The global motor monitoring market size is expected to reach USD 3.89 billion by 2030 according to a new study by Polaris Market Research. The report “Motor Monitoring Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, Services); By Deployment (On-premises, Cloud); By Monitoring Process; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The factors such as the rising demand for predictive maintenance and analytics across the various verticals are increasing the demand for the systems, which is driving the market growth during the forecast period. Predictive maintenance is becoming recognized as one of the easier to exploit digitization applications. Predictive maintenance (PdM) is a strategy for predicting when a piece of equipment will underperform and replacing this before it fails.
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This contributes to less downtime and longer component life. Predictive maintenance can save millions in lost output by preventing production line leisure time. As it is still in its early stages, predictive maintenance will be extremely beneficial to the projects by providing a new stream of data for both OEMs and end-users. Further, motors and their elements, such as motor control systems and bearings, require predictive maintenance to be protected. Predictive maintenance involves measuring the operational parameters at peak charge and the effective temperature and moistness conditions while in operation.
Based on the end-use, the oil & gas market segment accounted for the leading share in the market. Oil and gas companies are searching for innovative ways to meet increasing energy demands while lowering operating costs and improving efficiency. Some of the most complex systems in modern manufacturing output can be found in oil and gas plants.
Aside from the complication, a failure's financial and environmental consequences could be disastrous. As a result, maintaining high efficiency, protection, and profitability in oil and gas operations has become more difficult. Even though motors are critical components of machinery in oil and gas plants, there is a need for a unique monitoring solution that can be incorporated.
Market players such as Qualitrol, Banner Engineering, Emerson, General Electric, Honeywell, Advantech, National Instruments, Rockwell Automation, ABB, Schneider Electric, Eaton, Siemens, SKF, Mitsubishi Electric, and WEG are some key players operating in the global market.
In March 2021, CONNECTIX, a software suite and expert services, was introduced by General Electric. It would include tools and solutions for operations, maintenance, and services that help achieve greater efficiency and enable predictive maintenance and cyber-secure managed services.
Polaris Market Research has segmented the motor monitoring market report based on offering, deployment, monitoring process, end-use, and region:
Motor Monitoring, Offering Outlook (Revenue - USD Billion, 2018 - 2030)
Motor Monitoring, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Motor Monitoring, Monitoring Process Outlook (Revenue - USD Billion, 2018 - 2030)
Motor Monitoring, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Motor Monitoring, Regional Outlook (Revenue - USD Billion, 2018 - 2030)