoption of cloud computing platforms, the demand for wireless communication technology for motor monitoring, the focus on predictive maintenance, and the introduction of automated condition monitoring technologies are increasing the demand for motor monitoring systems. Motor monitoring is used in a variety of industrial sectors, including oil and gas, energy & power, aerospace & military, and automobiles. The increasing number of projects allotted to the related sector will propel the demand for motor monitoring in the coming time.

The motor monitoring market is expected to witness a CAGR of around 7% during the forecast period (2021–2027). In several sectors, motors are utilized to power various pieces of machinery as they are closely correlated to the output, productivity, and financial health of industries, they play a significant role in terms of components. Furthermore, motor monitoring is the collection, sorting, and analysis of streaming data using detectors, sensors, diagnostic software, and other tools and has applications in several industry verticals including oil & gas, power generation, aerospace & military, automotive, and others. Electric motors are subject to several operational and environmental risks that put thermal stress on the windings, lowering the quality of the motor’s insulation and shortening its lifespan. Therefore, motor monitoring is an essential process for the industries which lowers the unexpected failure and provides monetary advantages to the firm.

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ABB Ltd., Siemens AG, Honeywell International Ltd., Schneider Electric SE, Emerson Electric Co., Rockwell Automation, Qualitrol Company LLC, Advantech Co. Ltd., Mitsubishi Electric Corporation, and Eaton Corporation are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst offering, hardware category to hold a significant share in the market”

Based on the offering, the motor monitoring market is segmented into hardware and software segments. The hardware segment holds a significant share in the market for the year 2020. The hardware is the most important component for all industries including IR sensors, vibrational sensors, and ultrasound detectors among others. The government’s plans to adopt energy audits with more mandatory rules, increasing demand for electric vehicles (EVs), and a developing market for the Internet of Things (IoT) are expected to drive the hardware segment. However, the software segment is expected to show significant growth during the forecast period owing to the increasing use of data analytics to reduce possible failure.

“Amongst Applications, the online category is accounted for a significant market share in 2020”

Based on the application, the market is segmented into online and portable/offline. The online segment holds a significant position in the market in the year 2020 and is expected to show higher growth during the forecast period owing to the ability to collect and analyze the data under critical situations along with rapid notifications for issues that would go overlooked in routine maintenance, this process offers crucial information for sustaining process performance. The inherent dangers of such operations are decreased since online and remote monitoring eliminates the requirement for in-person inspections of spinning equipment which will drive the market expansion for online motor monitoring.

“North America to witness significant growth during the forecast period”

North America is expected to witness the highest growth in the motor monitoring market and is projected to stay the quickest developing region during the forecast time. The growing demand from the heavy industries for preventive maintenance and the adoption of new technologies for motor monitoring such as big data, AI, and ML are propelling the demand for motor monitoring in the region. In addition, the growing investment and research & development activities also attract investors across the world and contribute to North America’s significant position in the world.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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The motor monitoring market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Motor Monitoring Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the motor monitoring market were the three major steps undertaken to create and analyze the adoption of motor monitoring in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the motor monitoring market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the motor monitoring market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the motor monitoring market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the motor monitoring market. Further, we conducted factor analysis using dependent and independent variables such as various products and the application of motor monitoring equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the motor monitoring market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global motor monitoring market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the motor monitoring market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the motor monitoring market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the motor monitoring market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and application in the motor monitoring market.

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The main objective of the motor monitoring market study

The current & future market trends of the motor monitoring market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the motor monitoring market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product and application.
• Define and analysis of the regulatory framework for the motor monitoring market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the motor monitoring market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the World.
• Company profiles of the motor monitoring market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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