In 2023, the worldwide smart motors market achieved a valuation of USD 1.9 billion, and it is anticipated to expand at a steady pace of 5.2% between 2023 and 2033, ultimately reaching an impressive value of USD 3.2 billion by 2033.
Revolutionary variable speed drives (VSDs) in smart motors efficiently adjust rotation speed, conserving 25-30% energy. This transformative technology supports industry growth, paving the way for a promising future.
The market demand for smart motors is anticipated to spike significantly throughout the forecast period as a result of strict restrictions relating to carbon emissions by regulatory organizations such as the US Environmental Protection Agency (EPA) and the European Union.
| Attributes | Details |
|---|---|
| Smart Motors Market Value (2023) | USD 1.9 billion |
| Smart Motors Market Value (2033) | USD 3.2 billion |
| Smart Motors Market Growth Rate (2023 to 2033) | 5.2% |
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Based on FMI research findings, the global smart motors market exhibited a valuation of around USD 1.8 billion in 2022 as compared to the projected value of USD 1.9 billion in 2023 and eventually reaching around USD 3.2 billion by 2033.
The market has witnessed significant growth from 2018 to 2022, with increasing demand and technological advancements driving the market expansion.
With the continuous integration of smart technologies and the rising need for energy efficiency across various industries, the smart motors industry is predicted to experience significant growth and surpass the achievements of the previous years.
The market is projected to exhibit substantial expansion, presenting key opportunities and demonstrating a notable advancement in terms of market size, revenue, and adoption.
As per FMI, the market for smart motors is predicted to advance at a CAGR of 5.2% from 2023 to 2033.
What are the Growth Prospects for the Smart Motors Industry?
How is the Market Projected to Expand due to the Rising Demand for Industrial Automation, Robotics, and Efficient Material Handling Solutions?
What are the Limitations and Challenges Faced by the Smart Motors Industry?
| Country | The United States of America |
|---|---|
| CAGR (2023 to 2033) | 4.1% |
| Market Size (2033) | USD 1 billion |
| Country | The United Kingdom |
|---|---|
| CAGR (2023 to 2033) | 4.4% |
| Market Size (2033) | USD 153.7 million |
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 6.2% |
| Market Size (2033) | USD 257.3 million |
| Country | Japan |
|---|---|
| CAGR (2023 to 2033) | 4.7% |
| Market Size (2033) | USD 217.4 million |
| Country | South Korea |
|---|---|
| CAGR (2023 to 2033) | 5.6% |
| Market Size (2033) | USD 121.3 million |
The supremacy of the smart motors market in the United States of America can be attributed to multiple factors that are contributing to the country’s anticipated growth rate of 4.1% during the forecast period, touching USD 1 billion in 2033.
The country's strong industrial sector, encompassing manufacturing, automotive, and aerospace industries, drives the demand for smart motors.
The United States has a culture of technological innovation and adoption, with significant investments in research and development. Supportive government initiatives, favorable regulatory frameworks, and incentives for energy efficiency contribute to market dominance.
The presence of established market players, technological expertise, and a large customer base further solidify the United States' position as a leader in the smart motors market.
The market demand for smart motors in the region is expected to be driven further by the increased need to adopt energy-efficient solutions, fueled by stringent environmental regulations set by the US Environmental Protection Agency.
These regulations, aimed at reducing carbon emissions, have created a growing necessity for businesses to embrace energy-efficient technologies such as smart motors. As a result, the market for smart motors is anticipated to expand as organizations strive to comply with environmental regulations while optimizing their energy consumption.
The market potential and opportunities for the smart motors industry in the United Kingdom are driven by supportive government initiatives as they play a significant role in creating a conducive environment for the adoption of smart motors.
The United Kingdom government has implemented policies, regulations, and incentives that prioritize energy efficiency and sustainability, thereby promoting the use of smart motors across various sectors. The increasing focus on energy efficiency and carbon emissions reduction drives the demand for smart motors.
There is a growing preference for energy-efficient solutions as organizations and individuals become aware of the importance of energy conservation. Smart motors offer enhanced efficiency, control, and optimization of energy consumption, making them a compelling choice.
As per the FMI study, the market for smart motors in the United Kingdom is anticipated to garner revenue of USD 153.7 million by 2033, securing a 4.4% CAGR from 2023 to 2033.
The notable industrial manufacturing sector in China is mostly attributed to the country’s projected market share of USD 257.3 million in 2033. As per FMI, the market for smart motors in China is likely to move forward at 6.2% CAGR in the forthcoming years.
Due to supportive government initiatives like "Make in China 2025," which is likely to encourage the use of smart motors in a variety of industries and thereby increase market demand, the industrial sector in the country is also predicted to experience massive growth.
China's growing emphasis on renewable energy and sustainability has provided a significant boost to the smart motors market. Smart motors are increasingly being utilized in renewable energy generation and distribution systems to optimize efficiency, control, and integration with smart grids.
Principal Consultant
The 24V sub-segment is anticipated progress at a CAGR of 5.1% from 2023 to 2033 on the global level.
Excellent power and reliability are factors that boost the segment's growth. Even while operating under a heavy load, it does so quietly and smoothly, making it suited for heavy loads in a small space. However, it can also be utilized as an industrial-grade continuous usage motor because it offers strong and dependable performance. Additionally, it provides industrial power tools with high torque and economy as well as robotic applications.
The sub-segment supremacy can be attributed mostly to low cost, extended life, high reliability, precise operation, and efficient operation without losses. Moreover, it provides incredibly silent operation and is appropriate for applications that require minimum audible noise.
By the end of the forecast period, it is anticipated that the industrial application segment is likely to capture a huge market share with a CAGR of 5.0% from 2023 to 2033.
Smart motors are extensively utilized in industries due to their remarkable energy efficiency and effectiveness. They find wide-ranging applications in various industrial processes, including compressors, conveyor systems, automation, and material handling.
The growing global focus on regulations concerning carbon emissions has generated a heightened emphasis on the adoption of energy-efficient solutions in industries. As a result, the demand for smart motors in the industrial sector has witnessed an upsurge, driven by the need to reduce energy consumption, propelling the market growth.
The smart motors industry is characterized by intense competition, due to the presence of numerous prominent companies offering smart motor products. The companies present in the market actively engage in strategic partnerships and product advancements as part of their ongoing efforts to expand their market share.
Key Players invest significant resources in fostering strategic collaborations with other industry players, aiming to leverage complementary strengths and enhance their market position. Additionally, these companies prioritize continuous product development, introducing innovative features and technologies to meet evolving customer demands and stay ahead in the competitive landscape.
Key Players in the Market
Developments in the Market:
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The rising cost is likely to limit market growth.
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The market in China will capture a CAGR of 6.2% by 2033.
The United States, the United Kingdom and China may witness significant growth in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. 24V 5.2. 18V 5.3. 36V 5.4. 48.24V 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Industrial 6.2. Automotive 6.3. Consumer Electronics 6.4. Aerospace and Defense 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Rockwell Automation 15.2. Moog, Inc 15.3. Fuji Electric Co., Ltd. 15.4. ABB Ltd 15.5. Siemens AG 15.6. Schneider Electric SE 15.7. General Electric 15.8. Dunkermotoren GmbH 15.9. Technosoft SA 15.10. RobotShop, Inc. 15.11. Roboteq, Inc. 16. Assumptions & Acronyms Used 17. Research Methodology
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