IMARC Group, a leading market research company, has recently releases report titled “Smart Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global smart motors market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the 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 device that aids in carrying out various methods 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-efficient and 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 growing emphasis 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 growth opportunities for market 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) with industrial 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
- 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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