According to Stratistics MRC, the global smart motors market is accounted for $1.03 billion in 2015 and is expected to reach $1.69 billion by 2022 growing at a CAGR of 7.21% from 2015 to 2022. The smart motors market has been witnessing remarkable growth, mainly driven by its energy efficient nature. Cost reduction of equipment along with increasing effectiveness, increasing demand for smart motors in various speed adjustable applications and requirement of less onsite and wiring space are the key factors driving the market growth.On the other hand, low implementation rate and huge capital investment are restraining the market. Increasing smart motors in industrial applications and integration of internet of things in industrial processes offer great investment opportunities for players in the market.
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Industrial sector leads the market globally with the largest market share and is expected to grow at the highest CAGR during the forecast period. North America accounted for the largest market share strongly driven by the advanced infrastructure. The U.S. is likely to remain as the key market for smart motors throughout the forecast period driven by its high adoption rate and development. The Asia Pacific smart motors market is anticipated to grow at the highest CAGR amongst all regions due to rapid industrialization in emerging nations such as China and India.
Some of the major players in the global market include, Schneider Electric SE, General Electric Co., Siemens AG, Teknatool International Ltd, ABB Ltd., Rockwell Automation, Inc., Moog Animatics, Lenze Group, Technosoft SA, Robotshop, Inc., Fuji Electric Co. Ltd., ebm – papst Group, MDC Vacuum Products LLC. and Roboteq, Inc.
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Component Types Covered:
• Motor
• Variable Speed Drive
• Intelligent Motor Control Center
Applications Covered:
• Automotive
• Aerospace & Defense
• Commercial
• Consumer Electronics
• Industrial
• Residential
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o UK
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o Rest of Asia Pacific
• Rest of the World
o Middle East
o Brazil
o Argentina
o South Africa
o Egypt
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