Selbyville, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Smart Motor Market was valued at USD 2.3 billion in 2023 and is projected to be worth USD 4.5 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
According to SE for All, SDG 7.3 aims to double the global rate of improvement in energy efficiency by 2030. As awareness of environmental issues grows worldwide and the need to reduce carbon dioxide emissions, industries are prioritizing the adoption of energy-efficient solutions. Equipped with advanced technologies such as cruise control and intelligent control systems, intelligent engines offer significant improvements in energy efficiency compared to conventional engines. By optimizing energy use and minimizing waste, smart motors not only help businesses reduce operating costs but also contribute to sustainability goals by reducing their carbon footprint.
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A significant market trend is the shift to outsourcing specialized functions. Companies have decided to outsource some tasks related to the deployment and maintenance of smart engines. This strategic shift allows companies to leverage expertise, scalability, and cost efficiency while focusing on their core business. Outsourcing specialized functions also ensures compliance with evolving regulations and standards, reduces risks, and makes operations more efficient. As the sophistication of smart motor technologies increases, the outsourcing trend will grow further, driving market growth and innovation.
The Smart motor market is classified based on voltage, industry, and region.
The 25V-36V class segment will continue to grow through 2032, as smart motors operating in this voltage range offer a balanced combination of power and precision, making them ideal for various applications in various industries. From small machines to medium-duty industrial equipment, intelligent 25V to 36V motors ensure optimal performance while reducing energy consumption and running costs. As the industry prioritizes energy efficiency and sustainability, the demand for smart motors is expected to grow strongly in this voltage segment, which will drive automation and industrial processes.
The smart motor market from energy and utilities segment will grow rapidly through 2032 as smart motors help improve efficiency, reliability, and sustainability. These motors are used in many applications, including pumps, compressors, and fans, and electrical infrastructure and processes essential for energy production and distribution. Using advanced sensor technology and predictive analytics, smart motors enable predictive maintenance, reduce downtime, and optimize energy consumption. In addition, the integration of smart grid technologies further improves the efficiency of energy distribution systems, leading to cost savings and environmental sustainability.
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Europe smart motor market will expand at an unprecedented rate through 2032 due to strict regulations, energy efficiency initiatives, and technological advances. Countries like Germany, France, and the UK are at the forefront of this digital transformation and are leading the way in modernizing their manufacturing and industrial sectors. With an emphasis on sustainability and innovation, European industry is increasingly moving towards intelligent engine solutions to improve its competitiveness and reduce environmental impact. In addition, government incentives and funding programs continue to encourage the adoption of smart motor technology, creating a favorable environment for market growth.
Smart Motor Market Players
Companies including ABB Ltd., Dunkermotoren GmbH (Ametek Inc.), Fuji Electric Co. Ltd, General Electric, Rockwell Automation, Schneider Electric SE, Siemens AG are some firms working in smart motor industry.
The smart motor market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
Market, By Voltage
- Upto-18V
- 19V-24V
- 25V-36V
- 48V & above
Market, By Industry Verticals
- Industrial
- Automotive
- Aerospace & defense
- Energy & utilities
- Consumer electronics
- Healthcare
- Other
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
