Global Smart Motors Market Share Is Expected To Grow At A CAGR Of 6.51% By 2030

22-Feb-2023 | Facts and Factors

According to Facts and Factors, the global smart motors market size was worth around USD 2.76 billion in 2021 and is predicted to grow to around USD 4.12 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.51% between 2022 and 2030.

Global Smart Motors Market

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The world is fast changing with the rising adoption of smart motors in the mechanical and electronic industries. Smart motors are essentially motors that can integrate several components to achieve optimum final efficiency. The reference to smart motors is mainly driven by the connectivity feature it has to offer. It is the intelligence of the motor, especially in terms of communication with control-system components and motors along with having its own set of control functionality.

Browse the full “Smart Motors Market Size, Share, Growth Analysis Report By Component (Intelligent Motor Control Center, Variable Speed Drive, and Motor), By Product (48.24V, 36V, 24V, and 18V), By End-User (Automotive, Industrial, Commercial, Aerospace & Defense, Consumer Electronics, and Others), By Battery Type (Lead-Acid, Fuel Cell, Lithium-Ion, and Other), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/smart-motors-market

The mandated need of setting up advanced control systems in industrial settings to keep up with the fast pace of technically-driven growth is driving the demand for more evolved systems to better control business operations. In the evolving world of technology, smart motors can help companies solve the problems that arise during the production of complex mechanical devices.

The global smart motors market is projected to grow owing to the assistance it provides in saving energy, a global cause with support from the government, and international, and regional agencies. The slowly but steadily declining reliance on fossil fuel to supply energy or power in the automobile segment driving the demand for electric vehicles is projected to assist the higher production of smart motors. Furthermore, the growing complexities in business operations with each company focusing on specialized products to the consumers to maintain a strong hold over the regional or international market could also assist the global market expansion during the forecast period.

As the world is moving toward complete automation along with rising investments in robotics and accurate material handling solutions, smart motors are projected to play an important role in achieving these goals. Smart motors are used to manufacture systems like conveyor devices, pumps, and controllers needed for the execution of complicated business operations, advanced process control, and predictive maintenance. Additionally, the advancements in eco-friendly motors are expected to showcase more growth opportunities.

However, multiple reports have claimed that smart motors with varying frequency adjustments can be harmful to the environment. They also impose additional requirements for other components increasing the overall cost of smart motor use. These factors along with the lack of knowledge about the product and its benefits, changing political dynamics impacting international trade relations, supply of raw materials, human resources, and other related factors could impede the smart motors industry growth in the coming years.

The increasing need for customization may provide growth opportunities whereas the lack of knowledge could become a major challenge for market players.

Global Smart Motors Market

Segmental Analysis:

The global smart motors market is segmented based on component, product, end-user, battery type, and region

Based on component, the global market is divided into intelligent motor control center, variable speed drive, and motor

Based on product, the smart motors industry is divided into 48.24V, 36V, 24V, and 18V.

  • The global market registered the highest growth in the 24V segment in 2021 with more than 20% of the segmental share, because of the high reliability offered by the 24V smart motors as well as higher applications in end-user verticals
  • 24V battery systems are used in automotive vehicles like buses and trucks. They can also be used in boats
  • They are the most user-friendly since they need limited additional parts unlike the other options present in the market. 24V smart motors also offer a better shelf-life thus giving a higher return on investment. The maintenance cost of 24V motors is relatively low

Based on end-user, the global market is segmented into automotive, industrial, commercial, aerospace & defense, consumer electronics, and others.

Based on battery type, the smart motors industry divisions are lead-acid, fuel-cell, lithium-ion, and others

  • The global market generated the highest revenue in the lithium-ion segment owing to the growing popularity of lithium-based batteries driven by the various advantages of this system over the other available options
  • These batteries can charge faster, provide high power density, last longer, and deliver an overall better performance
  • The growing need for energy efficiency across industrial applications could drive the demand for Li-ion batteries, with an energy-efficiency rate of 95%, in the coming years

Regional Analysis:

Asia-Pacific is anticipated to lead the global smart motors market due to rampant industrial growth in the region along with rising government investments across sectors like infrastructure, information technology, manufacturing, defense, aerospace, and consumer electronics. Growth in all of these industries is interrelated and the expansion of one sector benefits other segments as well. India and China are currently in one of the best phases of regional development where the influx of domestic growth and foreign investment is at an all-time high.

The growing development in the automobile industry along with the rising need for better control systems for municipal operations and the surging integration of Internet of Things (IoT) technology could also help the region generate higher revenue. China’s growing grip on the petrochemical and chemical sector is an excellent opportunity for the region to register a high CAGR.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 2.76 Billion

Projected Market Size in 2030

USD 4.12 Billion

CAGR Growth Rate

6.51% CAGR

Base Year

2021

Forecast Years

2022-2030

Key Market Players

Robot Shop, Inc, Rockwell Automation, Schneider Electric SE, Moog Inc, General Electric, ABB Ltd, Technosoft SA, Fuji Electric Co. Ltd, Dunkermotoren GmbH, Siemens AG., and others.

Key Segment

By Component, Product, End-User, Battery Type, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Analysis:

The global smart motors market is led by players like RobotShop, Inc, Rockwell Automation, Schneider Electric SE, Moog, Inc, General Electric, ABB Ltd, Technosoft SA, Fuji Electric Co., Ltd, Dunkermotoren GmbH, and Siemens AG.

Recent Developments:

  • In June 2020, WEG Industries, a Brazilian electric engineering company, signed a contract to deliver a 24-volt electric motor to Saline Water Conversion Corporation (SWCC), which is a Saudi-Arabia government company. SWCC is responsible for maintaining power and desalination plants
  • In November 2022, ABB, a Swedish-Swiss multinational corporation launched a new range of high-output motors in the Indian market. The new range consists of M3BP motors. They are low-voltage induction motors

The global smart motors market is segmented as follows:

By Component

  • Intelligent Motor Control Center
  • Variable Speed Drive
  • Motor

By Product

  • 48.24V
  • 36V
  • 24V
  • 18V

By End-User

  • Automotive
  • Industrial
  • Commercial
  • Aerospace & Defense
  • Consumer Electronics
  • Others

By Battery Type

  • Lead-Acid
  • Fuel Cell
  • Lithium-Ion
  • Other

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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