Global Smart Motors Market Report and Forecast 2024-2032

Global Smart Motors Market Outlook

The global smart motors market stood at a value of around USD 2884.71 million in 2023. The market is further expected to grow at a CAGR of 6.6% in the forecast period of 2024-2032 to attain USD 5106.04 million by 2032.

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Growing Demand for Variable Speed Drive, owing to its Energy Efficiency, to Bolster the Growth of the Smart Motors Industry

Based on component, the variable speed drive segment occupied a significant share in the market and is likely to witness a considerable growth in the forecast period. Variable speed drive (VSD) offers controlled starting current, which saves a significant amount of energy by reducing the power demand at the start. The reduced power line disturbances, controlled acceleration, adjusted operating speed and torque limit, and controlled stopping, among others, are some of the major advantages offered by VSD. VSD controls the pump motor that usually runs less than full speed, which can reduce the energy consumption considerably. Over the forecast period, the growing awareness about energy savings facilitated by VSD is likely to provide impetus to the global smart motors industry. Meanwhile, intelligent motor control centres (iMCC) are anticipated to witness a considerable demand in the forecast period. This can be attributed to the growing awareness about the various advantages offered by iMCCs, which include reduced commissioning and start up time, improved process efficiency, reduced maintenance cost, and reduced downtime, among others. In addition, the fact that iMCC panel can be easily and directly connected to superior automation system is expected to further drive the growth of the segment.

North America Accounts for a Significant Share in the Market

The smart motors industry in North America is driven by the growing adoption of smart motors in various industrial processes in order to optimise the functioning and bolster the advanced process control system. Over the forecast period, the anticipated increase in the demand for smart motors from the industrial sector, owing to the growing shift towards automation, is likely to provide impetus to the global smart motors industry in the region. The market is expected to be further aided by the growing focus on energy conservation in countries like the Unites States of America and Canada.

Smart Motors: Market Segmentation

A smart motor is defined as an intelligent and programmable device that is capable of continuously monitoring and communicating its own health status over the internet. It can adjust the frequency and voltage supply in order to alter the speed and torque of a motor, thereby saving a significant amount of energy.

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Based on component, the market is divided into:

• Variable Speed Drive
• Intelligent Motor Control Centre
• Motor

The various applications of smart motors include:

• Industrial
• Commercial
• Automotive
• Aerospace and Defence
• Oil and Gas
• Metal and Mining
• Water and Wastewater Treatment
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Applications of Smart Motors in the Industrial Sector to Augment the Growth of the Smart Motors Industry

The global smart motors industry is driven by the growing applications of the product in the industrial sector owing to its ability to reduce energy consumption in operations where a significant amount of load conditions is involved. These industrial applications include automated machinery, industrial sewing machines, and stage lighting, among others. Over the forecast period, the growing adoption of automation in various industries, including automotive, aerospace and defence, and oil and gas, among others to enhance operational efficiency through new information, remote monitoring, and control functionalities is expected to aid the market growth. Furthermore, the growing need to reduce labour and installation material costs is likely to provide impetus to the global smart motors industry.

Key Industry Players in the Global Smart Motors Market

The report gives a detailed analysis of the following key players in the global smart motors market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ABB Ltd
• Siemens AG
• WEG S.A.
• Dunkermotoren GmbH
• Technosoft S.A.
• Moog Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report