The motor monitoring market is anticipated to reach USD 3,916 million by 2030, expanding at a CAGR of 7.7% from 2024 to 2030. This growth is driven by the increasing demand for predictive maintenance and the enhancement of procedures through advanced analytics. The focus on electric motor monitoring is underscored by the significant potential damage that can arise from the failure of a single motor.
In 2022, the on-premises deployment category dominated the motor monitoring sector, capturing a 68% market share. This trend is attributed to the rise in factory automation, growing concerns over energy efficiency, and the increased need for predictive maintenance. On-premises solutions are preferred for their comprehensive control over data and privacy, offering superior system oversight and reduced reliance on external factors, as all hardware, data, and software are fully managed within the organization.
Looking ahead, the oil & gas sector is projected to experience notable growth of 8.4%. Oil and gas facilities often utilize some of the most complex systems in industrial manufacturing, where motor failures—such as loosening, misalignment, bearing wear, or imbalance—can have significant economic and environmental impacts.
Induction motors are crucial in the oil and gas industry due to their versatility and durability, providing essential rotational energy to various systems within refineries.
Governments have set power standards to regulate the energy use of electrical equipment. Motor monitoring helps streamline processes, enhance safety, optimize costs, and improve the performance and maintenance of industrial systems. It also informs decisions regarding energy mix, efficiency, and supply.
The Asia-Pacific region, driven by rapid industrialization in countries like India and China, is expected to grow at a rate of 8.8% in the near future. India’s manufacturing sector is a key growth area, with the government’s Make in India initiative aimed at boosting domestic and international industrial investment, potentially elevating the sector to approximately USD 1,100 billion by the end of 2023.
Overall, the motor monitoring market is buoyed by advancements in factory automation, heightened energy efficiency concerns, and an increasing demand for predictive maintenance.
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