Press release
Smart Motors Market Size to Reach US$ 3.8 Billion 2023-2028 - IMARC Group
Smart Motors Market
Report Highlights
How big is the smart motors market?
The global smart motors market size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.47% during 2023-2028.
What are smart motors?
Smart motors are mainly designed by combining advanced electronics and mechanical expertise.They are generally used for monitoring the rotation speed, angular position and the torque and acceleration applied to the output pit. Additionally, they utilize the functionality of a motor, control unit and speed controlling devicethat aids in carrying out variousmethods effectively and efficiently. Besides this, they provide a smooth deceleration and acceleration process that protects the system mechanics. In comparison to traditional motors, smart motors are more energy-efficientand provide enhanced control over internal cooling while having minimal heat loss and downtime, thus facilitating smooth functioning.
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What are the growth prospects and trends in the smart motors industry?
The global market is primarily driven by the increasing demand for automation in the industrial sector. This is impelled by rapid industrialization and a growingemphasis on reducing the downtime drive, along with the augmenting demand for motors with superior process control.In addition to this, an enhanced focus on sustainable development and the rising initiatives for smart city development across multiple countries are providing lucrative growthopportunitiesformarket players. Moreover, continual technological advancements, such as the manufacturing of smart motors using switched reluctance (SR) technology that reduces the need for frequent maintenance while increasing its efficiency, are positively influencing the market.Also, the introduction of smartphone-controlled smart motors, along with the widespread integration of the internet of things (IoT) withindustrial processes, are creating a positive market outlook. Furthermore, the rising requirement for adjustable speed in several industrial applications, including pumping systems and material handling, is providing a boost to the demand for smart motors. Some of the other factors driving the market growth include continuous innovations in product variants and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors,the market is anticipated to reach a value of US$ 3.8 Billion by 2028, growing at a CAGR of 5.47% during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
Variable Speed Drive
Intelligent Motor Control Center
Motor
Breakup by Product:
24V
18V
36V
48.24V
Breakup by Application:
Automotive
Aerospace and Defense
Oil and Gas
Metal and Mining
Water and Wastewater Treatment
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd
Dunkermotoren GmbH (AMETEK Inc.)
Fuji Electric Co. Ltd. (Furukawa Co. Ltd.)
General Electric Company
Moog Inc.
Nidec Corporation
RobotShop Inc.
Rockwell Automation Inc.
Schneider Electric SE
Siemens AG
Technosoft SA
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If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
Contact US
IMARC Group
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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