Smart Motors Market

Smart Motors Market Size

The global Smart Motors Market size 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 global market has been experiencing a steady growth rate in recent years, driven by the widespread adoption of advanced electric motors in various industries such as manufacturing, transportation, and energy.

The penetration of advancing technologies such as automation and integrated technologies is bolstering the demand for smart motors. For instance, in the automotive industry, smart motors are used in electric vehicles for precision control and energy conservation during acceleration and deceleration. In energy production facilities, they help optimize energy use, reduce downtime, and enhance safety. Additionally, smart motors are used in various types of machinery that require varying conditions for operation, such as robotic arms.

Analyst's Review

In recent years, the smart motors market has been growing significantly on a global scale, with expectations for further acceleration between 2023 and 2030 due to various factors, including technological advancements and the rapid pace of industrialization in developing regions. However, the market could pose certain challenges such as high costs associated with setting up and operations of the manufacturing units.

Market Definition

Smart motors are the next generation of electric motors that are equipped with advanced features such as sensors, controllers, and networking capabilities. These features allow the motors to operate with greater precision, efficiency, and control. With the integration of programmable logic controllers, these motors can adjust to changing conditions automatically and provide greater accuracy in their operation.

Smart motors have a wide range of applications in various industries such as manufacturing, transportation, and energy. Due to their ability to optimize performance, they are becoming increasingly popular in the industrial sector where their integration with machinery has led to more intelligent and efficient systems. 

The use of smart motors in energy production facilities has also increased significantly due to features such as predictive maintenance capabilities, the ability to integrate with other smart technologies, and remote monitoring and control. Smart motors are well-suited for use in machinery that operates under varying conditions due to their ability to detect abnormalities and other concerns through the use of sensors. Overall, smart motors are an amazing innovation that is helping to redefine the world of automation and control.

Smart Motors Market Dynamics

The smart motors market is being driven by various factors, including the growing demand for energy-efficient and sustainable solutions. Many industries are opting for advanced electric motors with built-in sensors and intelligent control systems to optimize use and reduce downtime. Furthermore, the increase in industrial automation and the adoption of the Industrial Internet of Things (IIoT) are driving the demand for smart motors. These advanced motors are ideal for use in automated systems, robots, and material handling solutions, providing enhanced control and precision.

The penetration of Industrial automation is a key driver for smart motor usage in the manufacturing industry, as it seeks to increase productivity and safety. Additionally, the transportation industry is observed to propel the demand for smart motors, owing to their widespread use in electric and hybrid vehicles.

The high cost associated with the manufacturing of smart motor systems compared to traditional motor systems could pose a challenge in developing regions. Despite the increased precision and efficiency provided by smart motors, their production costs are much higher compared to traditional motor systems due to the addition of sensors, controllers, and networking capabilities. As a result, the preliminary investment required to embrace smart motor systems may impact the adoption, particularly for small and medium-scale industries.

Another factor that is restraining the growth of the market is the absence of industry-wide standardization and compatibility among various motor and device manufacturers. For end-users to fully leverage the advantages of smart motors, smooth integration with their existing infrastructure and other components is crucial. The absence of standardization and compatibility across technologies can result in increased manufacturing and implementation expenses, thereby hindering the expansion and progress of the market.

Segmentation Analysis

The global market is segmented based on application, product, and geography.

By Application

Based on application, the smart motors market is further categorized into industrial, automotive, aerospace & defense, consumer electronics, and others. In 2022, the industrial segment had the most significant market share, and it is anticipated to experience sustained growth over the forecasted period. Smart motors are essential components in industrial settings, as their energy efficiency and performance make them a desirable choice for a variety of applications, such as conveyor systems, automated processes, compressors, and material handling.

For example, automated conveyor systems equipped with smart motors enable the rapid movement of material from one section to another. By adjusting the speed as required, the smart motors can better control the conveyor system, resulting in energy savings and reduced wear and tear of the equipment.

By Product

Based on product, the smart motors market is further categorized into 18V, 24V, 36V, 48V and above motors. In 2022, the 24V category captured a significant market share, and it is projected to exhibit strong growth with a high CAGR within the forecasted period. The 24V smart motors are known for their robustness and reliability, making them a popular choice across various applications. Due to their relatively simpler structure with fewer moving parts than conventional motors, the 24V smart motors demonstrate greater durability, longer lifespan, and lower maintenance requirements. The 24V category's superior design and performance are likely to drive its demand across multiple end-use industries, including the automotive, aerospace, consumer electronics, and industrial sectors, among others.

For instance, in the automotive sector, the 24V smart motors offer a cost-efficient solution for powering several parts, such as windows, mirrors, wipers, and seat adjusters, while minimizing energy consumption.

Smart Motors Market Regional Analysis

Based on regional analysis, the global market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Asia Pacific held the largest regional share, accounting for 44.83% of the global market value in terms of revenue in 2022. China and Japan are observed to be the largest attributors of revenue owing to the presence of established manufacturers of smart motors, which has resulted in a rise in overall exports to other regions across the world. The region's high population and correspondingly low labor costs serve as a contributing factor in facilitating the ease of manufacturing of smart motors in the area. Asia Pacific is estimated to observe the highest CAGR of 6.77% during 2023-2030.

North America and Europe held significant regional shares in 2022 and are estimated to reach regional market revenues of USD 1,514 million and USD 1,263.3 million, respectively, in 2023. These two regions held the second and third largest shares in terms of revenue, respectively. The high demand for smart motors from various industry verticals owing to their cutting-edge features is the key factor propelling growth in the region.

Competitive Landscape

The global smart motors industry study report will provide valuable insight with an emphasis on the global market, which is highly fragmented. Major players are focusing on a few of the strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolios and increase their respective market shares across different regions. Expansion and investments involve investments in R&D, new manufacturing facilities, and supply chain optimization.

List of Key Companies in Smart Motors Market

• Siemens AG
• Moog Animatics
• Rockwell Automation, Inc.
• CG Power & Industrial Solutions Ltd.
• Kollmorgen
• Dunkermotoren GmbH
• Schneider Electric SE
• Roboteq, Inc.
• ABB Ltd.
• TECHNOSOFT

Key Industry Developments

• March 2023 (Acquisition) – Knowledge Lens, a company providing solutions and services that deliver insights regarding enterprise data, was acquired by Rockwell Automation to bolster its Industrial AI delivery to manufacturers.
• April 2022 (Product Innovation) – Moog Animatics, in a press release announced a newly developed product of D-Style Class 6 smart motor. The product comes with integrated systems that enhance the capabilities of servo systems, along with an absolute encoder that uses battery-less multi-turns.

The global Smart Motors Market is segmented as:

By Application

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

By Product

• 18V
• 24V
• 36V
• 48V and above

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America