IMARC Group’s report titled “Smart Motors Market Report by Component (Variable Speed Drive, Intelligent Motor Control Center, Motor), Product (24V, 18V, 36V, 48.24V), Application (Automotive, Aerospace and Defense, Oil and Gas, Metal and Mining, Water and Wastewater Treatment, and Others), and Region 2024-20323”, The global smart motors market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
Factors Affecting the Growth of the Smart Motors Industry:
- The Rise of Industry:
Industry 4.0, also known as the fourth industrial revolution, is boosting the use of smart motors in 2024. These advanced motors come with sensors and connectivity features that allow real-time monitoring and predictive maintenance. They also help save energy and improve efficiency. As businesses look for ways to cut costs and improve operations, smart motors are becoming an important part of modern factories and automation systems.
- The Growing Focus on Energy Efficiency:
In 2024, the need to save energy and focus on sustainability is increasing demand for energy-efficient smart motors. Unlike traditional motors, these smart versions adjust their performance in real-time to save energy. With energy prices going up, many businesses see smart motors as a cost-effective and environmentally friendly solution.
- The Integration of Smart Motors with IoT and AI:
Smart motors are becoming even more powerful in 2024 by working with IoT and AI technologies. When connected to IoT networks, these motors can collect data about their performance. AI analyzes this data to improve efficiency, predict issues before they happen, and make the system more reliable. This approach helps businesses make smarter decisions and run their operations more effectively.
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Leading Companies Operating in the Smart Motors Industry:
- ABB Ltd
- Dunkermotoren GmbH (AMETEK Inc.)
- Fuji Electric Co. Ltd. (Furukawa Co. Ltd.)
- General Electric Company
- Moog Inc.
- Nidec Corporation
- RobotShop Inc.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Technosoft SA
Smart Motors Market Report Segmentation:
Breakup by Component:
- Variable Speed Drive
- Intelligent Motor Control Center
- Motor
Breakup by Product:
- 24V
- 18V
- 36V
- 48.24V
Breakup by Application:
- Automotive
- Aerospace and Defense
- Oil and Gas
- Metal and Mining
- Water and Wastewater Treatment
- Others
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Smart Motors Market Trends:
The smart motors market is growing fast in 2024 due to the rise of Industry 4.0 and the focus on energy efficiency. These motors are getting more advanced and affordable, which means they’re being used in new areas like cars, airplanes, and renewable energy. Combining smart motors with IoT and AI is speeding up their adoption and driving innovation in how they’re used.
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