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Powering Robotics: Smart Motors Market Transformations in 2024
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According to The Business Research Company's, The robotic smart motors market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing demand for automation in manufacturing, emphasis on precision and accuracy in manufacturing, government initiatives supporting industrial automation, miniaturization of components, and improved energy efficiency standards.
The robotic smart motors market size is expected to see strong growth in the next few years. It will grow to $4.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to growth of the automotive and electronics sectors, increasing complexity in manufacturing processes, enhancements in software capabilities for motor control, development of collaborative robots (cobots), and growth of industrial robotics. Major trends in the forecast period include advancements in sensor technology, technological innovations in motor control systems, integration of ai and machine learning in robotics, demand for smart and connected devices, and adoption of industry 4.0 principles.
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Market Drivers and Trends:
The increasing adoption of Internet of Things (IoT)-based applications is expected to propel the growth of the robotic smart motors market going forward. IoT-based applications include integrating and utilizing interconnected devices and systems that gather, transmit, and analyze data for automated processes and insights across various sectors such as manufacturing, healthcare, and smart cities. The adoption of IoT-based applications is due to advancements in sensor technology, the proliferation of connected devices, demand for real-time data analytics, cost efficiencies in operations, and the drive towards automation and digital transformation across industries. Robotic smart motors enhance IoT-based applications by providing precise control, real-time data monitoring, and automation capabilities, improving efficiency and performance in various industries. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to reach 34.7 billion connections by 2028. Therefore, the increasing adoption of IoT-based applications is driving the growth of the robotic smart motors market.
Major companies operating in the robotic smart motors market are focusing on developing advanced products, such as highly programmable servosystems integrating smart motors to gain a competitive edge in the market. Highly programmable servosystems integrating smart motor systems are capable of precise motion control and automation through integrated intelligence and programmability, which is ideal for robotics, industrial automation, and autonomous vehicles. They enable adaptive and efficient operation in complex environments, enhancing productivity and flexibility in various applications. For instance, in April 2022, Moog Animatics, a US-based manufacturer and integrator of precision motion control components and systems, introduced its new Class 6 D-style SmartMotor, a state-of-the-art addition to its SmartMotor line. This new model extends the power range to 1 kW while maintaining a compact design. Key features include an absolute multi-turn battery-less encoder, a more comprehensive ambient operating temperature range of -20° to 105°C, industry-standard 24 VDC I/O, a separate 24V supply for logical backup, and availability in NEMA 17, 23, and 34 frame sizes with inline brake options. The motor also offers easy diagnostics connection via USB and includes Combitronic technology as standard.
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Major Key Players of the Market:
General Motors, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Nidec Corporation, Rockwell Automation Inc, WEG S.A., Yaskawa Electric Corporation, Moog Inc, Sick AG, Amazon Robotics LLC, Lenze GmbH & Co KG, Cruise LLC, Oriental Motor, Innovation First International Inc., Lin Engineering, Aeolus Robotics, Robeteq Inc, RobotShop Inc, Aerobotix, Accio Robotics, Technosoft SA
Robotic Smart Motors Market 2024 Key Insights:
• The robotic smart motors market size is expected to see strong growth in the next few years. It will grow to $4.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• IoT Adoption Fuels The Growth Of The Robotic Smart Motors Market
• Advancements In Highly Programmable Servosystems Integrating Smart Motors
• North America was the largest region in the robotic smart motors market in 2023
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