The Market Statsville Group (MSG) publishes the new report on the “Smart Motors Market by Component (Variable Speed Drive, Intelligent Motor Control Center, and Motor), by Application (Industrial, Commercial, Automotive, Aerospace and Defense, Oil and Gas, Water and Wastewater Treatment, Metal and Mining, and Other Process Industries), by Region – Global Share and Forecast to 2030“.
The global smart motors market size is estimated to reach USD 4,565.7 million by 2030 from USD 2,634.6 million in 2021. The market is projected to grow at a CAGR of 6.3% during the forecast period. A smart motor provides smooth acceleration and deceleration to protect system mechanics. In the pumping system, smart motors are widely used to enhance energy savings, reduce heat loss, and control cooling water pumps. Furthermore, food manufacturers are increasingly using automation to comply with industry guidelines and regulations for maintaining the quality of products offered. For instance, the Food and Drug Administration’s Food Safety Modernization Act (FSMA) introduced regulations, necessitating that the giant food manufacturers meet the preventive controls and the Current Good Manufacturing Practice (CGMPS) requirements.
Additionally, significant technological advancements have paved the way for the development and manufacture of electric motors for a variety of industries, including the automotive and other industrial sectors. Over the last two decades, environmental safety has received more attention, resulting in the creation of a number of standards and regulations that address this issue specifically.
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Global Smart Motors Market Segmentation
The overall smart motors market has been segmented into the component, waste type, method, application, and region.
- By Component (Variable Speed Drive, Intelligent Motor Control Center, and Motor)
- By Application (Industrial, Commercial, Automotive, Aerospace and Defense, Oil and Gas, Water and Wastewater Treatment, Metal and Mining, and Other Process Industries)
- By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)
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Global Smart Motors Market, by Component
Based on method, the global smart motors market is categorized into variable speed drive, intelligent motor control center, and motor. A variable sped drive (VSD) is a motor controller that drives an electric motor by varying the voltage and frequency of its power supply. Increased investments from several global VSD vendors (especially in R&D) have allowed them to enhance the technology and prompt the growth of the variable frequency drives in the market.
Further, intelligent motor control is a core competency and a critical aspect of an automation system. An intelligent MCC uses a smart and electronic protection device, instead of a traditional thermal overload device, to accommodate various protection functions, depending on configuration and software.
Moreover, the installed base of motors employed in industrial applications is extensive. The increasing drive for improving the efficiency of these motors has aided in the adoption of smart sensors. More than thirty vendors around the world are promoting a smart sensor type device designed for motor systems. These vendors are a mixture of established motor manufacturers and new startups specializing in IoT technologies.
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Asia Pacific accounts for the largest market share in the smart motors market
Based on the regions, the global smart motors market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific accounted for the largest market share of 35.8% in the global smart motors market. Automation has become a major requirement as the region serves as a manufacturing hub for many global markets. Manufacturing is a big part of China’s economy, and it’s changing quickly. Energy, transportation, water, and municipal sectors have all benefited from the country’s industrial control system. The networked control system is becoming the development trend of industrial automation in China, further expanding the space for smart motor control centres, thanks to the deep integration and rapid development of the Internet of Things.
India, in the Asia-Pacific region, is a country with enormous potential for the market vendors studied as well as LV motor manufacturers. Due to increased investment in advanced technologies, the country is regarded as a newly industrialised landscape, and has emerged as a preferred manufacturing hub. For example, the Indian government intends to increase domestic chemical and petrochemical production in order to reduce imports and make India a manufacturing hub for the sector.
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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the smart motors market. It also consists of the profiles of leading companies such as Siemens AG, Schaeffler AG, ABB Ltd., Technosoft SA, Moog Inc., Dunkermotoren GmbH, Sick AG, and Augury Inc.
About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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