Smart Motors Market

Global Smart Motors Market To Be Driven By Expanding Automotive Industry In The Forecast Period Of 2023-2028

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The new report by Expert Market Research titled, ‘Global Smart Motors Market Share, Size, Growth, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global smart motors market, assessing the market based on its segments like component, applications, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2018-2028)

  • Historical Market Size (2022): USD 2716.3 million
  • Forecast CAGR (2023-2028): 6.2%
  • Forecast Market Size (2028): USD 4014.08 million

The increase in passenger vehicle manufacturing, particularly in developing nations, that is augmented by the rising per capita disposable income is projected to significantly boost product demand.

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Furthermore, high carbon emissions and the growing need to minimize reliance on fossil fuels have resulted in an increased emphasis by governments across geographies on enacting pollution control regulations and creating policies targeted at promoting the adoption of electric vehicles.

Smart Motors Industry Definition and Major Segments

A smart motor is described as a device that is intelligent and programmable enough to continuously check and communicate its own health status over the internet. It may change the frequency and voltage supply to change the speed and torque of a motor, resulting in significant energy savings.

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Based on component, the market is divided into:

  • Variable speed drive
  • Intelligent motor control centre
  • Motor

The major applications of smart motors are:

  • Industrial
  • Commercial
  • Automotive
  • Aerospace and defence
  • Oil and Gas
  • Metal and Mining
  • Water and Wastewater treatment
  • Others

Smart Motors Market Trends

Over the projected period, rising awareness regarding the energy savings enabled by VSD is expected to fuel the global smart motors business. Meanwhile, intelligent motor control centres (iMCC) are expected to be in high demand during the projection period.

This can be ascribed to increased understanding of the benefits of iMCCs, which include reduced commissioning and start-up time, enhanced process efficiency, lower maintenance costs, and reduced downtime, among other things.

Furthermore, the fact that the iMCC panel can be simply and immediately connect to superior automation systems is likely to propel the segment’s growth even further.

Over the forecast period, the increasing adoption of automation in various industries such as automotive, aerospace and defence, and oil and gas, among others, to improve operational efficiency, remote monitoring, and control functions is likely to augment market growth.

Furthermore, the growing demand to decrease labour and installation material costs is expected to fuel the global smart motors business.

Key Market Players

The major players in the market are ABB Ltd, Siemens AG, WEG S.A., Dunkermotoren GmbH, Technosoft S.A., Moog Inc., and others.

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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