Global Motor Monitoring Market to 2027 – Size, Share & Industry Trends Analysis Report

DUBLIN, April 12, 2022– (BUSINESS WIRE) – The “Global Motor Monitoring Market Size, Share & Industry Trends Analysis Report By Offering (Hardware, Software, and Services), By End User, By Monitoring Process, By Deployment, By Regional Outlook and Forecast, 2021-2027 “report has been added to ResearchAndMarkets.com’s offering.

The Global Motor Monitoring Market size is expected to reach $ 3.1 billion by 2027, rising at a market growth of 7.3% CAGR during the forecast period.

Motor condition monitoring is a system that uses data collected from electric motors and rotating equipment to identify flaws before their occurrence. Rotating machinery and electric motors are the devices that consume the most electricity. Motor monitoring allows for the prediction of potential motor failures and the intervention of the failure in advance. Condition monitoring helps to avoid unplanned downtime while also increasing the energy economy. Additionally, motor condition monitoring also prevents the cost that occurs in unnecessary maintenance of the motor.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic severely impacted worldwide economies. The closure of various plants and factories, due to lockdowns that were enforced by governments to regulate the spread of infection, had a severe impact on supply chains across the world, negatively affecting manufacturing, delivery schedules, and product supply. Various companies have already stated that there may be delays in product deliveries and a drop in future production. Additionally, worldwide travel prohibitions implemented by various countries across all regions are affecting opportunities for commercial cooperation and partnerships.

Market Growth Factors:

Rising demand for predictive analytics and maintenance

Predictive maintenance is becoming more widely recognized as one of the more easily controllable digitalization applications. Predictive maintenance is a technique for forecasting when equipment will fail and repairing or changing the component before it breaks. This helps to reduce downtime and extend the life of components. Predictive maintenance can also save significant costs that can occur in lost output by preventing manufacturing line downtime. Predictive maintenance is proven to be quite important to the projects, even though it is still in its early phases, by delivering a new supply of data for both original equipment manufacturers and end-users. Motors and their equipment, such as motor controllers and bearings, require proactive maintenance to ensure their safety.

The increasing emergence of the mining industry

The mining industry deals with the extraction of valuable minerals as well as other geological elements. The extracted minerals are converted into a mineralized state that benefits the miner or prospector. Metals production, metals trading, and metals investing are all common operations in the mining business. There are numerous machineries that are utilized during the mining process such as large mining trucks, hydraulic mining shovels, large dozers, electric rope shovels, rotary drill rigs, and rock drills, motor graders, and large wheel loaders.

Market Restraining Factors

Increased payback duration on investment

A higher initial cost in data collection and analysis technologies, as well as installation, is required for continuous monitoring. System engineering and installation, field instrumentation, such as sensors, cabling, and monitoring and diagnostic system, namely hardware and software, installation, software licenses, user training, and customer support, if necessary, system maintenance for sensor replacement and software updates, as well as required external expertise and support are all considered when calculating the total cost of deploying the system. These services, software, and equipment are expensive, and they require certain skill sets to operate. As a result, operators must spend more resources in the motor control process, training, and maintenance.

Market Segments Covered in the Report:

By Offering

  • Hardware

  • Software, and

  • Services

By End User

By Monitoring Process

  • Online and

  • Offline / Portable

By Deployment

By Geography

  • North America

  • US

  • Canada

  • Mexico

  • Rest of North America

  • Europe

  • Germany

  • UK

  • France

  • Russia

  • Spain

  • Italy

  • Rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Singapore

  • Malaysia

  • Rest of Asia Pacific

  • LAMEA

  • Brazil

  • Argentina

  • UAE

  • Saudi Arabia

  • South Africa

  • Nigeria

  • Rest of LAMEA

Key Market Players

  • ABB Group

  • Honeywell International, Inc.

  • Schneider Electric SE

  • Emerson Electric Co.

  • Mitsubishi Electric Corporation

  • Siemens AG

  • Rockwell Automation, Inc.

  • General Electric (GE) Co.

  • National Instruments Corporation

  • Banner Engineering Corporation

For more information about this report visit https://www.researchandmarkets.com/r/2t9k7e

View source version on businesswire.com: https://www.businesswire.com/news/home/20220412005814/en/

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