Motor Monitoring Market Size, Share & Trends Analysis Report By Offering (Hardware, Software), By Monitoring Process (Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis, Others), By End-User (Oil and Gas, Energy and Power, Aerospace and Defense, Automotive, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global motor monitoring market size was valued at USD 3023.98 million in 2022 and is projected to reach USD 5560.22 million by 2031, registering a CAGR of 7.1% during the forecast period (2023–2031).

Motor monitoring refers to using sensors and detectors, among other hardware components, governed by software algorithms to analyze any faults or errors in the functioning of motor machinery. For efficient motor operations, the motor condition monitoring systems are installed in industrial verticals such as energy and power, oil and gas, aerospace and defense, and automotive, among others. The system includes two components that are hardware and software. Motor condition monitoring system provides various advantages to the user after installation, such as preserving the health and extending the life of the assets, and reducing energy expenses. Extending the maintenance staff's reach optimizes your maintenance processes, makes smarter asset management decisions, avoids unplanned outages, minimizes downtime, works safer, and reduces defects.

Market Dynamics

Market Drivers

Growing Demand in Various Sectors

Advancement in technology and rise in competition among competitors results in the growth of product quality and, thus, efficiency. Fortunately, the decline in the costs of sensors and submeters and the growing big data industry have made condition monitoring increasingly accurate and affordable, thereby decreasing motor operations and maintenance expenses considerably. Therefore, the advantages of motor monitoring systems have increased the market demand.

Electric motors are the backbone of the industry. The U.S. Department of Energy estimates that in the U.S. alone, 40 million motors are operating in the industry, and the fact that those motors use 70% of the electricity consumed by the industry indicates their importance. Thermal imagers are very useful for troubleshooting motor problems and condition monitoring for long-term preventive maintenance. The temperature-reflecting image of the motor condition monitoring gives the user a better monitor for predictive failure.

Rising Adoption of Motor Condition Monitoring in Automotive and Transportation

The automotive industry in recent times has witnessed the revolution of rapid adoption of electric vehicles in developed and developing economies. The EVs provide a wide area of application for motor condition monitoring systems. The automotive industry shifting toward automated systems has also generated the need for the motor condition monitoring system. In addition, the demand for efficient working systems for better performance and fuel efficiency has raised the requirement for motor condition monitoring systems. Such factors drive the global market.

Market Restraint

High Cost Associated with Motor Condition Monitoring

The increase in suppliers for components and raw materials for manufacturing motor condition monitoring systems increases the competition. It reduces the overall cost, but the cost of installation to maintenance remains high. The requirement of skilled labor in developing the hardware components and software algorithm and integrating them into a device makes it a high-end product, hindering the market growth.

Market Opportunities

Increasing Adoption of Motor Condition Monitoring in Aerospace and Intelligent Transportation Systems (ITS)

The aerospace industry finds wide motor applications in airplanes, buses, cranes, and trucks. The crucial application of the motor in the aviation vertical requires motor condition monitoring for safety and avoiding any inconvenience to the passengers. The rise in the integration of autonomous electric systems in aerospace and aviation is lucrative to create opportunities for the market. In addition, the growth of customers in the aerospace industry due to government schemes and the rise in living standards boosts the demand for the production of airplanes. Therefore, a higher rate of production of airplanes demands more motor condition monitoring systems for deployment.

Additionally, the adoption of intelligent transportation systems includes autonomous vehicles integrated with various monitoring systems. The motors used in electric vehicles require constant monitoring for non-interruptive operations. The automotive industry is also predicted to exhibit a revolution, which would have EVs dominate the major part of the global market. Therefore, changes in the trend of the automotive industry toward electric vehicles are expected to create market opportunities for motor condition monitoring.

Regional Analysis

Asia-Pacific Dominates the Global Market

Region-wise, the global motor monitoring market is segmented as North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the most significant global motor monitoring market shareholder and is expected to exhibit a CAGR of 8.01% over the forecast period. There has been a faster pace of industrial growth in the present scenario. The major industry in the region, such as engineering, chemical, mineral and petroleum, and others, find the application of motor monitoring devices owing to the increase in the adoption of automated electronic systems in motoring devices. Asia-Pacific has recently witnessed the development and advancement of electronics. In addition, the penetration of IoT and AI in the developed and developing countries of the region has increased the market demand for IoT-based motor condition monitoring devices. The current scenario witnesses the advancement of electric vehicles, which is lucrative to create market opportunities for the motor monitoring market.

LAMEA is estimated to exhibit a CAGR of 5.6% over the forecast period. LAMEA is analyzed across Latin America, the Middle East, and Africa. The region has mining, agriculture, oil and gas, and others, which use various tools and machinery that requires motor monitoring for efficient operation in harsh environment. The industries use various utility vehicles such as tractors, loaders, heavy cranes and machinery, and pulley systems. These industries majorly find the use of motor condition monitoring devices. In addition, LAMEA is an unexplored region expected to witness exponential growth in the near future. The region lacks a skilled workforce to operate and analyze the complex output provided by the machines used in motor condition monitoring which hampers the market growth in the region.

Europe is predicted to experience the greatest global motor monitoring market growth. Europe is one of the regions which has several developed and developing nations. The region has market leaders in the automotive, aerospace and defense industries, and others that use motor condition monitoring systems in its machinery and end products. In addition, the advancement of the automotive industry toward the development of electric vehicles and the rapid development of infrastructure of EVs is lucrative to create market opportunities for motor condition monitoring systems. The EVs use induction motors and are installed with automatic features and control, which generate the need to install motor condition monitoring systems. The post-sales service center of automobiles also finds the application of motor condition monitoring systems for depth analysis in case of any faults.

Segmental Analysis

The global motor monitoring market is segmented based on offering, monitoring process, and end-user.

Based on the offering, the global market is bifurcated into hardware and software.

The hardware segment dominates the global market and is predicted to exhibit a CAGR of 6.1% during the projected period. Hardware is a crucial part of motor condition monitoring devices, which includes sensors, spectrometers, ultrasound detectors, spectrum analyzers, and others. The advancement of hardware in terms of its structure enhances the compatibility of hardware with different software, which increases the market demand. In addition, innovation in high-tech sensors and detectors has an effect on the industry. The compact design offered by the manufacturers allows the consumer to deploy the device in the available space easily.

Software used for motor condition monitoring includes data integration, diagnostic reporting, order tracking analysis, and parameter calculation. The advancement of IoT and AI is one of the market's driving factors. The advancement of IoT and AI has enhanced the connectivity between the components of the motor condition monitoring device. This has reduced the use of wires and cords, providing the consumer with easy installation and maintenance. In addition, cloud-based software empowers industry professionals to get ahead of equipment problems and avoid downtime by accessing current, vibration, and temperature data from anywhere in a plant at any particular time.

Based on the monitoring process, the global market is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others.

The vibration analysis segment is the highest contributor to the market and is estimated to exhibit a CAGR of 5.8% during the forecast period. An effective and practical method for identifying mechanical and electromagnetic issues with induction motors is vibration analysis. The industry widely uses different nonlinear systems operating in the power lines. For instance, adjustable speed drives cause voltage distortion on the induction motor supply and power lines. These factors require the use of vibration analysis for efficient monitoring. In addition, the advancement of vibration analysis offers multi-dimensional inspection of the motor machinery.

Ultrasonic inspection and monitoring in motor conditions are the most reliable method for detecting incipient bearing failure and conditions such as lack of lubrication. The ultrasonic warning appears before a rise in temperature or an increase in low-frequency vibration levels. The major inspection areas under the ultrasound analysis are the beginning of the failure, brinelling of bearing surfaces, and flooding of or lack of lubricants. Real-time inspection through ultrasound in early warning and indication in case of failure conditions is also effective for monitoring all types of speed conditions that drive the market.

Based on end-user, the global market is divided into oil and gas, energy and power, aerospace and defense, automotive, and others.

The oil and gas segment owns the highest market share and is estimated to exhibit a CAGR of 5.9% during the forecast period. The global exploration, extraction, refinement, transportation, and marketing of petroleum products are all part of the oil and gas industry. It includes various heavy machinery, cranes, electrical pulleys, and other motors that use motors. Therefore, the oil and gas industry finds various end uses for the global market. In addition, adopting automated systems to increase the efficiency of extraction, exploration, refinement, and transportation increases the market demand. The motor is crucial for vehicles, pulleys, and cranes and demands a motor condition monitoring device. The innovation in fuels expands the market, which requires the setup of new plants and machinery, thereby increasing the demand for condition monitoring of motors used in the industry.

The aerospace and defense industry includes various applications for motor condition monitors. The industry includes airplanes, ships, submarines, motor vehicles, armored vehicles, tanks, and other motives. Apart from vehicles, the defense sector also consists of its transportation, which includes buses, trucks, loaders, and others. Therefore, motor condition monitoring finds wide application in aerospace and defense. It is developing various automotive vehicles, armored vehicles, and other demands using motor condition monitoring devices. The adoption of IoT in motor condition monitoring further drives the market demand.

Recent Developments

• May 2023- Mitsui O.S.K. Lines, Ltd. (MOL) concluded collaborative research and development with Asahi Kasei Engineering, resulting in the successful launch of V-MO, a monitoring service designed for marine motors. V-MO employs vibration sensors to proactively detect motor abnormalities, identify their root causes, and continuously monitor the condition of motors installed on vessels.
• May 2023- Mitsui O.S.K. Lines, Ltd. announced that it had completed the joint research and development with Asahi Kasei Engineering (President: Ichiro Okada, Head Office: Kawasaki-shi, Kanagawa Prefecture) on “Predictive Detection of Marine Motor Anomalies by Vibration Sensors” and it has realized to commercialize V-MO, a monitoring service for marine motors.