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The Wireless Motor Monitoring System Market is expected to increase by USD 118.48 million. is anticipated to experience substantial growth, projecting a CAGR of 4.36% between 2023 and 2028. The market's growth hinges on several factors. There's a growing necessity for predictive maintenance, spurred by the rise in adopting IoT-connected devices. Additionally, the advantages of employing wireless solutions in industrial environments play a crucial role. These factors collectively drive innovation, efficiency, and cost-effectiveness in industries reliant on robust maintenance protocols and seamless connectivity. As predictive maintenance becomes more sophisticated and integrated with IoT, businesses gain real-time insights, reduced downtime, and optimized operations. Wireless solutions offer flexibility, scalability, and improved productivity, making them increasingly attractive in industrial settings seeking streamlined processes and enhanced performance metrics.
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The market is experiencing robust growth driven by key factors such as the demand for real-time data analytics, integration of Internet of Things (IoT) technology, and the need for enhanced people safety in various sectors like Oil and Gas, Water and Wastewater Treatment, and Heavy Machinery. Trends indicate a shift towards cloud computing based engines for data processing and condition-based maintenance strategies, leveraging advanced vibration sensors and wireless technologies. Challenges include ensuring reliable wireless communication and addressing potential damages in plants through effective monitoring solutions.
One of the key factors driving the 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 market growth is the emerging demand for sensors with mobile software. The advent of smart 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 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 Market is witnessing significant advancements driven by the adoption of Wireless motor monitoring system technology across diverse sectors such as Oil and gas, Food and beverage, and Water and wastewater treatment. These systems leverage Internet of Things (IoT) technology to provide real-time data through a cloud computing based engine, enabling machine condition monitoring and ensuring people safety. Vibration sensors, including dual analog sensors and power sensors, play a crucial role in detecting anomalies such as velocity, displacement, and acceleration variations. This data aids in implementing condition-based maintenance strategies and conducting timely servicing of equipment, thereby reducing downtime and improving operational efficiency. The utilization of wireless communication technology enhances mobility and allows for flexible transmission media, simplifying installation and commissioning processes. Moreover, these wireless technologies contribute significantly to personnel safety by identifying potential hazards that could lead to damages in plants.
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 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 in North America during the forecast period.
The 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.
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 solutions.
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 market research and growth 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. In market growth analysis, 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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
The Market is experiencing rapid growth due to the widespread adoption of Internet of Things (IoT) technology across various industries such as Agriculture, Heavy machinery, Water and wastewater treatment, and more. Real-time data collection facilitated by cloud computing-based engines allows for Condition Based Maintenance (CBM), with vibration analysis, motor current signature analysis, and ultrasound being key tools for assessing machine condition.
Moreover, one of the critical advantages of wireless motor monitoring systems is their ability to detect imminent failures, ensuring timely servicing and enhancing personnel safety. These systems also play a vital role in preventing damages in plants by monitoring machine conditions and identifying mechanical or electrical errors promptly. Advanced sensor technologies coupled with big data analytics and machine learning enable predictive maintenance, improving productivity and reducing downtime in factories and industrial plants.
In addition, wireless sensor network technologies have significantly reduced installation costs associated with cabling and semiconductors in industrial facilities. They monitor parameters like corrosion, torque, alignment, and oil and wear debris, providing insights into motor health and preventing motor failures. Infrared sensors, ultrasound detectors, spectrum analyzers, and corrosion probes are some of the hardware components driving the efficiency of wireless motor monitoring systems across industries like Metals and mining, Power generation, Food and beverages, Aerospace, and Defense.
Market Scope |
|
Report Coverage |
Details |
Page number |
188 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 118.48 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.22 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 52% |
Key countries |
US, China, Japan, Germany, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market forecasting, 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. |
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. |
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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
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