covina, April 04, 2023 (GLOBE NEWSWIRE) --
Motor monitoring is the process of observing and recording the performance of an electric motor, this can be done by monitoring the motor's current, voltage and power consumption as well as speed and torque. Motor monitoring is the monitoring of the motor at the primary stage that needs to be analyzed and repaired, motor monitoring is the collection, classification and analysis of streamed data with the help of detectors, sensors, and diagnostic software etc. and has applications across many industry verticals, including oil and gas, power generation, aerospace and defense, automotive and others. Condition monitoring is an efficient, non-intrusive process that eliminates thousands of pounds of secondary damage, lost production, and unnecessary maintenance, which is important because it allows you to better understand equipment and allow for long-term productivity. Sensors are used in monitoring, many sensors detect changes in equipment components, and vibration sensors are most commonly used in monitoring moving machinery. Monitoring is the synthetic and continuous collection and analysis of information about the progress of a development intervention, monitored to ensure that the people who need to know about the development intervention are properly informed so that management decisions can be made in a timely manner. Motor condition monitoring is a system that uses data collected from electric motors and rotating equipment to identify faults before they occur, rotating equipment and electric motors are the equipment that consumes the most electricity, motor monitoring allows for the prediction and intervention of potential motor failures in advance failure. Condition monitoring helps avoid unplanned downtime while increasing energy economy, in addition, motor condition monitoring also prevents unnecessary motor maintenance costs. Adoption of condition monitoring with wireless IoT sensors and cloud-based software enables industry professionals to anticipate equipment issues and avoid downtime by accessing current, vibration and temperature data from anywhere in the plant at any time, following ongoing trends driving market growth.
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The report “Motor Monitoring Market, By Offering ( Hardware, and Software), By Monitoring Process (Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis and Other), By Deployment ( Cloud, On-Premise), By End Use ( Oil and Gas, Energy & Power, Aerospace & Defense, Automotive, Mining, Food & Beverage, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends Analysis and Forecast till 2032 “
Key Highlights:
- In September 2022, Mitsubishi Electric Corporation announced in September that together with Toshiba Mitsubishi-Electric Industrial Systems Corporation, it has developed an electrical motor-design support system that incorporates Mitsubishi Electric's MySart AI technology to dramatically reduce the time required to create electrical motor designs.
- In October 2022, Rockwell Automation, Inc., the world's largest company dedicated to industrial automation and digital transformation has signed a definitive agreement in October to acquire CUBIC, a company that specializes in modular systems for the construction of electrical panels.
- In May 2022, Schneider Electric, a leader in the digital transformation of energy management and automation, is launching new condition monitoring aimed at preventing 25 million electrical motor failures every year.
- In February 2022, ABB India launched a new series of electrical measurement and power monitoring meters for the digital panel meter market that is growing at a CAGR of 6% for the period 2017 to 2023.
- In July 2022, GE Power Conversion unveiled cyber-secure MV7000 drive remote monitoring for L&T-MHI Power turbine generators in Hajira, Surat, India.
- In October 2022, Schneider Electric, a leader in the digital transformation of energy management and automation, announced the launch of the Altivar soft starter ATS480 for the Canadian market in October.
Top Key Players:
- ABB Group
- Eaton Corporation
- Emerson Electric Co.
- General Electric Co.
- Mitsubishi Electric Corp.
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens AG
- Honeywell International Inc.
- National Instruments Corporation
Analyst View:
Motor monitoring can be defined as the process of continuous monitoring of motors, generators, clutches etc. in various end-use industries subjected to high stress. The objective of the implementation of measurement devices is to ensure continuous supervision of the operating conditions of motors, the data collected can be used with great advantage to improve energy efficiency, extend the life of motors or program maintenance operations. Motor condition monitoring is a technology that aims to detect faults at the onset of faults, collected by monitoring electric motors and rotating equipment. Motor Monitoring Market Innovation in Motor Monitoring Market is increasing worldwide due to the technological development in the market.
Key Market Insights from the report:
Motor Monitoring Market accounted for US$ 2.1 billion in 2022 and is estimated to be US$ 3.9 billion by 2032 and is anticipated to register a CAGR of 8.8%. The Motor Monitoring Market is segmented based on Offering, Monitoring Process, Deployment, End-Use and Region.
- Based on Offering, Motor Monitoring Market is segmented into Hardware, and Software.
- Based on Monitoring Process, Motor Monitoring Market is segmented into Oil Analysis, Motor Current Analysis, Ultrasound, Thermography, Vibration Analysis and Other.
- Based on Deployment, Motor Monitoring Market is segmented into Cloud, On-Premise.
- Based on End Use, Motor Monitoring Market is segmented into Oil and Gas, Energy & Power, Aerospace & Defense, Automotive, Mining, Food & Beverage, and Others.
- By Region, the Motor Monitoring Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Motor Monitoring Market:
The prominent players operating in the Motor Monitoring Market includes, ABB Group, Eaton Corporation, Emerson Electric Co., General Electric Co., Mitsubishi Electric Corp., Rockwell Automation, Inc., Schneider Electric, Siemens AG, Honeywell International Inc., and National Instruments Corporation. The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
