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Global Smart Motors Market to Grow at a CAGR of 6.6% During 2024-2032, Aided by the Growing Demand for Energy Efficient Devices in Various Application Sectors

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Global Smart Motors Market Size, Share, Trends, Forecast: By Component: Variable Speed Drive, Intelligent Motor Control Centre, Motor; By Application: Industrial, Commercial, Automotive, Aerospace and Defence, Oil and Gas, Metal and Mining, Water and Wastewater Treatment, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global Smart Motors Market Outlook

The global smart motors market stood at a value of around USD 2884.71 million in 2023. The market is further expected to grow at a CAGR of 6.6% in the forecast period of 2024-2032 to attain USD 5106.04 million by 2032.

Global Smart Motors Market

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Growing Demand for Variable Speed Drive, owing to its Energy Efficiency, to Bolster the Growth of the Smart Motors Industry

Based on component, the variable speed drive segment occupied a significant share in the market and is likely to witness a considerable growth in the forecast period. Variable speed drive (VSD) offers controlled starting current, which saves a significant amount of energy by reducing the power demand at the start. The reduced power line disturbances, controlled acceleration, adjusted operating speed and torque limit, and controlled stopping, among others, are some of the major advantages offered by VSD. VSD controls the pump motor that usually runs less than full speed, which can reduce the energy consumption considerably. Over the forecast period, the growing awareness about energy savings facilitated by VSD is likely to provide impetus to the global smart motors industry. Meanwhile, intelligent motor control centres (iMCC) are anticipated to witness a considerable demand in the forecast period. This can be attributed to the growing awareness about the various advantages offered by iMCCs, which include reduced commissioning and start up time, improved process efficiency, reduced maintenance cost, and reduced downtime, among others. In addition, the fact that iMCC panel can be easily and directly connected to superior automation system is expected to further drive the growth of the segment.

North America Accounts for a Significant Share in the Market

The smart motors industry in North America is driven by the growing adoption of smart motors in various industrial processes in order to optimise the functioning and bolster the advanced process control system. Over the forecast period, the anticipated increase in the demand for smart motors from the industrial sector, owing to the growing shift towards automation, is likely to provide impetus to the global smart motors industry in the region. The market is expected to be further aided by the growing focus on energy conservation in countries like the Unites States of America and Canada.

Smart Motors: Market Segmentation

A smart motor is defined as an intelligent and programmable device that is capable of continuously monitoring and communicating its own health status over the internet. It can adjust the frequency and voltage supply in order to alter the speed and torque of a motor, thereby saving a significant amount of energy.

Global Smart Motors Market by Segment

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Based on component, the market is divided into:

Variable Speed Drive
Intelligent Motor Control Centre
Motor

The various applications of smart motors include:

Industrial
Commercial
Automotive
Aerospace and Defence
Oil and Gas
Metal and Mining
Water and Wastewater Treatment
Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Smart Motors Market by Region

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Growing Applications of Smart Motors in the Industrial Sector to Augment the Growth of the Smart Motors Industry

The global smart motors industry is driven by the growing applications of the product in the industrial sector owing to its ability to reduce energy consumption in operations where a significant amount of load conditions is involved. These industrial applications include automated machinery, industrial sewing machines, and stage lighting, among others. Over the forecast period, the growing adoption of automation in various industries, including automotive, aerospace and defence, and oil and gas, among others to enhance operational efficiency through new information, remote monitoring, and control functionalities is expected to aid the market growth. Furthermore, the growing need to reduce labour and installation material costs is likely to provide impetus to the global smart motors industry.

Key Industry Players in the Global Smart Motors Market

The report gives a detailed analysis of the following key players in the global smart motors market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

ABB Ltd
Siemens AG
WEG S.A.
Dunkermotoren GmbH
Technosoft S.A.
Moog Inc.
Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES	DETAILS
Base Year	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Scope of the Report	Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment: Component Application Region
Breakup by Component	Variable Speed Drive Intelligent Motor Control Centre Motor
Breakup by Application	Industrial Commercial Automotive Aerospace and Defence Oil and Gas Metal and Mining Others
Breakup by Region	North America United States of America Canada Europe United Kingdom Germany France Italy Others Asia Pacific China Japan India ASEAN Australia Others Latin America Brazil Argentina Mexico Others Middle East and Africa Saudi Arabia United Arab Emirates Nigeria South Africa Others
Market Dynamics	SWOT Analysis Porter's Five Forces Analysis Key Indicators for Demand Key Indicators for Price
Competitive Landscape	Market Structure Company Profiles Company Overview Product Portfolio Demographic Reach and Achievements Certifications
Companies Covered	ABB Ltd Siemens AG WEG S.A. Dunkermotoren GmbH Technosoft S.A. Moog Inc. Others
Report Price and Purchase Option	Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format	Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1   Preface
2   Report Coverage – Key Segmentation and Scope
3   Report Description
   3.1   Market Definition and Outlook
   3.2   Properties and Applications
   3.3   Market Analysis
   3.4   Key Players
4   Key Assumptions
5   Executive Summary
   5.1   Overview
   5.2   Key Drivers
   5.3   Key Developments
   5.4   Competitive Structure
   5.5   Key Industrial Trends
6   Snapshot
   6.1   Global
   6.2   Regional
7   Opportunities and Challenges in the Market
8   Global Smart Motors Market Analysis
   8.1   Key Industry Highlights
   8.2   Global Smart Motors Historical Market (2018-2023)
   8.3   Global Smart Motors Market Forecast (2024-2032)
   8.4   Global Smart Motors Market by Component
       8.4.1   Variable Speed Drive
           8.4.1.1 Historical Trend (2018-2023)
           8.4.1.2 Forecast Trend (2024-2032)
       8.4.2   Intelligent Motor Control Centre
           8.4.2.1 Historical Trend (2018-2023)
           8.4.2.2 Forecast Trend (2024-2032)
       8.4.3   Motor
           8.4.3.1 Historical Trend (2018-2023)
           8.4.3.2 Forecast Trend (2024-2032)
   8.5   Global Smart Motors Market by Application
       8.5.1   Industrial
           8.5.1.1 Historical Trend (2018-2023)
           8.5.1.2 Forecast Trend (2024-2032)
       8.5.2   Commercial
           8.5.2.1 Historical Trend (2018-2023)
           8.5.2.2 Forecast Trend (2024-2032)
       8.5.3   Automotive
           8.5.3.1 Historical Trend (2018-2023)
           8.5.3.2 Forecast Trend (2024-2032)
       8.5.4   Aerospace and Defence
           8.5.4.1 Historical Trend (2018-2023)
           8.5.4.2 Forecast Trend (2024-2032)
       8.5.5   Oil and Gas
           8.5.5.1 Historical Trend (2018-2023)
           8.5.5.2 Forecast Trend (2024-2032)
       8.5.6   Metal and Mining
           8.5.6.1 Historical Trend (2018-2023)
           8.5.6.2 Forecast Trend (2024-2032)
       8.5.7   Water and Wastewater Treatment
           8.5.7.1 Historical Trend (2018-2023)
           8.5.7.2 Forecast Trend (2024-2032)
       8.5.8   Others
   8.6   Global Smart Motors Market by Region
8.6.1 North America
           8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Battery Electrolyte Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Battery Electrolyte Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Battery Electrolyte Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Battery Electrolyte Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Battery Electrolyte Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ABB Ltd
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Siemens AG
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 WEG S.A.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Dunkermotoren GmbH
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Technosoft S.A.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Moog Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market

Additional Customisations Available

1   Manufacturing Process
   1.1   Overview
   1.2   Detailed Process Flow
   1.3   Operation Involved

List of Key Figures and Tables

1.   Global Smart Motors Market: Key Industry Highlights, 2018 and 2032
2.   Global Smart Motors Historical Market: Breakup by Component (USD Million), 2018-2023
3.   Global Smart Motors Market Forecast: Breakup by Component (USD Million), 2024-2032
4.   Global Smart Motors Historical Market: Breakup by Application (USD Million), 2018-2023
5.   Global Smart Motors Market Forecast: Breakup by Application (USD Million), 2024-2032
6.   Global Smart Motors Historical Market: Breakup by Region (USD Million), 2018-2023
7.   Global Smart Motors Market Forecast: Breakup by Region (USD Million), 2024-2032
8.   North America Smart Motors Historical Market: Breakup by Country (USD Million), 2018-2023
9.   North America Smart Motors Market Forecast: Breakup by Country (USD Million), 2024-2032
10.   Europe Smart Motors Historical Market: Breakup by Country (USD Million), 2018-2023
11.   Europe Smart Motors Market Forecast: Breakup by Country (USD Million), 2024-2032
12.   Asia Pacific Smart Motors Historical Market: Breakup by Country (USD Million), 2018-2023
13.   Asia Pacific Smart Motors Market Forecast: Breakup by Country (USD Million), 2024-2032
14.   Latin America Smart Motors Historical Market: Breakup by Country (USD Million), 2018-2023
15.   Latin America Smart Motors Market Forecast: Breakup by Country (USD Million), 2024-2032
16.   Middle East and Africa Smart Motors Historical Market: Breakup by Country (USD Million), 2018-2023
17.   Middle East and Africa Smart Motors Market Forecast: Breakup by Country (USD Million), 2024-2032
18.   Global Smart Motors Market Structure

Key Questions Answered in the Report

What was the global smart motors market size in 2023?

In 2023, the market attained a value of nearly USD 2884.71 million.

What is the growth rate of the global smart motors market?

The market is estimated to grow at a CAGR of 6.6% between 2024 and 2032.

What are the major regional markets of smart motors, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major market drivers?

The major market drivers are the rising application of the smart motors in the industrial sector, increasing adoption of automation in various end-use sectorsrapid urbanisation and industrialisation, and various technological advancements.

What are the key trends of the market?

Rapid industrialisation, Tthe rising adoption of smart motors in hybrid and electronic vehicles, and the growing adoption of automation in various end-use sectors are the key trends guiding the market growth.

What are the major components of smart motors in the market?

Variable speed drive, intelligent motor control centre, and motor are the major components of smart motors in the market.

What are the significant applications of the product?

Industrial, commercial, automotive, aerospace and defence, oil and gas, metal and mining, and water and wastewater treatment, among others, are the significant applications of the product.

Who are the key players in the smart motors market, according to the report?

The major players in the market are ABB Ltd, Siemens AG, WEG S.A., Dunkermotoren GmbH, Technosoft S.A., and Moog Inc., among others.

Analyst Review

The global smart motors market attained a value of USD 2884.71 million in 2023, driven by the growing application of smart motors in various industrial sectors. Aided by the technological advancements and growing adoption of automation, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6.6%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on component, the market is divided into variable speed drive, intelligent motor control centre, and motor. The significant applications of the product include industrial, commercial, automotive, aerospace and defence, oil and gas, metal and mining, water and wastewater treatment, among others. The major regional markets for smart motors are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include ABB Ltd, Siemens AG, WEG S.A., Dunkermotoren GmbH, Technosoft S.A., and Moog Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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