Smart Motor Market Report Overview
Smart Motor Market size is analyzed to grow at
a CAGR of 6.2% during the forecast period 2022-2027 to reach $3.5 billion by 2027. Smart
motors enable predictive machine diagnostics, resulting in less downtime due to
process improvement. Organizations worldwide are primarily focusing on lowering
CAPEX by implementing energy-efficient solutions in their systems. The
induction motors have been consuming a large quantity of energy, which has cost
the companies to some extent. With the use of smart motors, suppliers supplying
smart motors claim to cut energy consumption by at least 40% over the course of
two years, fueling the market growth. Rising carbon emissions and the growing
need to reduce reliance on fossil fuels have resulted in a greater emphasis on
implementing emission control standards and developing policies to encourage the
adoption of electric vehicles around the world, propelling the growth of the
smart motors market. Increased adoption of electric vehicles due to benefits
such as low maintenance compared to internal combustion vehicles and
emission-free mobility will positively impact the growth of the
smart motors market in the transportation sector. Pulse width modulation
(PWM) technology is used as the driving core technology. The number of
magnetic field lines traveling through a given closed surface is defined as
magnetic flux. One of
the primary reasons driving market expansion is the increasing demand for
industrial automation, robots, and efficient material handling solutions. Smart
motors are commonly utilized in pumps, compressors, conveyor systems, and
controllers to execute complex operations, predictive maintenance, and advanced
process control.
Smart Motor Market Report Coverage
The report: “Smart Motor Industry Outlook – Forecast (2022-2027)”, by
IndustryARC covers an in-depth analysis of the following segments of the Smart
Motor industry.
By Offerings: Products, Services
By Product: 18V, 24V, 36V, 48.24V
By Component:
Variable Speed
Drive, Intelligent Motor Control Center, Motor
By
Application: Pump, Fan, Compressor, Others
By End-User: Industrial, Commercial, Automotive, Consumer Electronics, and
Aerospace & Defense, Others
By
Geography: North America, South America, Europe, APAC, and RoW
Key Takeaways
- In 2021, 24V accounted for the largest product segment in the Smart Motor market. The 24V smart motors are extremely reliable and powerful. Because it contains fewer moving parts than typical motors.
- During the forecast period 2022-2027, Asia Pacific is expected to grow at the fastest CAGR of 8.3%. Because of the growing adoption of automation throughout the region's numerous end-user industries, the region presents huge development potentials to the examined market providers.
- The increasing demand for industrial automation, robots, and effective material handling solutions is one of the key factors driving the market growth. Furthermore, the rising use of smart motors in hybrid and electric vehicles (H/EV) is driving the market growth.
- Implementation of government schemes like minimum energy performance standards (MEPS) in many countries led to the development of energy-efficient motors which increases the growth of the market. With the innovation of new products and technologies in smart motors, there is a decrease in pollution as fuel-based motors pollute the environment and this been created demand for the market.
Smart Motor Market, By Region, 2021
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Smart Motor Market Segment Analysis – By Product
By Product, the Smart Motor Market has been segmented into 18V, 24V, 36V, 48.24V. In 2021, 24V accounted for the largest segment in
the Smart Motor market. A smart motor is a device that transfers electrical
energy from a battery into rotational energy. This rotational energy is then
employed to turn wheels, close claws, pumps, and other variables that drive
market growth. The 24V smart motors are extremely reliable and powerful.
Because it contains fewer moving parts than typical motors, it has a longer
shelf life. It can run for a longer amount of time before requiring serious
maintenance. As a result, it necessitates less upkeep. This motor is used in applications where high speed and low
torque are required. It will most likely drive demand for the 24V Smart
Motor Product segment over the forecast period.
Smart Motor Market Segment Analysis - By End-User
By End-User, the Smart Motor Market has been segmented
into Industrial, Commercial, Automotive,
Consumer Electronics, Aerospace & Defense, Others. The Automotive segment is expected to grow at
the fastest CAGR of 15.2% during the forecast period. Over the years, the
automotive industry has seen a tremendous increase in the number of units
manufactured per day. To shorten production cycles and boost output while
enhancing efficiency, the machinery on the manufacturing floor requires correct
technology. Smart motors are a solution to a motor's excessive power
consumption. Smart motors are extremely efficient motors that use only the
amount of energy required to start the vehicle, boosting efficiency, minimizing
downtime, and saving costs. The automotive industry is one of the important
sectors that account for a considerable portion of the world's automated
manufacturing facilities. As a result, automakers' production facilities are
increasingly required to be automated for efficiency. However, new motor
installations may be attributable to the growing trend of replacing
conventional vehicles with EVs, which is predicted to boost industry demand
even more. According to UBS, electric car sales in Europe are estimated to
reach 6.33 million units by 2025, followed by China with 4.84 million units.
Smart Motor Market Share Segment Analysis - Geography
By Geography, Smart Motor Market has been segmented under North America, Europe, APAC, South America, and RoW. During the forecast period, APAC is expected to grow at the fastest CAGR of 8.3%. The region's energy concerns are encouraging the use of low voltage electrical equipment and motivating numerous companies to build energy-efficient and compact electrical equipment and devices, which is fueling the expansion of smart motors. The region is also a manufacturing hub for several worldwide markets, and automation is becoming increasingly important in these operations. Manufacturing is a vital contributor to China's economy and is rapidly changing. The country's industrial control system has arisen in a variety of domains, including energy, transportation, water, and municipal. Because of the IoT's deep integration and rapid expansion, the networked control system is becoming the development trend of industrial automation in China, which is also expanding the area for smart motor control centres. In the oil business, Petro China and China Petrochemical Industry have recognised the necessity of smart electrical distribution and have made significant efforts to improve industry practices. The Hainan power grid project, for example, is heavily reliant on the effectiveness of the control system used for electricity generation, transmission, and distribution.
Smart Motor Market Drivers
The growing need for industrial automation, robotics, and efficient material handling solutions are expected to drive the market growth:
One of the primary reasons
driving market expansion is the increasing demand for industrial automation,
robots, and efficient material handling solutions. Smart motors are commonly
utilised in pumps, compressors, conveyor systems, and controllers to execute
complex operations, predictive maintenance, and advanced process control.
Furthermore, the increased use of smart motors in hybrid and electronic
vehicles (H/EV) is propelling market expansion. Other growth-inducing elements
include technology improvements such as the integration of linked devices with
the Industrial Internet of Things (IIoT) and artificial intelligence solutions.
These technologies aid in motor monitoring via cellphones, boosting overall
efficiency, forecasting operational faults, and preventing premature
breakdowns. Other factors, such as rising industrialization, particularly in
developing economies, and the increasing use of smart motors for
non-destructive testing and pipeline inspection at oil and gas extraction
sites, are expected to drive the market forward. In June 2020, Weg SA was awarded the contract to supply a package of 24
medium voltage electric motors to the Pumping station of SWCC (Saline Water
Conversion Corporation), a government company in Saudi Arabia that manages
desalination plants and power plants.
Technological advancements leading to efficient and environmentally friendly motors and this is projected to drive market growth:
Implementation of government schemes
like minimum energy performance standards (MEPS) in many countries led to the
development of energy-efficient motors which increases the growth of the market. With the
innovation of new products and technologies in smart motors, there is a decrease
in pollution as fuel-based motors pollute the environment and this been created
demand for the market. With the growing demand for energy
consumption reduction, there will be a growing market for environmentally
friendly motors. A smart motor is a highly programmable digital motor that can
be programmed and operated to meet the needs of the application. It can readily
save information about its speed and change it instantly with a single button
press or after a certain amount of time. These intelligent motors include an
encoder, an amplifier, a motor driver, communication buses, a dual-port
Ethernet port, a USB interface for programming, a remote terminal unit (RTU), a
half-duplex communication port, and IOs. The microcontroller integrated with
the smart motor senses the presence of load on the shaft and adjusts the power
extraction to the load accordingly.
Smart Motor
Market Challenges
Smart motors necessitate the purchase of additional components, which raises the overall cost of the system. The capital investment necessary for smart motors is greater than that required for regular motors, which is limiting the growth of the market:
Smart motors with variable frequency
adjustment capability may be potentially hazardous to equipment and the
environment. Furthermore, smart motors necessitate the purchase of additional
replacement parts/components, such as a speed control device, which raises the
overall cost of the system. Furthermore, the capital expenditure required for
smart motors is higher than for ordinary motors. These issues are predicted to
limit the widespread adoption of smart motors. Many organisations still lack
information about energy-saving measures, the installation of energy-efficient
solutions, information on various energy-saving opportunities, and technology
for increasing the performance of the energy that is used. This acts as a
barrier to market expansion, resulting in a low rate of smart motor
implementation. During the projection period, the high cost of ongoing
predictive maintenance is likely to have a negative impact on the market growth
of smart motors in small and medium enterprises (SMEs).
Smart Motor Industry Outlook
Technology launches, acquisitions,
Partnerships and R&D activities are key strategies adopted by players in the Smart Motor market. In 2021, the market of Smart
Motor Market share has been fragmented by several companies. Smart Motor
top 10 companies include
- Rockwell Automation
- Moog, Inc
- Fuji Electric Co., Ltd
- ABB Ltd
- Siemens AG
- Schneider Electric SE
- General Electric
- Dunkermotoren GmbH
- Technosoft SA
- RobotShop, Inc
Recent Developments
- In June 2020, Weg SA was awarded the contract to supply a package of 24 medium voltage electric motors to the Pumping station of SWCC (Saline Water Conversion Corporation), a government company in Saudi Arabia that manages desalination plants and power plants.
- In March 2020, ABB Limited completed its acquisition of Cylon Controls Ltd in order to strengthen ABB Electrification's presence in the commercial buildings category. Cylon employs roughly 100 people and provides building automation and HVAC management systems.
- In March 2020, NEC and Siemens collaborated to deliver artificial intelligence (AI) monitoring and analysis. The cooperation is intended to result in a manufacturing solution that integrates Siemens' MindSphere, a cloud-based open IoT operating system, with NEC's System Invariant Analysis Technology (SIAT).
Relevant Report Titles:
Electric Motor Sales Market
Report Code: EPR 98232
Smart Electric Drive Market
Report Code: AM
35187