Motor monitoring market is anticipated to grow at a CAGR of 7.6% during the forecast period. The growing acquisition by key players across the globe is the major factor driving the growth of the market. Key players are adopting acquisition strategies to stay competitive in the market. For instance, in October 2019, Analog Devices, Inc. acquired Test Motors, which offers products and services that detect faults in electric motors before they cause damage to production cycles and advises on how and when to repair them. The acquisition aims to expand the Analog Devices, Inc portfolio of condition-based monitoring solutions. Furthermore, the acquisition builds on Analog Devices’ 2018 addition of OtoSense, a start-up that developed “sensing interpretation” software, which can learn and recognize sounds or vibrations and identify potential problems in a factory machine or a car’s engine before they become severe. Additionally, Analog Devices, Inc plans to combine software from OtoSense with Test Motors’ monitoring capabilities to create solutions that offer an advanced, holistic snapshot of machine health by capturing a wider breadth of potential faults.
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Among offerings, the hardware segment is expected to hold a prominent share in the motor monitoring market over the forecast period. The need for a system that can monitor the conditions of motors and could replace manual operation is increased in various industries. The growing technology is significantly favoring the end-use industry to ensure safe and stable operations at respective sites. Key players are developing artificial intelligence (AI) based monitoring systems to cater to the demand of end-user industries. For instance, in May 2022, TMEIC Asia Pte. Limited launched the Smart Motor Sensor TMASMS, which is AI based, high-performance predictive maintenance platform for electric motors. It is Enabled by Analog Devices’ OtoSense hardware and software solutions and predicts motor failures at an early stage and contributes to the stable operation of plants and factories by monitoring and carrying out analysis 24/7 through AI. Moreover, the company delivered 25 sets of TMASMS to PT. Bukit Muria Jaya and started monitoring the whole paper machine drives motors.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Motor Monitoring Market by Offerings
- Hardware
- Software and Services
Global Motor Monitoring Market by Deployment
- Cloud-Based
- On-Premises
Global Motor Monitoring Market by End-User
- Automotive
- Oil and Gas
- Power Generation
- Metal and Mining
- Others (Water and Wastewater Treatment, Chemicals, Food, and Beverages)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ABB Group
- ALS Ltd.
- Eaton Corp.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International, Inc.
- KCF Technologies, Inc.
- Mitsubishi Electric Corp.
- National Instruments Corp.
- Parker Hannifin Corp
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- SKF
- WEG Group
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global motor monitoring market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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