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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 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.
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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.
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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
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Relevant Report Titles:
A. Electric Motor Sales Market(2022 – 2027)
B. Smart Electric Drive Market(2022 – 2027)
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