Smart Motors Market Expected to Grow at a Steady Rate from 2022 to 2030 – Sioux City Catholic Globe
According to the Market Statsville Group (MSG), the global smart motor market the size should grow to a 6.3% CAGR reach $4,565.7 million by 2030 of $2,634.6 in 2021. Motors can be combined with intelligent motor controls and sophisticated communication capabilities to improve their performance and operational efficiency. Smart motors enable predictive machine diagnostics, reducing downtime through process optimization.
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Organizations around the world are primarily focused on reducing their CAPEX by adopting energy-efficient solutions in their systems. Analog motors consumed an enormous amount of energy, which cost companies dearly. With the adoption of smart motors, suppliers claim to reduce energy consumption by at least 40% over a two-year period. This factor is driving the growth of the market. For example, low-voltage motors from Siemens are now equipped with smart motor technology. It includes a smart box with integrated sensors, a Wi-Fi communication module and an engine-mounted power supply. This can be connected to MindSphere, which allows a cheap connection to the cloud. Benefits include engine condition data analysis and predictive maintenance. Additionally, MindApp is used to visualize all user data.
Global Smart Motors Market Definition
Smart engines are electric motors typically equipped with smart sensors (several types of sensors on a single device), wireless or digital communication capability to allow adaptive behavior based on sensor inputs, and on-board battery power.
Global Smart Motors Market Dynamics
Drivers: Increasing level of industrial automation and increasing integration of IIoT services
The transition to Industry 4.0 should bring many advances in terms of efficiency and productivity and bring changes in the way industrial processes work. Network connectivity to the manufacturing process and improved production efficiency through automation are expected to change traditional business operations and create many opportunities in the future.
High labor costs and competitive rivalry have driven the demand for automated systems in processes. Automated systems are replacing manual labor in various industrial processes. This would create opportunities for smart motors as automation grows. Governments around the world have adopted various policies in favor of automation to improve energy efficiency while reducing the costs incurred at the same time, significantly
Constraints: Low implementation rate and high change costs
Electric motors represent a high cost for the industry, not only in their purchase and maintenance, but also in their energy. Ineffective motor management policies can burden a manufacturing or processing facility with unnecessary costs and avoidable downtime. According to Rockwell Automation, running a motor can cost ten times its original purchase price every year.
The smart engine integrates various other components into a single physical unit. Common configurations include motor and drive, but can also consist of integrated encoders and controllers, as well as cables and communication ports. This increases the overall cost of the system. Additionally, the capital investment required for smart motors is higher than for traditional motors.
Automation equipment requires a high capital investment in smart manufacturing (an automated system can cost millions of dollars to install, design, and manufacture). They also require a higher level of maintenance than a manually operated machine and a generally lower degree of flexibility in terms of possible products compared to a manual system (even flexible automation is less flexible than humans, machines most versatile of all).
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Scope of the global smart motors market
The study categorizes the smart motors market based on components and applications at regional and global level.
By Outlook component (Sales, million USD, 2017–2030)
- Variable speed drive
- Intelligent Motor Control Center
By Outlook app (Sales, million USD, 2017–2030)
- Aeronautics and Defense
- oil and gas
- Metallurgy and mining
- Water and wastewater treatment
Outlook by region (Sales, million USD, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- The rest of Europe
- Asia Pacific
- South Korea
- Australia and New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- North Africa
- Rest of MEA
The oil and gas segment expected to account for the largest market share, by application
Based on application, the global smart motors market is categorized into industrial, commercial, automotive, aerospace & defense, oil & gas, metallurgical & mining, water & wastewater treatment, and other process industries.. In 2021, oil and gas held the largest market share of 18.9% in the global smart motor market. In the current market scenario, oil and gas industries are facing multiple issues related to business performance, total cost of operation (TCO), energy efficiency, and upstream and downstream process safety. In addition to producing oil and gas, the industry also uses oil and gas in its operations, and efficiency can greatly reduce the impact of the industry.
As traditional hydrocarbon energy resources are depleted, generating energy from ever more sensitive and challenging environments is becoming increasingly complex. Smart motor systems are seeing an unprecedented rate of adoption by the oil and gas industry as they focus their efforts on energy efficiency. The industry strives to ensure the availability of oil and gas while addressing energy security and environmental concerns in the most cost effective manner.
Asia Pacific represents the highest CAGR over the forecast period
On the basis of region, the global smart motors market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Asia-Pacific is estimated to hold the highest CAGR of 8.2% in the global smart motor market during the forecast period. Owing to the increasing adoption of automation across various end-user industries in the region, the region offers tremendous growth potential for vendors in the market studied. The region’s energy concerns are driving the adoption of low-voltage electrical equipment and prompting many companies to develop compact and energy-efficient electrical equipment and appliances, further accelerating the growth of smart motors.
Moreover, after Asia-Pacific, North America is estimated to be the fastest growing region with a CAGR of 6.3% over the forecast period. The region is experiencing significant innovation and supply in variable speed motors. For example, in October 2019, VoreconNX, which uses adjustable pump guide vanes in the torque converter to improve part-load efficiency by up to 8%, was developed by Voith Turbo. It offers simplified mechanical design, ease of maintenance, common spare parts, reliability and compact design.
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Key Market Players in Global Smart Motors Market
Most of the companies in the market are focused on expanding operations in all regions, increasing their capabilities, and building strong partnership relationships. The main players in the global market are:
- Siemens AG
- ABB SA
- Schaeffler AG
- its sick
- Technosoft AG
- Moog Inc.
- Dunkermotoren GmbH
- Augure Inc.