PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1315013
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1315013
Global Smart Motors Market is valued approximately at USD 2757.1 million in 2022 and is anticipated to grow with a growth rate of more than 6.20% over the forecast period 2023-2030. The smart motors market refers to the industry focused on the production and deployment of electric motors equipped with advanced features such as connectivity, integrated sensors, and control systems, enabling enhanced monitoring, efficiency, and automation in various applications. These motors utilize intelligent technologies to optimize performance, improve energy efficiency, provide remote control capabilities, and enable integration with smart systems for applications across industries including manufacturing, automotive, robotics, and HVAC. The Smart Motors Market is being driven by factors such as technological advancements in smart motor technology and rising integration of IoT in industrial automation.
Continuous advancements in motor control technologies, sensor integration, connectivity solutions, and data analytics are driving the development of smart motors. These advancements enhance motor performance, enable predictive maintenance, and facilitate intelligent decision-making for efficient operations. For instance, in May 2022, TMEIC Asia Pte. Limited has introduced the Smart Motor Sensor TMASMS, an AI-powered predictive maintenance platform for electric motors. This innovative solution enables early detection of motor failures by continuously monitoring and analyzing key diagnostic parameters. By leveraging AI technology, the platform provides round-the-clock monitoring and analysis, contributing to the stable operation of plants and factories. The TMASMS solution helps predict potential causes of motor failure, facilitating timely maintenance actions and preventing costly downtime. Along with this in May 2022, Analog Devices and Nissei collaborate to introduce ADI OtoSense Smart Motor Sensors, enhancing motor defect monitoring and improving maintenance efficiency for soft-serve ice cream manufacturing equipment. Thus increasing advancement in smart motor technology and increasing industrial automation and IoT integration fueling the growth of the market. In addition to growing focus on predictive maintenance and increasing Demand for automation and robotics create lucrative opportunities for the market. However, the high initial costs of smart motor and cybersecurity concerns hinders market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Smart Motors Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the region has witnessed significant industrial growth and manufacturing activities, leading to a high demand for smart motors in various sectors such as automotive, electronics, and machinery. The need for automation, energy efficiency, and improved operational control has fueled the adoption of smart motors in these industries. Asia Pacific is considered as the fastest growing region during the forecasted period due to industries in Asia Pacific increasingly embrace automation to improve productivity and operational efficiency, the demand for smart motors as a key component of automated systems continues to rise.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable