The global smart motors market is expected to grow at a CAGR of 6.7% during the forecast period 2021-2027. Rising concern for saving energy costs by improving energy efficiency has resulted in a surge in the adoption of smart motors in various high energy-intensive industries such as automotive, industrial manufacturing, consumer electronics, aerospace & defense, oil & gas, mining, among others.
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The variable speed drive (VSDs) in smart motor controls the frequency of electric power supplied to the smart motors, and thus, it adjusts the rotation speed to the required output, which, in turn, can save around 25-30% of energy, thus boosting the industry growth in the coming years.
Growing stringent regulations pertaining to carbon emissions by regulatory agencies such as the US Environmental Protection Agency (EPA) and the European Union is projected to fuel the market demand for smart motors significantly during the review period.
The COVID-19 outbreak had a negative impact on the smart motors market. Smart motors find widespread applications in automotive, industrial, aerospace & defense, consumer electronics, mining, and oil & gas, among others. The weakening market demand for smart motors from end-use industries has resulted in a decline in the use of smart motors in pumps, mills, and compressors.
Growth Drivers
The rising cost of fossil fuels, mainly owing to intense competition, has necessitated the use of energy-efficient solutions. This has resulted in an augmented use of smart motors in the industrial sector in applications such as mixers, extruders, simple pumps, fans, compressors, vibrator motors, simple wire, and drawing machines to integrate smart motor controllers in an automation process helps to conserve energy. Additionally, intelligent motors control (IMC) monitors the load condition of the motors and adjusts the voltage input accordingly, thereby offering energy efficiency of up to 3-5%.
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Furthermore, soaring carbon emissions and the growing need to reduce dependence on fossil fuels have led to a rising focus on implementing emission control standards and framing policies to encourage the adoption of electric vehicles across the globe which in turn propels the intelligent motors market development. Also, growing emphasis on the adoption of smart, flexible, and integrated solutions by the automobile players, particularly by electric vehicle manufacturers, is likely to drive the market demand for smart motors control systems in automobiles.
Report Segmentation
By Component
Variable Speed Drive
Intelligent Motor Control Center
Motor
By Product
24V
18V
36V
48V and above
By Application
Industrial
Commercial
Automotive
Consumer Electronics
Aerospace & Defense
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitive Insight
Major players operating in the global market are Rockwell Automation, Inc., Moog Animatics, Siemens AG, Robotshop, Inc., General Electric Co., Roboteq, Inc., ABB Ltd., FUJI Electric Co. Ltd., Technosoft, and Schneider Electric SE.
Key Questions Answered in The Report:
- What are the strengths and weaknesses of the key vendors?
- Who are the Leading key gamers and what are their Key Business plans in the close to future?
- What will be the market increase price and measurement in the coming year?
- What are the principal key elements riding the market?
- What are the key market tendencies impacting the increase of the world Market?
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- What is the have an effect on of The Russia-Ukraine Crisis on the modern industry?
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- What are the market opportunities and threats confronted by using the carriers in the world Market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- What are the key consequences of the 5 forces evaluation of the world industry?
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