The global motor condition monitoring market is expected to generate revenue worth $2,487.6 million in 2019, and is projected to reach $4,168.4 million by 2026, to register a CAGR of 7.3 % during the forecast period. Motor condition monitoring is the collection, sorting, and analyzation of streamed data from components such as sensors, detectors, and others on the device. The data analyzed in then processed through the software using various algorithms and monitoring process. Therefore, motor condition monitoring is available as the combination of hardware and software. It finds its application in various industry verticals such as oil & gas, energy & power, aerospace & defense, and automotive.
The factors such as increase in usage of motor condition monitoring in sports, increase in adoption of motor condition monitoring in automotive & transportation, and rise in demand for thermal imaging applications drive the market growth. However, high cost associated with motor condition monitoring hampers the market growth. Further, increase in adoption of intelligent transportation system (ITS) and in aerospace creates lucrative opportunities in the market.
The motor condition monitoring market is segmented on the basis of offering, monitoring process, end use, and region. By offering, the market is bifurcated as hardware and software. By monitoring process, it is divided into oil analysis, motor current analysis, ultrasound, thermography, vibration analysis, and others. By end use, it is classified into oil & gas, energy & power, aerospace & defense, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global motor condition monitoring market are Emerson Electric, General Electric, Honeywell International, Rockwell Automation, ABB, National Instruments, SKF Group, Siemens, ALS Limited and Parker-Hannifin. The companies follow various market strategies such as product launch, product development, collaboration, partnership, and others that leads to the market growth.
KEY MARKET SEGMENTS
By Offering
- Hardware
- Software
By Monitoring Process
- Oil Analysis
- Motor Current Analysis
- Ultrasound
- Thermography
- Vibration Analysis
- Others
By End Use
- Oil & Gas
- Energy & Power
- Aerospace & Defense
- Automotive
- Others
-
By Region
- North America
o U.S.
o Canada
o Mexico
- Europe
o UK
o Germany
o France
o Russia
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa


Key Market Players
- Emerson Electric
- General Electric
- Honeywell International
- Rockwell Automation
- ABB
- National Instruments
- SKF Group
- Siemens
- ALS Limited
- Parker-Hannifin