The smart motors market was valued at USD 2518.2 billion in 2019 and is expected to reach USD 3255.6 million by 2025, registering a CAGR of 6.2 % over the forecast period (2020-2025). Smart motors allow predictive machine diagnosis, thus, resulting in reduced downtime through process optimization.
– Organizations across the industries worldwide are primarity focusing on reducing its CAPEX through adopting energy effiecient solutions in the systems. The analog motors have been consuming huge amount of energy costing the companies to an extent. With the adoption of smart mortors vendors offering smart motors are claiming to reduce this energy comsumptiion atleast by 40% over the span of two years is driving the market growth.
– According to IEA analysis, the global investment in energy efficiency was estimated at USD 139 billion in 2018. Europe is responsible for the largest share of global investment (over 30% of the total). Furthermore, demand for HVAC systems in Europe is continuously increasing, due to expanding urbanization, growing demand for high-quality energy-efficient devices, and rising consumer awareness. Such investments by the organization are also fueling the smart motor market growth.
– However, due to fewer rate of implementation and high switching cost, companies are also considering variable frequency drive solutions to gain similar ultimately restricting growth of the smart motors market.
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Key Market Trends
Automotive Application is Expected to have a Significant Market Share
– The automotive sector has witnessed significant growth in the number of units produced per day, over the years. The machinery on the production floor requires proper technology to shorten production cycles and increase production output while improving efficiency.
– Smart motors provide a solution to the excessive electrical consumption of a motor. Smart motors are highly efficient motors that use only the required amount of energy to start the automotive, improving efficiency, reducing downtime, and lowering costs.
– The automotive industry is among the significant sectors that hold a major share of the automated manufacturing facilities across the world. However, the sector experienced a “sharp downturn” in production and sales through 2018, and projections, according to the International Monetary Fund, indicate a similar decline through 2019.
– Production facilities of automakers are therefore increasingly needed to be automated for efficiency. However, new motor installations may be due to the growing trends of replacing conventional vehicles with EVs is expected to augment the demand from the industry even further. For instance, the projected electric vehicle sales in Europe by 2025 are expected to reach 6.33 million units, followed by China with 4.84 million units, according to UBS.
Asia Pacific Region to Grow Significantly
– Asia-Pacific is one of the most significant markets for the market studied. The region offers massive growth potentials 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.
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