The new report by Expert Market Research titled, ‘Global Smart Motors Market Trends, Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global smart motors market, assessing the market based on its segments like component, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 2716.3 million
- Forecast CAGR (2023-2028): 6.2%
- Forecast Market Size (2028): USD 4014.08 million
The increase in passenger vehicle manufacturing, particularly in developing nations, that is augmented by the rising per capita disposable income is projected to significantly boost product demand.
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Furthermore, high carbon emissions and the growing need to minimize reliance on fossil fuels have resulted in an increased emphasis by governments across geographies on enacting pollution control regulations and creating policies targeted at promoting the adoption of electric vehicles.
Smart Motors Industry Definition and Major Segments
A smart motor is described as a device that is intelligent and programmable enough to continuously check and communicate its own health status over the internet. It may change the frequency and voltage supply to change the speed and torque of a motor, resulting in significant energy savings.
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Based on component, the market is divided into:
- Variable speed drive
- Intelligent motor control centre
The major applications of smart motors are:
- Aerospace and defence
- Oil and Gas
- Metal and Mining
- Water and Wastewater treatment
Smart Motors Market Trends
Over the projected period, rising awareness regarding the energy savings enabled by VSD is expected to fuel the global smart motors business. Meanwhile, intelligent motor control centres (iMCC) are expected to be in high demand during the projection period.
This can be ascribed to increased understanding of the benefits of iMCCs, which include reduced commissioning and start-up time, enhanced process efficiency, lower maintenance costs, and reduced downtime, among other things.
Furthermore, the fact that the iMCC panel can be simply and immediately connect to superior automation systems is likely to propel the segment’s growth even further.
Over the forecast period, the increasing adoption of automation in various industries such as automotive, aerospace and defence, and oil and gas, among others, to improve operational efficiency, remote monitoring, and control functions is likely to augment market growth.
Furthermore, the growing demand to decrease labour and installation material costs is expected to fuel the global smart motors business.
Key Market Players
The major players in the market are ABB Ltd, Siemens AG, WEG S.A., Dunkermotoren GmbH, Technosoft S.A., Moog Inc., and others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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