According to the latest report by IMARC Group, titled "Smart Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global smart motors market reached a value of US$ 2.7 Billion in 2022. Smart motors are mainly designed by combining advanced electronics and mechanical expertise.They are generally used for monitoring the rotation speed, angular position and the torque and acceleration applied to the output pit. Additionally, they utilize the functionality of a motor, control unit and speed controlling devicethat aids in carrying out variousmethods effectively and efficiently. Besides this, they provide a smooth deceleration and acceleration process that protects the system mechanics. In comparison to traditional motors, smart motors are more energy-efficientand provide enhanced control over internal cooling while having minimal heat loss and downtime, thus facilitating smooth functioning.
Global Smart Motors Market Trends:
The global market is primarily driven by the increasing demand for automation in the industrial sector. This is impelled by rapid industrialization and a growingemphasis on reducing the downtime drive, along with the augmenting demand for motors with superior process control.In addition to this, an enhanced focus on sustainable development and the rising initiatives for smart city development across multiple countries are providing lucrative growthopportunitiesformarket players. Moreover, continual technological advancements, such as the manufacturing of smart motors using switched reluctance (SR) technology that reduces the need for frequent maintenance while increasing its efficiency, are positively influencing the market.Also, the introduction of smartphone-controlled smart motors, along with the widespread integration of the internet of things (IoT) withindustrial processes, are creating a positive market outlook. Furthermore, the rising requirement for adjustable speed in several industrial applications, including pumping systems and material handling, is providing a boost to the demand for smart motors. Some of the other factors driving the market growth include continuous innovations in product variants and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors,the market is anticipated to reach a value of US$ 3.8 Billion by 2028, growing at a CAGR of 5.47% during 2023-2028.
- On the basis of the component, the market has been segregated into variable speed drive, intelligent motor control center and motor.
- Based on the product, the market has been categorized into 24V, 18V, 36V and 48.24V.
- On the basis of the application, the market has been segmented into automotive, aerospace and defense, oil and gas, metal and mining, water and wastewater treatment, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.Some of these players include 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 and Technosoft SA.
|Base Year of the Analysis
| Historical Period
||Component, Product, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Technosoft SA
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