According to the latest report by IMARC Group, titled, “Smart Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″,The global smart motors market reached a value of US$ 2.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.6 Billion by 2027, exhibiting a CAGR of 5.57% during 2022-2027.
A smart motor refers to a programmable electronic device with adjustable speed and torque. It changes the frequency and supply of voltage to replace the thermal overload relay with multiple set points. Smart motors generally comprise of an encoder, current monitor, dual ethernet port, amplifier, universal serial bus (USB) interface, etc. The microcontroller of the device detects the load on the shaft and accordingly adjusts the power extraction to the load. Smart motors are more energy-efficient than traditionally used motors, have minimal heat loss and downtime, enhance internal cooling control, etc. Consequently, they find extensive applications across several industries, including manufacturing, healthcare, automotive, power, etc.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Smart Motors Market Trends:
The increasing requirement for industrial automation, robotics, and efficient material handling solutions is primarily driving the smart motors market across the globe. Besides this, the growing product utilization for performing complex operations, predictive maintenance, and advanced process control in pumps, conveyor systems, compressors, controllers, etc., is further catalyzing the market growth. Additionally, the rising integration of connected devices with the Industrial Internet of Things (IIoT) and artificial intelligence (AI) solutions is aiding in the monitoring of smart motors through smartphones. Smart motors also help in improving the overall efficiency, predicting operational failures, minimizing premature breakdowns, etc. Furthermore, the escalating product demand in hybrid and electronic vehicles (H/EV) as well as in pipeline inspection and non-destructive testing in oil and gas extraction sites is expected to fuel the smart motors market over the forecasted period.
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Smart Motors Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
Breakup by Component:
- Variable Speed Drive
- Intelligent Motor Control Center
Breakup by Product:
Breakup by Application:
- Aerospace and Defense
- Oil and Gas
- Metal and Mining
- Water and Wastewater Treatment
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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