The Motor Monitoring Market is estimated to be worth approximately US$ 5.5 billion by 2033, up from approximately US$ 2.5 billion in 2023. The market is estimated to increase at an 8.3% CAGR between 2023 and 2033. Motor monitoring has evolved into a critical element and the most effective way for recognising potential problems. Electric motors are long-lasting and efficient, requiring minimal maintenance, consuming less energy, and tolerating a wide range of voltages.
This, along with their many applications in household appliances, machine tools, and industrial fans, is one of the key factors driving market growth. Furthermore, governments in a number of nations are developing stringent regulations to encourage the use of energy-efficient products and limit carbon emissions from various industrial sectors.
Because they are more environmentally friendly and less expensive than fossil-fuel engines, this is favourably influencing demand for motors. The increased importance of detecting potential flaws in machines before they fail is also propelling market growth.
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In addition, market leaders are introducing new test equipment that collects data using three voltage probes and related current transformers. Real-time data capture, computation, and evaluation allow for continuous comparison, reporting, and trending. These developments are enhancing the market’s prospects.
Key Takeaways
- The motor monitoring market is estimated to develop at an 8.3% CAGR between 2023 and 2033.
- Falling sub-meter and sensor costs, as well as improvements in big data technology, have all contributed to market expansions by making motor monitoring more accurate and cost-effective.
Key Developments
- In October 2019, Analog Devices, Inc. announced the acquisition of Test Motors. Test Motors, based in Barcelona, Spain, provides tools and services that detect flaws in electric motors before they impair production cycles, as well as guidance on how and when to fix them. Analog’s portfolio of condition-based monitoring systems capable of spotting equipment issues before downtime and catastrophic failure is expanded as a result of the acquisition.
- In March 2021, General Electric will deploy CONNECTIX, a software suite, and expert services. It covers tools and solutions for operations, maintenance, and services that help to optimize operations and enable predictive maintenance and cyber-secure service solutions.
- In September 2021, Siemens and Empolis signed a collaboration agreement to digitalize and structure organizational knowledge for drive systems. Siemens and Empolis’ collaboration enhances the foundation for insight generation in SIDRIVE IQ with the support of Empolis Intelligent Views Platform knowledge graphs.
- In August 2020, Sédra awarded ABB a contract to supply 70 ABB Ability Smart Sensors to assess the vibrations and the performance of many motors installed on a pulp dryer.
- In December 2019, SFK announced a collaboration with Nornickel Harjavalta. SFK supplied condition monitoring and lubrication management to aid in the process of continuous improvement. Following a successful pilot project in 2021, Nornickel has opted to deploy the SKF Enlight ProCollect condition monitoring system in the rest of their plant.
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Key Players
- ABB Group
- Siemens AG
- Honeywell International Inc.
- National Instruments Corporation
- General Electric Company
Motor Monitoring Market Key Segment
By Deployment Type:
- On-premise
- Cloud
By Monitoring Process:
- Online
- Offline/Portable
By End User:
- Automotive
- Oil & Gas
- Metals and Mining
- Power Generation
- Water and Wastewater Treatment
- Food & Beverages
- Chemicals
By Offering:
- Software
- Hardware
- Services
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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