The global smart motors market size is expected to reach USD 2.3 Billion by 2028 according to a new study by Polaris Market Research. The report “Smart Motors Market Share, Size, Trends, Industry Analysis Report, By Component (Variable Speed Drive, Intelligent Motor Control Center, Motor); By Product; By Application; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Smart motors can reduce energy consumption by around 40-60% as compared to conventional machines. Thus, increasing demand for energy-efficient solutions in various verticals is a key driving factor. Integration of intelligent motor controllers in a robotic process helps to conserve energy.
In addition, the increasing adoption of advanced technologies such as the Internet of Things (IoT) and cloud computing in the industrial manufacturing industry by the players to meet the changing demand with more flexibility and efficiency is further promoting the growth of intelligent motors.
Increasing disposable incomes and improved standard of living have resulted in a surge in home appliances and consumer electronics sales. Almost every consumer electronic product from electric fans and refrigerator runs on an intelligent electric motor.
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Rising demand for these machines in consumer electronics and home appliances can be ascribed to various factors such as rising interest in fuel-efficient and eco-friendly and enhanced living standards in several densely-populated countries across the globe, thereby promulgating the demand for intelligent machines.
Asia Pacific market held a significant share in 2020, dominated by China. This is primarily due to huge customers and hugely untapped potential, coupled with the rising production of electric vehicles and smart manufacturing units. This, in turn, has resulted in increased usage of intelligent machines in pumps, compressors, and related industrial equipment to optimize energy performance.
Market participants include Rockwell Automation, Inc., Siemens AG, Moog Animatics, General Electric Co., Robotshop, Inc., ABB Ltd., Roboteq, Inc., Technosoft, FUJI Electric Co. Ltd., and Schneider Electric SE are some of the key players involved in the global market.
For instance, in December 2020, CG Power and Industrial Solutions embarked on operations at its intelligent electric motor production facility located in Maharashtra, India. This facility manufactures low voltage smart electric motors of capacity between 75 kW to 1,000 kW.
Polaris Market Research has segmented the smart motors market report on the basis of component, product, application, and region:
Smart Motors, By Component Outlook (Revenue – USD Billion, 2016 – 2028)
- Variable Speed Drive
- Intelligent Motor Control Center
Smart Motors, Product Outlook (Revenue – USD Billion, 2016 – 2028)
- 48V and above
Smart Motors, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Consumer Electronics
- Aerospace & Defense
Smart Motors, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa