Smart Motors Market is Expected to Reach USD 8,911.9 Million by 2030
As per the report published by Kings Research, the global Smart Motors Market was valued at USD 5,179.6 million in 2022 and is projected to reach USD 8,911.9 million by 2030, growing at a CAGR of 6.15% from 2023 to 2030.
The smart motors market continues to grow at a steady pace due to the increased adoption of advanced electric motors in various industries such as manufacturing, transportation, and energy. Smart motors are equipped with built-in sensors, programmable controllers, and advanced networking capabilities, enabling them to provide highly precise, intelligent control and adjust their parameters to changing conditions.
Factors driving the growth of the market include the need to optimize energy use, reduce downtime in energy production facilities, and enhance safety, making the market attractive to potential investors. Smart motors have varied applications in the machinery, automotive, and energy industries, and the market is poised for significant growth in the coming years.
- Based on the application, the industrial segment held the largest market share in 2022 accounting for 52.55% of segment revenue
- Based on product, the 24V segment generated the highest revenue of USD 3,203.2 million in 2022 and is anticipated to experience the fastest growth of 6.75% during 2023-2030
- Based on the region, Asia Pacific accounted for the largest market share of 44.83% in 2022 and is likely to continue to dominate throughout the forecast period
Strategic Business Expansion by Siemens AG
March 2023: Siemens AG combined its activities under the new name of Innomotics to expand smart motor product portfolios. It includes innovative and advanced solutions, including motor spindles.
Sustainability and Increasing Awareness of Energy Efficiency to Provide Lucrative Growth Opportunities
One of the primary opportunities is the increasing demand for energy-efficient motors, spurred by the need to reduce greenhouse gas emissions and enhance sustainability efforts. Additionally, the development of the Internet of Things (IoT) and Industry 4.0 technologies presents an opportunity for smart motors to seamlessly integrate into existing systems, providing enhanced automation, precision, and control.
Technological Innovations and Advancing Integration of Intelligent Motors to Augment Market Growth
Advancements in sensor and communication technologies continue to drive innovation in the smart motor market, with the potential for further development of predictive maintenance and remote monitoring capabilities. Overall, the smart motor market presents new opportunities for energy efficiency and technological innovation, which will continue to drive growth in the industry. The development and deployment of such technologies provide better compatibility between smart motors and other automated systems. This has resulted in the smooth integration of smart or intelligent motors in numerous applications and is observed to support the growth of the market.
Penetration of Smart Technologies in Industrial Motors to Augment the Market in Asia-Pacific
Asia Pacific is anticipated to dominate the regional share throughout the forecast period, accruing a market value of USD 4,212.2 million in 2030 at a CAGR of 6.77% during 2023–2030. The Asia-Pacific region is experiencing a boost in the adoption of smart automation and control systems, driven by its rapid industrialization. Moreover, energy efficiency and sustainability initiatives, particularly in countries such as China and India, are creating a favorable market opportunity for energy-efficient motors, promoting further growth in the smart motors market. This favorable backdrop is supporting the development of the smart motor industry in the Asia-Pacific region with innovative technological solutions catering to the diverse requirements of various end-use industries.
Emergence of Industry 4.0 to Propel the Smart Motors Demand in North America
North America is anticipated to be the second-largest region, accruing revenue of USD 1,425.1 million in 2022 and continuing its attribution during 2023–2030. The rising need for energy efficiency has resulted in significant uptake of energy-efficient motors for industrial applications. Furthermore, the proliferation of Industry 4.0 and Internet of Things (IoT) technologies is fostering expansion in the smart motors market, driven by the increasing deployment of smart automation and control systems across several sectors.
Market Players Focusing on Expanding Geographical Presence to Expand Product Portfolio
The market is fragmented with significant players in the market, such as Siemens AG, Moog Animatics, Rockwell Automation, Inc., TECHNOSOFT, CG Power & Industrial Solutions Ltd., Kollmorgen, Dunkermotoren GmbH, Schneider Electric SE, ABB Ltd., and Roboteq, Inc., amongst others, concentrating on expanding their business through collaboration and partnership strategies.