Dublin, April 15, 2022 (GLOBE NEWSWIRE) -- 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.
Condition-based maintenance majorly focuses on preventing excess downtime, asset failures, and wasteful practices by monitoring the health of the motor to identify what maintenance needs to be performed and when. Any predictive maintenance approach is expected to be incomplete without it. Motor monitoring makes sure that maintenance is only being undertaken when particular thresholds are met or indicators exhibit symptoms of declining performance or impending failure.
Predicting impending motor breakdowns necessitates knowledge, experience, and the use of as many tools as possible. The more tools a technician has and knows how to utilize, the more equipped they is expected to be to estimate the longevity and health of the motor. Online monitoring and offline testing are two aspects of motor monitoring that must be examined and completely utilized in order to acquire an adequate diagnosis of the motor's condition.
The motor itself contains a variety of components that must be precisely tested, including insulation systems, copper winding wire, bearings, and other electrical and mechanical elements. The insulation system comprises very thin insulation produced onto the magnet wire or winding while the ground-wall insulation safeguards the magnet wire in the slots. Off-line testing equipment can accurately analyze the health of these insulation systems, and when the data is appropriately displayed, it can help in anticipating the motor's ability to remain in operation, as well as the requirement of any type of maintenance in 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 the infection, had a severe impact on supply chains across the world, negatively affecting manufacturing, delivery schedules, and product supply. Various companies 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 the regions are affecting opportunities for commercial cooperation and partnerships.
In addition, the pandemic also harmed the motor monitoring industry in a severe manner. Governments and municipal agencies imposed stringent regulations, due to which all non-essential activities were halted. Due to a lack of focus on the development of end-user industries, this had a negative impact on motor monitoring.
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 greater resources in the motor control process, training, and maintenance.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2017, Oct - 2022, Feb) Leading Players
Chapter 4. Global Motor Monitoring Market by Offering
4.1 Global Hardware Market by Region
4.2 Global Software Market by Region
4.3 Global Services Market by Region
Chapter 5. Global Motor Monitoring Market by End User
5.1 Global Oil & Gas Market by Region
5.2 Global Aerospace & Defense Market by Region
5.3 Global Power Generation Market by Region
5.4 Global Water & wastewater Treatment Market by Region
5.5 Global Chemical Market by Region
5.6 Global Food & Beverages Market by Region
5.7 Global Metals & Mining Market by Region
5.8 Global Other End User Market by Region
Chapter 6. Global Motor Monitoring Market by Monitoring Process
6.1 Global Online Market by Region
6.2 Global Offline/Portable Market by Region
Chapter 7. Global Motor Monitoring Market by Deployment
7.1 Global On-premise Market by Region
7.2 Global Cloud Market by Region
Chapter 8. Global Motor Monitoring Market by Region
Chapter 9. Company Profiles
9.1 ABB Group
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expense
9.1.5 Recent strategies and developments:
9.1.5.1 Product Launches and Product Expansions:
9.2 Honeywell International, Inc.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Regional & Segmental Analysis
9.2.4 Research & Development Expenses
9.2.5 Recent strategies and developments:
9.2.5.1 Partnerships, Collaborations, and Agreements:
9.2.5.2 Product Launches and Product Expansions:
9.3 Schneider Electric SE
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental And Regional Analysis
9.3.4 Research & Development Expense
9.3.5 Recent strategies and developments:
9.3.5.1 Partnerships, Collaborations, and Agreements:
9.3.5.2 Product Launches and Product Expansions:
9.3.5.3 Acquisition and Mergers
9.4 Emerson Electric Co.
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expense
9.4.5 Recent strategies and developments:
9.4.5.1 Product Launches and Product Expansions:
9.5 Mitsubishi Electric Corporation
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expense
9.5.5 Recent strategies and developments:
9.5.5.1 Product Launches and Product Expansions:
9.6 Siemens AG
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expense
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.7 Rockwell Automation, Inc.
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Research & Development Expenses
9.8 General Electric (GE) Co.
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expense
9.8.5 Recent strategies and developments:
9.8.5.1 Product Launches and Product Expansions:
9.9 National Instruments Corporation
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Regional Analysis
9.9.4 Research & Development Expense
9.9.5 Recent strategies and developments:
9.9.5.1 Product Launches and Product Expansions:
9.10. Banner Engineering Corporation
9.10.1 Company Overview
9.10.2 Recent strategies and developments:
9.10.2.1 Partnerships, Collaborations, and Agreements:
9.10.2.2 Product Launches and Product Expansions:
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