IMARC Group, a leading market research company, has recently releases report titled “Smart Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global smart motors market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the smart motors market?
The global smart motors market size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.47% during 2023-2028.
What are smart motors?
Smart motors are advanced electronic devices that offer programmable speed and torque control. They are designed to replace thermal overload relays with multiple set points and alter frequency and voltage supply. They are equipped with an encoder, amplifier, current monitor, dual ethernet port, and universal serial bus (USB) interface. Compared to traditional motors, smart motors are more energy-efficient, generate less heat, and have minimal downtime while providing enhanced internal cooling control. They also reduce the ancillary components required for linear or rotary motion in the connected shafts. As a result, smart motors find extensive applications in the manufacturing, healthcare, automotive, energy, and power industries across the globe.
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What are the growth prospects and trends in the smart motors industry?
The global smart motors market is primarily driven by the increasing demand for industrial automation, robotics, and efficient material handling solutions. Moreover, the rising use of smart motors in performing complex operations, predictive maintenance, and advanced process control in various equipment, including pumps, compressors, conveyor systems, and controllers, is positively influencing the market growth. Additionally, the surging adoption of smart motors in hybrid and electric vehicles (EVs) has catalyzed market growth. Furthermore, the large-scale integration of connected devices with the Industrial Internet of Things (IIoT) and artificial intelligence (AI) solutions is contributing to the market growth. Other factors, including the rising adoption of electric EVs, increasing product use for non-destructive pipeline testing and inspection in oil and gas extraction sites, and rapid industrialization, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Variable Speed Drive
- Intelligent Motor Control Center
- Motor
Breakup by Product:
- 24V
- 18V
- 36V
- 24V
Breakup by Application:
- Automotive
- Aerospace and Defense
- Oil and Gas
- Metal and Mining
- Water and Wastewater Treatment
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd
- Dunkermotoren GmbH (AMETEK Inc.)
- Fuji Electric Co. Ltd. (Furukawa Co. Ltd.)
- General Electric Company
- Moog Inc.
- Nidec Corporation
- RobotShop Inc.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Technosoft SA
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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