Press release
Smart Motors Market 2021 is Booming Worldwide With Profiling Key Players- ABB Ltd, Siemens AG, Schaeffler AG, Sick AG, TestMotors, WEG SA
Market Insights Reports delivers key insights on the Smart Motors market in its latest report titled, “Smart Motors Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2025)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.The smart motors market was valued at USD 2518.2 billion in 2019 and is expected to reach USD 3255.6 million by 2025, registering a CAGR of 6.2 % over the forecast period (2020-2025).
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Top Key Players in the Global Smart Motors Market: ABB Ltd, Siemens_ AG, Schaeffler_ AG, Sick AG, TestMotors, WEG SA, Augury_ Inc., Moog Inc., Dunkermotoren GmbH, Technosoft_ SA, and Others.
Industry News and Update:
- June 2020 - Weg SA was awarded to supply a package of 24 medium voltage electric motors to the Pumping station of SWCC (Saline Water Conversion Corporation), which is a Government Company that operates desalination plants and power plants in Saudi Arabia.
- March 2020 - ABB Limited completed its acquisitions on Cylon Controls Ltd for enhancing ABB Electrification business position in the commercial buildings segment. Cylon consists of approximately 100 employees and offers building automation and HVAC control solutions.
- March 2020 - NEC partnered with Siemens to provide artificial intelligence (AI) monitoring and analysis. The collaboration is expected to provide a solution for manufacturing that connects MindSphere, the cloud-based open IoT operating system from Siemens and NEC’s System Invariant Analysis Technology (SIAT).
Key Market Trends:
Automotive Application is Expected to have a Significant Market Share
- The automotive sector has witnessed significant growth in the number of units produced per day, over the years. The machinery on the production floor requires proper technology to shorten production cycles and increase production output while improving efficiency.
- Smart motors provide a solution to the excessive electrical consumption of a motor. Smart motors are highly efficient motors that use only the required amount of energy to start the automotive, improving efficiency, reducing downtime, and lowering costs.
- The automotive industry is among the significant sectors that hold a major share of the automated manufacturing facilities across the world. However, the sector experienced a "sharp downturn" in production and sales through 2018, and projections, according to the International Monetary Fund, indicate a similar decline through 2019.
- Production facilities of automakers are therefore increasingly needed to be automated for efficiency. However, new motor installations may be due to the growing trends of replacing conventional vehicles with EVs is expected to augment the demand from the industry even further. For instance, the projected electric vehicle sales in Europe by 2025 are expected to reach 6.33 million units, followed by China with 4.84 million units, according to UBS
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Asia Pacific Region to Grow Significantly
- Asia-Pacific is one of the most significant markets for the market studied. The region offers massive growth potentials to the studied market vendors, owing to the growing adoption of automation across the various end-user industries in the region.
- The energy concern in the region is also increasing the adoption of low voltage electrical equipment and motivating many companies to develop energy-efficient and compact electrical equipment and devices, hence further driving the smart motor growth.
- The region is also a manufacturing hub for many global markets, and automation has become a major requirement in these facilities. Manufacturing is a major contributor to China's economy and is undergoing a rapid transformation. The industrial control system in the country has emerged across various fields, like the energy, transportation, water, and municipal sectors.
- As for the oil industry, Petro China and China Petrochemical Industry have been aware of the importance of smart electrical distribution and have made much effort on industry methods. For example, the Hainan power grid project is mostly dependent upon the efficiency of the control system implemented for electricity generation, transmission, and distribution.
This Smart Motors Market report addresses:
- The Market size from 2016-2021
- Expected market growth until 2025
- Forecast of how market drivers, restraints, and future opportunities will affect
- Segment and regions that will drive or lead the market growth and why
- Comprehensive mapping of the competitive landscape
- In-depth analysis of key sustainability strategies adopted by market place
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- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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