Smart Motors Market – Global Industry Analysis And Forecast (2023-2029)

Smart Motors Market is expected to grow at a CAGR of 7.11% during the forecast period and market is expected to reach US$ 2.55 Bn. by 2029.

The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Smart motors market Definition
The Smart motor is a highly programmable and intelligent device which is generally integrated with servo motor system. Smart motor is further integrated with an encoder, a motor, an amplifier, IOs and a controller. It is basically used to adjust the voltage supply and frequency to alter the torque and speed of a motor.
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Smart motors market Dynamics
A surge in the adoption of smart motors in automotive and consumer electronic applications is the major driving factor behind the growth of the market. Growing demand for smart motors in industrial sector, increasing demand for less onsite and wiring space, rising need for modifiable speed in applications such as fan systems, pumping systems and material handling, growing adoption of IoT based applications in various industries, rising adoption rate of industrial automation and growing research and development activities are expected to improve growth of the market during the forecast period.

However, low rate of implementation and high costs of smart motors than traditional motors are the major restraining factors that could hamper the growth of the market.
Smart Motors Market: Segment Analysis
By component, motor control center segment dominated the market in 2022 and is expected to maintain its dominance at a CAGR of xx% during the forecast period. Motor control center provides control and monitoring for the functioning of a set of electrical loads. When motor control center is integrated with smart devices and communications, it becomes smart and it enables actionable insight into the power system. These smart motor control centres allow user to easily make more knowledgeable decisions, access data and to optimize process and power system performances and facilities. In addition, it provides some major benefits such as reduced cost, less wiring, pre-programming and enhanced performance, which make them more demandable in various industrial applications, which further results into the growth of market.

By application, industrial segment dominated the market in 2022 and is expected to keep its dominance at a CAGR of xx% during the forecast period. A surge in the demand for motors with advanced process control is accredited to the growth of smart motors market. Increasing adoption of IIoT services, rising significance of smart motors robotic automation and industrial automation applications and rising adoption of smart motors in industrial applications such as conveyor belts, pumps and material handling are expected to impel growth of market during the forecast period.
Regional Insights
Region-wise, North America dominated the market in 2022 and is expected to maintain its dominance at a CAGR of xx% during the forecast period. The US and Canada are the major contributors behind the growth of the market in region. The growth is attributed to the high adoption of smart motors in various industrial applications. Increasing adoption of automation technology in various end-user industries, surge in the demand for smart motors in the commercial and industrial sectors across the region and growing market for manufacturing sectors are driving the growth of the market in NA region.

The objective of the report is to present a comprehensive analysis of the Global Smart Motors Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Smart Motors Market dynamics, structure by analyzing the market segments and projects the Global market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Smart Motors Market make the report investor’s guide.
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Smart Motors Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.57 Bn.


Forecast Period 2023 to 2029 CAGR:
7.11%
Market Size in 2029:
US $ 2.55 Bn.


 Segments Covered:
by Component
Variable Speed Drive
Intelligent Motor Control Center
Motor


by Product
24V
18V
36V
48V and above


by Application
Industrial
Commercial
Automotive
Consumer Electronics
Aerospace & Defense
Others



Smart Motors Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are :
1. Rockwell Automation, Inc
2. Moog, Inc
3. Fuji Electric Co. Ltd
4. ABB Ltd
5. General Electric
6. Siemens AG
7. Schneider Electric SE
8. Technosoft SA
9. RobotShop, Inc
10. Robeteq, Inc
11. HSD SpA
12. Lenze GmbH & Co KG
13. Innovation First International, Inc.
14. CG Power and Industrial Solutions Limited
15. Nidec Corporation
16. US Automation Inc

Frequently Asked Questions:

1. Which region has the largest share in Global Smart Motors Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global Smart Motors Market?
Ans: The Global Smart Motors Market is growing at a CAGR of 7.11% during forecasting period 2023-2029.

3. What is scope of the Global Smart Motors market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Smart Motors market?
Ans: The important key players in the Global market are – Rockwell Automation, Inc, Moog, Inc, Fuji Electric Co. Ltd, ABB Ltd, General Electric, Siemens AG, Schneider Electric SE, Technosoft SA, RobotShop, Inc, Robeteq, Inc, HSD SpA, Lenze GmbH & Co KG, Innovation First International, Inc., CG Power and Industrial Solutions Limited, Nidec Corporation, and US Automation Inc.

5. What is the study period of this market?
Ans: The Global market is studied from 2022 to 2029.