Wireless Motor Monitoring System Market Size, Share & Industry Analysis, By Product (Vibration Sensors, Power Sensors, Dual Analog Sensors), By End-User (Automotive, Oil and Gas, Food and Beverage, Water and Wastewater, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The wireless motor monitoring system market is witnessing a significant boom due to the technological advancement and development of the Internet of Things (IoT). Due to these innovations, wireless motor monitoring systems are being implemented in agriculture, beverage, automotive, heavy machinery, oil & gas, water & wastewater treatment, and other industries. Further, the growing need to capture real-time data for continuous monitoring is also expected to drive the demand for these systems during the forecast period.
Based on the product, the market is segmented into vibration sensors, dual analog sensors, and power sensors. Based on revenue, vibration sensors dominated the wireless motor monitoring system market in 2020. This dominance was largely due to the installation of vibration sensors to measure vibration based on velocity, displacement, acceleration, and variations in the motors.
The wireless motor monitoring system market is segmented based on the following end-users: oil and gas, automotive, food and beverage, water and wastewater, and other industries. In 2020, the oil and gas segment dominated the market share in terms of revenue due to their low retrofit cost and ease of installation of these systems in different terrains.
One of the significant development in the wireless engine monitoring system market is the advent of cloud- computing-based engine condition monitoring systems. Condition-based maintenance includes a process of performing a maintenance check to determine whether the motor is susceptible to failure or is degrading inefficiency. Technologies such as vibration analysis, motor current signature, ultrasound, and oil testing help to assess the machine condition and anticipate imminent failures through the wireless motor monitoring system.
The cost of manufacturing wireless motor monitoring system markets is comparatively high as compared to other monitoring components available in the market. Wired motor monitoring systems are cheaper to manufacture and also easy to install and operate. These factors are expected to hamper the growth of the market during the forecast period.
Key Market Driver -
Technological innovation and growing adoption of internet of things in the motor maintenance service industry
Key Market Restraint -
The high cost associated with manufacturing and testing
Key Players Covered:
Some of the major companies that are present in the global wireless motor monitoring system markets are ABB, Texas Instruments, Schneider Electric, General Electric(GE), Siemens, Emerson, Banner Engineering, Plexus Controls Inc., RFMicron, Inc., SoftBit Technologies Inc, KCF Technologies, Inc., Dynapar Corporation, NI(National Instruments), and Honeywell.
Regional Analysis:
The wireless motor monitoring system market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the market in terms of revenue due to stringent regulations about the safety of personnel operating the electric equipment. Also, wireless motor monitoring systems are widely installed in oil and gas pipelines in the U.S. and Canada.
The European market is comparatively more mature as compared to Latin America and Middle East & Africa markets. Technological innovations and the presence of key industry participants have led to the high penetration of wireless motor monitoring systems in Europe.
The Asia Pacific is expected to be the fastest-growing market in terms of demand for wireless motor monitoring systems due to growing industries such as food and beverage, manufacturing, metal & mining, consumer goods, and oil & gas infrastructure.
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Segmentation
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Key Industry Developments
- On 23 June 2020, unveiled wireless condition monitoring solutions for the industrial application for rotating equipment. These solutions are a combination of HPE’s Aruba Wi-Fi and Bluetooth-enabled access points and ABB AbilityTM Smart Sensor technology which will provide insights on equipment’s performance and health.
- On 27 March 2020, SKF Group launched cost-effective and compact temperature and vibration sensors named SKF Enlight Collect IMx-1 to monitor rotating parts in heavy industrial machinery.
- Ongoing
- 2023
- 2019-2022
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