IMARC Group's report titled "Smart Motors Market Report by Component (Variable Speed Drive, Intelligent Motor Control Center, Motor), Product (24V, 18V, 36V, 48.24V), Application (Automotive, Aerospace and Defense, Oil and Gas, Metal and Mining, Water and Wastewater Treatment, and Others), and Region 2024-2032". The global smart motors market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/smart-motors-market/requestsample
Factors Affecting the Growth of the Smart Motors Industry:
Governing agencies in several countries are implementing stringent energy efficiency regulations aimed at reducing carbon emissions and conserving energy resources. Smart motors, equipped with advanced control features and sensors, enable key players to meet and exceed these regulatory requirements more effectively than traditional motors. Moreover, many organizations are voluntarily adopting sustainability initiatives as part of their corporate social responsibility (CSR) efforts. By investing in energy-efficient technologies like smart motors, companies can reduce their environmental footprint and demonstrate their commitment to sustainability.
Smart motors are being equipped with Internet of Things (IoT) capabilities, allowing them to connect to networks and exchange data. This connectivity enables remote monitoring, control, and diagnostics, leading to enhanced efficiency and reduced downtime. Furthermore, advanced sensors embedded in smart motors collect vast amounts of data about performance, energy consumption, and operating conditions. Analyzing this data using techniques like machine learning (ML) and predictive analytics allows for predictive maintenance, optimized operations, and better decision-making. Besides this, smart motors play a crucial role in automation and the implementation of Industry 4.0 principles in manufacturing and industrial processes. These motors can communicate with other smart devices and systems, facilitating seamless integration and coordination in smart factories.
As urban population is growing, there is a higher demand for automation in various sectors, such as manufacturing, construction, transportation, and utilities. Smart motors play a crucial role in automated systems by providing precise control, monitoring, and efficiency, thereby supporting the increasing need for automation in urban environments. In addition, with the construction of smart buildings and infrastructure projects, there is a focus on energy efficiency, sustainability, and advanced technologies. Smart motors are integral components of heating, ventilation, and air conditioning (HVAC) systems, elevators, escalators, and other building automation systems, helping to optimize energy usage, improve comfort, and reduce operating costs.
Leading Companies Operating in the Global Smart Motors Industry: