Global Smart Motors Market 2024–2033

Reports Description

The increased demand for energy-efficient motors is driving the market’s growth.

According to Custom Market Insights (CMI), The Global Smart Motors Market size was estimated at USD 2.6 Billion in 2021 and is expected to reach USD 2.75 billion in 2022 and is expected to hit around USD 4 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030.

The report examines the Smart Motors market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Smart Motors market.

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Smart Motors Market Overview

An intelligent motor transforms the battery's electrical energy into rotational energy. The market is expanding due to the application of this rotational energy to turn wheels, close claws, operate pumps, and other devices. The market is thoroughly evaluated in studying the global smart motors industry. The research comprehensively analyzes the market's key segments, trends, drivers, restraints, competitive environment, and other essential elements.

Smart Motors Market: COVID–19 Impact Analysis

The end-use industries for smart motors, including mining, automotive, oil & gas, industrial, wastewater treatment, etc., saw a steep decline in growth during the COVID-19 pandemic. As a result, the market for intelligent motors was also impacted. Furthermore, the industries were forced to temporarily close their doors due to labour shortages and difficulties in manufacturing. As a result, the demand for end users also decreased, which hindered the market expansion for intelligent motors. The COVID-19 pandemic has, however, created new opportunities for the market for intelligent motors as organizations are heavily converting to automation. As a result, it will help the market for smart engines even in the future.

Smart Motors Market: Growth Drivers

The increasing demand for robotics, industrial automation, and effective material handling solutions is anticipated to fuel market expansion.

The rising demand for industrial automation, robots, and effective material handling solutions are one of the main factors fueling market demand. Pumps, conveyor systems, compressors, and controllers frequently use smart motors to carry out complex operations, preventive maintenance, and enhanced process control. Additionally, the market is expanding due to the rising use of intelligent engines in hybrid and electric vehicles (H/EV).

Technological advancements like incorporating connected devices with the Industrial Internet of Things and artificial intelligence solutions are further growth-promoting factors. These innovations support motor monitoring through mobile devices, increasing general effectiveness, predicting operating issues, and avoiding untimely failures. Other factors are anticipated to propel the market, including growing industrialization, especially in developing countries, and the growing use of intelligent motors for pipeline inspection and non-destructive testing at oil & gas extraction sites.

Technology advances are expected to fuel the development of more effective and environmentally friendly motors.

Energy-efficient motors were created due to the implementation of government programs like minimum energy performance standards (MEPS) in numerous nations, which hastened the market's expansion. As fuel-based motors pollute the environment, which has led to demand for the market, there is a decrease in pollution with the introduction of new goods and technology in intelligent motors. Therefore, the need for eco-friendly motors will expand in response to the rising demand for energy consumption reduction.

A highly programmable digital motor that can be controlled and programmed to fit the needs of the application is known as an intelligent motor. It is simple to save information about its speed, and it can change it immediately with the click of a button or after a predetermined period. Encoders, amplifiers, motor drivers, communication buses, dual-port Ethernet ports, USB programming interfaces, remote terminal units (RTU), half-duplex communication ports, and IOs are all components of these intelligent motors. The innovative motor's microcontroller senses the presence of a load on the shaft and modifies the power extraction to the pack as necessary.

Smart Motors Market Segmentation Analysis

Our research scope segments the Smart Motors market into products and applications. Based on the product, the market is divided into 24V, 18V, 36V, and 48V. The 24V segment held the most significant market share in 2021 and is anticipated to expand at a sizable CAGR over the anticipated period. The 24V smart motors are highly dependable and powerful. It has a longer shelf life than conventional motors since it has fewer moving parts. As a result, it can function longer without requiring significant repairs. As a result, it requires less upkeep. Along the forecast timeline, it is anticipated to fuel demand for the 24V Smart Motor Product segment.

Report Scope

Key Insights:

• As per the analysis shared by our research analyst, the Smart Motors market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2022-2030).
• In terms of revenue, the Smart Motors market size was valued at around USD 2.6 billion in 2021 and is projected to reach USD 4 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The Smart Motors market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
• The study includes data on the significant market drivers, challenges, and opportunities and their effects.
• The study elaborates on the SWOT analysis and Porter's Five Forces model.
• The market study's value chain analysis gives a comprehensive picture of the stakeholder's responsibilities.

Recent Development

• 2021: WEG expanded its line of variable-speed drives with the CFW900. A cutting-edge VSD for driving and managing three-phase induction and permanent magnet motors is the CFW900. Due to its high overload capacity can handle many applications by providing good static and dynamic performance and high precision in torque, speed, and position control.
• 2019: To improve overall IAQ and reduce the danger of virus exposure, ABB launched the FusionAir Smart Sensor, a touch-free room sensor with optional room control sensors that can monitor temperature, humidity, carbon dioxide (CO2), and volatile organic compounds (VOCs). Lights are not left on in empty meeting rooms thanks to the FusionAir Smart Sensor's data transmission to the connected controller, which prompts it to react and make intelligent adjustments to lighting, shade, and HVAC. When not in use, that pricey HVAC system is turned off.

Regional Landscape

The Asia Pacific region is estimated to dominate the market for intelligent motors in 2021. The expanding adoption of automation throughout the region's numerous end-user sectors presents the examined market providers with enormous development potential. In addition, the region's energy concerns are raising the adoption of low-voltage electrical equipment and spurring countless businesses to create energy-efficient and portable electrical devices, further boosting the market for smart motors.

Competitive Landscape

Because several significant companies are present in the market selling the products, the intelligent motors market is very competitive. These businesses continually invest heavily in product development and strategic alliances to increase their market share.

Prominent Players:

• ABB Ltd
• Fuji Electric Co. Ltd. (Furukawa Co. Ltd.)
• Dunkermotoren GmbH (AMETEK Inc.)
• Nidec Corporation
• General Electric Company
• Moog Inc.
• RobotShop Inc.
• Siemens AG
• Rockwell Automation Inc.
• Schneider Electric SE
• Technosoft SA

The global Smart Motors market is segmented as follows:

By Product

• 18V
• 24V
• 36V
• 48.24V

By Application

• Commercial
• Industrial
• Automotive
• Oil & Gas
• Water and Wastewater
• Aerospace & Defense
• Metal and Mining

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America