Market Trends of Motor Monitoring Industry
Oil and Gas Segment is Anticipated to Witness Significant Growth
- Oil and gas plants are running some of the most complex systems in industrial production today. In addition to this complexity, if a sudden failure occurs in the form of misalignment, looseness, imbalance, and bearing wear, the financial and environmental consequences could be extremely serious. In the oil and gas industry induction motors are a core piece of machinery as they are versatile and rugged. Within an oil or gas refinery, induction motors supply rotational mechanical power to numerous systems, large and small, and are therefore important to monitor their working condition.
- Further, the oil & gas industry has long been a leader in the deployment of predictive maintenance technologies in pursuit of improved asset performance. A player such as Artesis's predictive maintenance system aims to provide all the benefits of traditional condition monitoring systems at a fraction of the complication and cost. Artesis MCM (motor condition monitor) uses an intelligent, model-based approach to provide complete monitoring and diagnostic capabilities for most electric motor-driven equipment.
- Furthermore, as the global oil and gas industry increases investments in digital technologies, the demand for motor monitoring solutions is analyzed to witness significant growth in the oil & gas sector over the forecast period. Motor monitoring solutions are gaining considerable traction in upstream, midstream, and downstream operations to constantly improve productivity and efficiency while meeting the most comprehensive industry specifications.
- Morover, in Canada, with increasing crude oil production in Western and Eastern Canada during the forecasted period, the demand for motor monitoring will increase, providing growth in the market. Moreover, the exploitation of shale reserves has led to increasing demand for EPC (Engineering, Procurement, and Construction) services. For instance, according to the data from CAPP, total curde oil production in Canada is expected to reach 6.67 million barrels per day.
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Asia Pacific Accounts to Hold Significant Market Growth
- Asia-Pacific is expected to account for significant market growth with the increase in industrial growth in countries such as China and India. The Indian manufacturing sector is one of the prominent growth sectors, which registers a 7.9% year-on-year growth. The government's Make in India initiates the plans to make India equally strong for domestic and foreign players and give recognition to the Indian economy at a global level.
- China is one of the global hubs for manufacturing and has the largest population worldwide, boosting investments in power as well as in the infrastructure sector. The Chinese government, in the past, announced investments worth USD 78 billion for developing 110 nuclear power plants, which are planned to start operations by 2030. Such initiative developments are expected to widen the scope of the adoption of modern technologies, including vibration monitoring solutions, to assist condition-based monitoring for the motor.
- Further, despite lowering hydrocarbon energy prices, the continued focus on oil & gas exploration activities to achieve energy self-sufficiency by NOCs, such as CNPC in China, is highly recommended. These activities are anticipated to create a robust demand for monitoring solutions to monitor and facilitate the maintenance of oil & gas equipment and infrastructures. It has been observed that China has the most significant shale oil & reserves worldwide and is focusing on tapping the same through joint ventures with oil & gas companies.
- Moreover, the emergence of Industry 4.0 in countries like Japan, China, South Korea and India is further analyzed to proliferate the market growth in Asia Pacific region over the forecast period, as monitoring of motors essential for successfully running an industrial plant. Further, with Industry 4.0, the role of IoT in online condition monitoring of electrical machines is expected to gain considerable significance, thus positively impacting the market's growth.
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