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Global Smart Motors Market to Grow at a CAGR of 6.2% During 2021-2026, Aided by the Growing Demand for Energy Efficient Devices in Various Application Sectors

According to a new report by EMR titled, ‘Global Smart Motors Market Report and Forecast 2021-2026’, the market attained a value of nearly USD 2,408.4 million in 2020. The industry is further expected to grow at a CAGR of 6.2% between 2021 and 2026 to reach USD 3,559.07 million by 2026.

The smart motors industry is driven by the growing applications of the product in various sectors, including industrial, oil and gas, aerospace and defence, and wastewater treatment, among others. These sectors require variable speed drive and intelligent motor control centre to reduce energy consumption and save cost. Smart motors could play a significant role in industries where a variety of load conditions are involved. These motors can adjust their torque and frequency, which can save a machine from crashing, thereby making the heavy load processes efficient.

In November 2020, ABB Ltd (NYSE: ABB) launched a series of high-output motors in India. This launch is likely to bolster the company’s portfolio and enhance its reach in India, where the industrial sector is continuously on the rise. The new range of M3BP motors, that is, low voltage IEC induction motors introduced by the company is designed to reduce the overall size of the equipment and save energy and total cost of the ownership. This range also features ABB Ability smart sensors, which will enable the customers to achieve remote control monitoring. Thus, new product launches with advanced features by the manufacturers are expected to favour the smart motors industry growth in the forecast period.

In terms of region, North America is likely to account for a significant share in the market, owing to the rising demand for smart motors in wastewater treatment applications in the United States and Canada. The various advantages offered by smart motors such as precise process control, reduced risk of clogging, substantial reductions in energy consumption, and comprehensive data reporting are responsible for enhancing the product demand in the segment.

Market Breakup by Component, Application, and Region:

  • The market is segmented based on component into variable speed drive, intelligent motor control centre, and motor.
  • The major applications of smart motors include industrial, commercial, automotive, aerospace and defence, oil and gas, metal and mining, and water and wastewater treatment, among others.
  • Region-wise, the global market for smart motors can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The significant increase in demand for smart motors in wastewater treatment applications is likely to propel the market growth.  
  • The market is expected to be further augmented by the growing efforts towards reducing energy consumption during heavy load operations. 
  • The market is expected to be aided by the growing awareness about the ability of smart motor-controlled devices to minimise downtime and energy consumption, which prevents the machine from damage. 
  • The global market for smart motors is being driven by the rapid technological advancements and the advent of IoT.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart motors for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the components, applications, and regions of smart motors.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart motors market are ABB Ltd, Siemens AG, WEG S.A., Dunkermotoren GmbH, Technosoft S.A., and Moog Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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