Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2.07 Billion | USD 3.43 Billion | 5.8% | 2023 |
The global smart motors market size was worth around USD 2.07 billion in 2023 and is predicted to grow to around USD 3.43 billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.8% between 2024 and 2032.
The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Smart Motors market on a global and regional level.
The smart motor is a programmable and intellectual gadget capable of regulating the voltage and frequency supply with the intention to modify the torque and speed of a motor. This helps in the saving of electrical energy that in turn makes the use of smart motor affordable and cost saving.
The growth of mechanical and electrical components equipped with a motor is the significant reason that is propelling the growth of the global market. Further, less maintenance cost is also fueling the global smart motors market growth. Additionally, huge application of electric motors such as stepper and servo is one of the significant factors fueling the growth of the global smart motors market. Adding more to the list, rising demand for smart motors is powering the growth of the global market. In addition to this, the ability to offer reduced cabling, energy efficiency, and the associated cost are also escalating the growth of the global market. Additionally, increasing requirement of adjustable speed is one of the significant reasons fueling the growth of the global smart motors market. Further, ease of installation is also fueling the global smart motors market growth. Adding more to the list, use of advanced technology in the production of smart motors is powering the growth of the global market. Additionally, reduction in the energy consumption is one of the significant reasons fueling the growth of the global smart motors market.
On the basis of applications, the global smart motors market is mainly classified as commercial, industrial, consumer electronics, automotive, aerospace & defense, and others.
Based on components, the global market is divided into the motor control center, variable speed drive, motor, and others.
Based on target audience, the global market is classified into smart motor product integrators, components and products providers, manufacturing companies, research organizations, energy conservation organizations, energy conservation associations, energy conservation alliances, energy conservation forums, commercial institutes, government, venture capitalists, industrial plants, startup companies, private equity firms, distributors and traders, and others.
Report Attributes | Report Details |
---|---|
Report Name | Smart Motors Market |
Market Size in 2023 | USD 2.07 Billion |
Market Forecast in 2032 | USD 3.43 Billion |
Growth Rate | CAGR of 5.8% |
Number of Pages | 205 |
Key Companies Covered | Fuji Electric Co. Ltd., Rockwell Automation Inc., Schneider Electric SE, General Electric Co., MDC Vacuum Products LLC., Lenze Group, Siemens AG, ebm - papst Group, Teknatool International Ltd., Moog Animatics, and others |
Segments Covered | By applications, By components, By target audience and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The growth of mechanical and electrical components equipped with a motor has elevated the global market in North America. Also, huge application of electric motors such as stepper and servo is escalating the global market specifically in Canada. Ability to offer reduced cabling, energy efficiency, and the associated cost is boosting the global market in Asia Pacific. Increasing requirement of adjustable speed has elevated the global market mainly in India and China. Also, ease of installation is also escalating the global market in Europe. Reduction in the energy consumption has fueled the global market in the Middle East and Africa. Also, less maintenance cost is propelling the global market in rest of the world.
Global Smart Motors Market: Competitive Players
Some of the key players in the global market for smart motors are:
By Applications
By Components
By Target Audience
Global Smart Motors Market: Regional Segment Analysis
What Report Provides
FrequentlyAsked Questions
The smart motor is a programmable and intellectual gadget capable of regulating the voltage and frequency supply with the intention to modify the torque and speed of a motor.
According to study, the Smart Motors Market size was worth around USD 2.07 billion in 2023 and is predicted to grow to around USD 3.43 billion by 2032.
The CAGR value of Smart Motors Market is expected to be around 5.8% during 2024-2032.
North America has been leading the Smart Motors Market and is anticipated to continue on the dominant position in the years to come.
The Smart Motors Market is led by players like Fuji Electric Co. Ltd., Rockwell Automation Inc., Schneider Electric SE, General Electric Co., MDC Vacuum Products LLC., Lenze Group, Siemens AG, ebm - papst Group, Teknatool International Ltd., Moog Animatics, and others.
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