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The Wireless Motor Monitoring System Market is anticipated to experience substantial growth, projecting a Compound Annual Growth Rate (CAGR) of 4.36% between 2023 and 2028 with an estimated market size to increase by USD 118.48 million. This market is structured in a fragmented manner, exhibiting a Year-over-Year (YoY) growth of 4.22% in 2023-2024. In the regional breakdown, this analysis includes North America, Europe, APAC, Middle East and Africa, and South America with North America contributing significantly 52%. Key countries propelling this market include the US, China, Germany, Japan, and Spain.
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One of the key factors driving the wireless motor monitoring system market growth is the advantages of using wireless solutions in an industrial environment. Industrial units comprise multiple devices that are interconnected in various ways. These varied types of devices constitute simple data collection units, intelligent devices, and supervisory systems. In addition, all these devices are interconnected using different communication protocols and media types that, in some cases, can be substituted by wireless technologies to attain advantages in manufacturing or production.
Moreover, some of the key advantages of using wireless solutions or technologies in industries include the increased mobility of wireless systems, the elimination of expensive and maintenance-heavy transmission media, such as flexible cables and swivels, and faster and more efficient installation and commissioning. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the wireless motor monitoring system market growth is the emerging demand for sensors with mobile software. The advent of sensors with mobile software solutions offers advanced condition monitoring for predictive maintenance across different applications in end-user industries. In addition, these sensors retrieve performance variations and communicate them to the in-built software, which records the data in both real-time and historical trends.
Moreover, such sensors can be used to monitor assets for changes in pressure, temperature, and humidity to help forecast problems and prevent downtime. Some of the main advantages of such sensors include accurate readings for vacuum, pressure, temperature, and humidity, minimal supply of power, and compact, lightweight design. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Battery life concerns in wireless monitoring systems are one of the key challenges hindering the wireless motor monitoring system market growth. Wireless monitoring systems are mostly battery-powered as they are designed to operate from a remote position. In addition, it offers wireless systems with the flexibility of being placed anywhere in an industrial unit and eliminates the need for wiring for charging or switching on a device.
Moreover, battery-operated systems have a few disadvantages including dependency on the power or capacity of wireless monitoring systems, the use of batteries limits the test capabilities of wireless monitoring systems and reporting of battery life is a tedious task. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The vibration sensors segment is estimated to witness significant growth during the forecast period. The vibration of motors results in the uneven working of the related devices and inefficiency in performance. In addition, vibration sensors measure the vibration of motors in terms of velocity, displacement, and acceleration. Therefore, the inception of wireless monitoring of motors has added to the capabilities of vibration sensors.
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The vibration sensors segment was the largest segment and was valued at USD 186.84 million in 2018. Some of the main advantages of the vibration sensor segment include remote monitoring of motors, live streaming of data from other locations, identification of faults faster ordering of inventory, and reduced need for extensive wiring. Furthermore, the adoption of motors in automotive and oil and gas industries is expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing adoption of wireless motor monitoring systems in the oil and gas segment will increase the market growth during the forecast period. Some of the main applications of motors in the oil and gas segment include driving pumps, running air compressors, running fans, and other minor applications. In addition, the use of motors in the above-mentioned processes has created the need for preventive maintenance in the oil and gas industry. Other advantages of wireless motor monitoring in the oil and gas industry include reduced retrofit costs and easier installation in different terrains. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the market in North America is shale gas exploration, which has considerably uplifted the region's position as a major oil-exporting region. In addition, the growth of the automotive industry in North America is positively impacting the market growth in the region. Furthermore, there is significant growth in the power industry in the region due to the recent developments in the renewable energy sector. Hence, such factors drive the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global wireless motor monitoring system market witnessed a significant slowdown and temporary closure of end-user industries such as oil and gas, power plants, and chemicals in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in end-user industrial units. Such factors are expected to drive the market during the forecast period.
The wireless motor monitoring system market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wireless Motor Monitoring System Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers wireless motor monitoring system named ABB WiMon Condition Monitoring system which enables automatic, continuous wireless monitoring of non-critical electric motors and rotating equipment.
Beckhoff Automation GmbH and Co. KG: The company offers wireless motor monitoring system namely Beckhoff control system to monitor the status of equipment and access control systems.
Eaton Corp. Plc: The company offers wireless motor monitoring system namely InTech Embedded motor condition monitoring system.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The wireless motor monitoring system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Wireless Motor Monitoring System Market Scope |
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Report Coverage |
Details |
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Page number |
188 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
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Market growth 2024-2028 |
USD 118.48 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.22 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 52% |
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Key countries |
US, China, Japan, Germany, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Beckhoff Automation GmbH and Co. KG, Eaton Corp. Plc, Emerson Electric Co., Fluke Corp., General Electric Co., Honeywell International Inc., Infineon Technologies AG, K. A. Schmersal Holding GmbH and Co. KG, Mitsubishi Electric Corp., Moxa Inc., OleumTech Corp., OMRON Corp., Pepperl and Fuchs SE, Phoenix Contact GmbH and Co. KG, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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