The smart motors market is projected to grow at a CAGR of 3.93% to reach US$1.464 billion by 2026 from US$1.117 billion in 2019.
A smart motor is a motor that amalgamates the drive amplifier, motion controller, and feedback devices into a package. The need for machine control has increased rapidly. Technology nowadays has become the need of the hour. The industry today can't survive without proper implementation of the latest innovation. The smart motor is one such technology. It helps in increasing productivity of the automation lifecycle, it helps in better decision making and a secure environment.
A major reason for the growth of this market is the rise in the industrial sector.
The industrial sector is expanding continuously and is expected to drive the growth of the global smart motors market. Smart motors are often used in the industrial sector to operate sewing machines, automated machines, etc. it also helps in handling material, pumps, compressors, controllers, etc. and enables advanced process control. Smart motors are extensively used in the industrial sector and with the rapid rise in the industrial sector, the smart motors market is also expected to flourish.
The integration of smart motors with IIoT is expected to drive the demand for this market in the forecast period.
The amalgamation of IIoT services with the smart motors market has further offered services such as predictive continuance, superior machine control, advancement in motor efficiency, and lesser time needed in maintenance is expected to bolster the demand for smart motors in the global market. Also, the adoption of IIoT is growing as the companies strive towards becoming more intelligent and sustainable. In addition to this, the smart motors market is undergoing continuous technological advancements, these developments are anticipated to provide a wide range of opportunities to the market players.
The growth in the demand for energy-efficient solutions is anticipated to fuel the growth of this market.
There is a rapidly growing demand witnessed for energy-efficient and condescending machine control of pumps. Moreover, the manufacturing sector is swelling with time. Textile machine manufacturers are increasingly adopting the use of smart motors as it enables these machines to specialize commands in order to eliminate the winding defect. The vendors offering smart motors have claimed the reduction of energy consumption. All this will lead to an increase in demand for smart motors.
The rising Oil and Gas industry is also projected to positively impact the sales of smart motors.
Smart motors are often used in the oil and gas industry. For instance, these motors are used for Non-Destructive Testing pipeline inspection. Moreover, governments across the world have been investing in these pipeline inspection methods in order to promote efficient energy consumption. These factors are anticipated to increase the demand for smart motors.
The share of different regions in the global smart motor market.
Asia Pacific region dominates the industrial market due to low-cost manufacturing in countries like China and India. The region is consistently facing demand for superior smart motors and smart manufacturing practices. Moreover, India, China, and Japan are extensively investing in aerospace projects, Furthermore, various underdeveloped countries are facing the need for upgrading the existing smart motors. The energy-related concern is also rising in the Asia Pacific region. The region is striving towards adopting low-voltage types of equipment. This will also increase the demand for smart motors. On the other hand, developed regions like North America and Europe are heavily investing in aerospace and industrial robotics. This too will propel the demand for smart motors.
Many nations are undergoing urbanization and are expected to fuel the smart motors market.
Recent developments in the smart motor market.
The recent developments in the smart motor market include:
The outbreak of COVID-19.
The outbreak of the COVID-19 pandemic has severely affected the production of almost all industries across the globe. The government has imposed strict restrictions on the movement. It has affected the entire market from both sides- it has created supply chain disruptions and has increased financial pressure on households. There's a worldwide decrease in demand for the automotive industry products. With the onset of coronavirus, the smart motors market is expected to experience sluggish growth.
|Market size value in 2019||US$1.117 billion|
|Market size value in 2026||US$1.464 billion|
|Growth Rate||CAGR of 3.93% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Component Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ABB, Moog Animatics, RobotShop inc., Siemens, Rockwell Automation Inc., Technosoft Inc., Schneider Electric, Nidec Motor Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the smart motors market size by 2026?
A1. The smart motors market is projected to reach a total market size of US$1.464 billion by 2026.
Q2. What is the size of global smart motors market?
A2. Smart Motors Market was valued at US$1.117 billion in 2019.
Q3. What are the growth prospects for the smart motors market?
A3. The global smart motors market is projected to grow at a CAGR of 3.93% during the forecast period.
Q4. Which region holds the maximum market share of the smart motors market?
A4. Asia Pacific region dominates the smart motors market due to low-cost manufacturing in countries like China and India.
Q5. What factors are anticipated to drive the smart motors market growth?
A5. The industrial sector is expanding continuously and is expected to drive the growth of the global smart motors market.
Rockwell Automation Inc.
Nidec Motor Corporation
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