Smart Motors Market Size & Share Analysis
Sep 27, 2023
The Smart Motors Market size is expected to grow from USD 2.93 billion in 2023 to USD 3.96 billion by 2028, at a CAGR of 6.20% during the forecast period (2023-2028). Smart motors allow predictive machine diagnosis, thus, resulting in reduced downtime through process optimization.
New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Motors Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06487545/?utm_source=GNW The Smart Motors Market size is expected to grow from USD 2.93 billion in 2023 to USD 3.96 billion by 2028, at a CAGR of 6.20% during the forecast period (2023-2028).Smart motors allow predictive machine diagnosis, thus, resulting in reduced downtime through process optimization.?Key HighlightsOrganizations worldwide focus on reducing their CAPEX by adopting energy-efficient solutions in their systems. Analog motors have been consuming a lot of energy, costing companies significantly. With the adoption of smart motors, vendors claim to reduce energy consumption by at least 40% over two years. This factor is driving the market’s growth.A smart motor provides smooth acceleration and deceleration to protect system mechanics. In the pumping system, smart motors are widely used to enhance energy savings, reduce heat loss, and control cooling water pumps.The adoption of the Industrial Internet of Things (IIoT) is growing as organizations strive to become more intelligent, efficient, and sustainable through connected systems and continuous data exchange. IIoT focuses on adopting sensors for predictive maintenance and heightened system monitoring.The COVID-19 pandemic has forced industries to halt almost every industrial operation globally. Since the raw materials are bought in China, the sourcing has been affected by the tariffs imposed by the United States. Also, amid the pandemic spread of COVID-19, the market for smart motors, which relies on the manufacturing sector and substantial adoption on the industrial front, is very likely to be impacted.Many organizations still lack information about measures that reduce energy usage, installation of energy-efficient solutions, information on numerous energy-efficiency opportunities, and the technologies for enhancing the performance of the utilized energy. This challenges the market’s growth, resulting in a low implementation rate of smart motors.Smart Motors Market TrendsOil and Gas Industry to Hold Largest Market ShareIn the current market scenario, oil and gas industries face multiple issues related to business performance, the total cost of operation (TCO), energy efficiency, and safety in upstream and downstream processes. In addition to producing oil and gas, the industry also uses oil and gas in its operations, and efficiency can significantly reduce the industry’s impact.As traditional hydrocarbon energy resources are depleted, energy production from ever more sensitive and difficult environments is becoming increasingly complex. Smart motor systems are observing an unprecedented adoption rate by the oil and gas industry as it focuses efforts on energy efficiency. The industry strives to ensure the availability of oil and gas while addressing energy security and environmental concerns cost-effectively.Many compressor stations are operated using an electric motor to turn the centrifugal compressor. This type of compression does not require using any natural gas from the pipe. For turbine-driven compressors, a dedicated speed governor handles the fuel valves and other controls on the turbine to maintain efficiency. For electrical motors, this function is enabled with IIOT systems driven by sensors.The oil and gas sector is all about system availability; smart motor systems are gaining market traction as they require virtually no maintenance. This is in sharp contrast to flow control valves, guide vanes, and turbines that require extensive periodic maintenance and associated downtime.The degree of sophistication incorporated into a wide range of devices, from controllers and PLCs down to individual field devices, has grown significantly over the last few years. Even individual sensors and basic items like motor control centers (MCCs) have gained new communication capabilities.Asia Pacific Region to Hold a Major Market ShareThe Asia Pacific is one of the most significant markets for the market studied. The region offers massive growth potential to the studied market vendors, owing to the growing adoption of automation across the various end-user industries in the region. The energy concern in the region is also increasing the adoption of low voltage electrical equipment and motivating many companies to develop energy-efficient and compact electrical equipment and devices, hence further driving the smart motor growth.?The region is also a manufacturing hub for many global markets, and automation has become a major requirement in these facilities. Manufacturing is a major contributor to China’s economy and is undergoing a rapid transformation. The industrial control system in the country has emerged across various fields, like the energy, transportation, water, and municipal sectors. Due to the deep integration and rapid development of the IoT, the networked control system is becoming the development trend of industrial automation in China, which is further developing space for smart motor control centers too.?In its 14th five-year plan released in June 2022, the Chinese government announced that the country would be a key source of global robotics innovation by 2025. Further, as per the Ministry of Industry and Information Technology, China will become the most robot-intensive country in the world within the next three years, which is expected to accelerate the demand for smart motors in the region considerably.Further, industrial factories use various kinds of motors, whereby it is necessary to monitor the conditions of motors on a daily basis to ensure safe and stable operations at respective sites. Since the process requires a high level of technical proficiency and experience, many players in the region are focusing on providing solutions that could replace manual operations with highly skilled experts for monitoring motors and analyzing conditions.For instance, in May 2022, TMEIC Asia Pte. Limited launched the Smart Motor Sensor TMASMS, an AI-based, high-performance predictive maintenance platform for electric motors. The solution allows for predicting motor failures at an early stage and contributes to the stable operation of plants and factories by monitoring and carrying out analysis 24/7 through AI, covering key diagnostic items and, in turn, predicting what could be the cause of motor failure.Smart Motors Industry OverviewThe Smart Motors Market is highly competitive because of the presence of many major companies in the market offering the products. These companies are continuously investing in making strategic partnerships and product developments to gain more market share.November 2021 - WEG added a new CFW900 variable speed drive to its portfolio. The CFW900 is a high-tech VSD for driving and controlling three-phase induction and permanent magnet motors. Providing excellent static and dynamic performance and high precision in torque, speed, and position control, it can solve a wide variety of applications due to its high overload capacity.October 2021 - ABB introduced the FusionAir Smart Sensor, a touch-free room sensor with optional room control sensors capable of monitoring temperature, humidity, carbon dioxide (CO2), and volatile organic compounds (VOCs) to improve overall IAQ and lower the risk of virus exposure. The FusionAir Smart Sensor sends data to the connected controller, causing it to react and make intelligent adjustments to lighting, shading, and HVAC, ensuring that lights are not left on in empty meeting rooms. That costly HVAC is switched off when not needed.Additional Benefits:The market estimate (ME) sheet in Excel format3 months of analyst supportRead the full report: https://www.reportlinker.com/p06487545/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________Key HighlightsAdditional Benefits: