Global Smart Motors Market Statistics: USD 4.5 Billion Value by 2032

Summary:

• The global smart motors market size reached USD 2.9 Billion in 2023.
• The market is expected to reach USD 4.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest smart motors market share.
• Variable speed drive accounts for the majority of the market share in the component segment due to its ability to enhance motor efficiency and energy savings across various applications.
• 24V holds the largest share in the smart motors industry.
• Oil and gas represent the leading application segment.
• The rising adoption of industry 4.0 is a primary driver of the smart motors market.
• Enhanced safety and reliability requirements and the growing focus on energy efficiency are reshaping the smart motors market.

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Industry Trends and Drivers:

• Rising adoption of industry 4.0:

Industries are integrating automation and digitalization into their processes, which is driving the demand for smart motors for enhancing productivity and efficiency. These motors offer advanced capabilities, such as real-time monitoring, data-driven insights, and remote control, which are essential for optimizing manufacturing operations. Smart motors communicate with control systems, enabling predictive maintenance that reduces downtime and enhances operational reliability. In industries where precision and uptime are critical, such as automotive, aerospace, and electronics manufacturing, the demand for smart motors is on the rise. Additionally, smart motors are being used in robotic systems and conveyor belts, making them integral to the automated processes that are central to industry 4.0.

• Growing focus on energy efficiency:

Smart motors are designed to optimize energy usage by adjusting their speed, torque, and power usage according to load requirements. This not only improves the overall efficiency of industrial processes but also reduces operational costs. Governing bodies in many countries are implementing stringent energy regulations and sustainability initiatives, which are encouraging industries to adopt energy-efficient technologies. Smart motors align with these initiatives by offering solutions that minimize energy waste, contributing to both environmental sustainability and cost savings. Furthermore, companies that prioritize sustainability and energy conservation are incorporating smart motors into their infrastructure, helping them achieve their corporate social responsibility goals while improving profitability.

• Enhanced safety and reliability requirements:

In many industries, safety and reliability are top priorities, and smart motors are being adopted to meet these standards. Smart motors offer advanced safety features, such as overload protection, fault detection, and automated shutdowns, which help prevent accidents and equipment failures. These motors continuously monitor their own performance and provide real-time alerts if any issues arise, allowing for quick interventions before problems escalate. This reduces the risk of costly downtime and enhances the overall safety of industrial environments. Additionally, smart motors are known for their reliability and longevity, making them an attractive option for industries that require consistent and dependable performance, including aerospace, defense, and healthcare.

Smart Motors Market Report Segmentation:

Breakup By Component:

• Variable Speed ​​Drive
• Intelligent Motor Control Center
• Motor

Variable speed drive exhibits a clear dominance by component attributed to its ability to enhance motor efficiency and energy savings across various applications.

Breakup By Product:

• 24V
• 18V
• 36V
• 48.24V

24V represents the largest segment, as it is widely used in industrial automation and low-power applications.

Breakup By Application:

• Automotive
• Aerospace and Defense
• Oil and Gas
• Metal and Mining
• Water and Wastewater Treatment
• Others

Oil and gas holds the biggest market share, driven by the rising demand for efficient and reliable motor systems in exploration and production.

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

Asia Pacific dominates the market due to increasing infrastructure development and the growing adoption of automation technologies in the region.

Top  Smart Motors Market Leaders:

The smart motors market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

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

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