Dubai, UAE, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per the recent report released by Kings Research, the global Smart Motors Market size is expected to grow from USD 5,179.6 million in 2022 to USD 8,911.9 million by 2030, exhibiting a CAGR of 6.15% during the forecast period of 2023-2030. The need to maximize energy efficiency, decrease downtime in energy production facilities, and improve safety are some of the key factors propelling the market's expansion. Smart motors find diverse applications in industries such as machinery, automotive, and energy, which are likely to support further market growth in the upcoming years.
The next generation of electric motors are known as "smart motors" and they come with cutting-edge features, including networking capability, controllers, and sensors. The motors can function more precisely, effectively, and controllably due to these features. They can also automatically adapt to changing conditions as a result of the incorporation of programmable logic controllers.
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Trending Now: Nidec's Smart Motors to Take Center Stage at WEFTEC 2023
Creating intelligent pumping systems featuring smart motors is crucial in addressing the increasing need for water efficiency initiatives. This is essential not only for drought management but also for enhanced monitoring and reduction of energy consumption. Nidec/U.S. MOTORS® has dedicated substantial efforts to advance motor and control technologies to tackle these pressing industry challenges. These latest solutions are planned to be showcased at WEFTEC 2023, scheduled for October 2-4.
Competitive Landscape
The global smart motors market is highly fragmented in nature with a number of companies operating in the market. These key players are concentrating on product innovation as their primary strategy to expand their business. For instance, Moog Animatics introduced a newly developed D-Style Class 6 smart motor in April 2022. The product is equipped with integrated systems that amplify the functionalities of servo systems, along with a battery-less multi-turn absolute encoder.
Major companies in the global smart motors market are:
- Siemens AG
- Moog Animatics
- Rockwell Automation, Inc.
- CG Power & Industrial Solutions Ltd.
- Kollmorgen
- Dunkermotoren GmbH
- Schneider Electric SE
- Roboteq, Inc.
- ABB Ltd.
- TECHNOSOFT
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Smart Motors Market to Witness High Uptake in Industrial Applications
Based on application, the smart motors market is further categorized into industrial, automotive, aerospace & defense, consumer electronics, and others.
The industrial segment is anticipated to experience significant growth, recording a 6.50% CAGR through the estimated period of 2023-2030. Smart motors are crucial components in industrial settings as a result of their energy efficiency and performance, which make them ideal for many applications, including compressors, material handling, conveyor systems, and automated processes.
For instance, materials can be moved quickly from one place to another using automated conveyor systems with smart motors. These motors can better control the conveyor system by altering the speed as needed, which saves energy and lessens equipment wear and tear.
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24V Smart Motors to Gain Traction as They Exhibit Enhanced Durability
Based on product, the smart motors market is further categorized into 18V, 24V, 36V, 48V, and above motors.
The 24V segment is likely to showcase substantial growth in the upcoming years to register a valuation of USD 5,803.2 million by 2030. The 24V smart motors are the most preferable choice for a variety of applications due to their durability and dependability. The 24V smart motors exhibit enhanced durability, extended lifespan, and reduced maintenance needs due to their comparatively simpler structure with fewer moving components than traditional motors.
The upsurge in the demand for 24V smart motors is driven by their improved design and performance across a variety of end-use industries, including the automotive, aerospace, consumer electronics, and industrial sectors, among others. For example, in the automotive industry, 24V smart motors serve as an affordable way to operate a number of components, such as windows, mirrors, wipers, and seat adjustments, while consuming the least amount of energy possible.
Advancements in Technology and Integration of Intelligent Motors to Drive Market Growth
Continuous development in sensor and communication technologies remains a driving force for innovation within the smart motors market, paving the way for potential enhancements in predictive maintenance and remote monitoring capabilities. Overall, the market offers novel opportunities for energy efficiency and technological advancements, which will continue to fuel industry expansion. The development and application of novel technologies make smart motors and other automated systems more compatible. This also enables the seamless integration of smart or intelligent motors into a variety of applications, which is estimated to support market expansion.
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Asia Pacific to Dominate Market Due to Presence of Prominent Manufacturers
Asia Pacific accounted for the largest share of the global smart motors market revenue in 2022, registering a valuation of USD 2,321.8 million. Due to the existence of prominent smart motor manufacturers, China and Japan have emerged as major revenue contributors, which has led to an increase in overall exports to other parts of the world. The region's substantial population and economic labor force play a significant role in streamlining smart motor manufacturing in the region.
Surging Adoption of Smart Automation to Boost North America Smart Motors Market Development
On the other hand, North America is projected to be the second-largest market for smart motors in the forthcoming years, accounting for a valuation of USD 2,354.3 million by 2030. The adoption of energy-efficient motors for industrial applications has increased significantly in the region, fostering business outlook. Additionally, the advent of Industry 4.0 and Internet of Things (IoT) technologies is contributing to regional market expansion due to the rising adoption of smart automation and control systems in a wide range of industries.
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Key Points from TOC:
Chapter 1 Introduction of the Global Smart Motors Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Smart Motors Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Smart Motors Market, By Application
Chapter 7 Global Smart Motors Market, By Product
Chapter 8 Global Smart Motors Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Smart Motors Market Competitive Landscape
Chapter 15 Company Profiles
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