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Global Smart Motors Market To Be Driven By Expanding Automotive Industry In The Forecast Period Of 2022-2027
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The new report by Expert Market Research titled, 'Global Smart Motors Market Report and Forecast 2022-2027', gives an in-depth analysis of the global smart motors market Price , assessing the market based on its segments like component, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): 2,408.4 Million
- Forecast CAGR (2022-2027): 6.2%
- Forecast Market Size (2027): 3,559.07 Million
The increase in passenger vehicle manufacturing, particularly in developing nations, that is augmented by the rising per capita disposable income is projected to significantly boost product demand. Furthermore, high carbon emissions and the growing need to minimize reliance on fossil fuels have resulted in an increased emphasis by governments across geographies on enacting pollution control regulations and creating policies targeted at promoting the adoption of electric vehicles.
Industry Definition and Major Segments
A smart motor is described as a device that is intelligent and programmable enough to continuously check and communicate its own health status over the internet. It may change the frequency and voltage supply to change the speed and torque of a motor, resulting in significant energy savings.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/smart-motors-market/requestsample
Based on component, the market is divided into:
- Variable speed drive
- Intelligent motor control center
The major applications of smart motors are:
- Aerospace and defense
- Oil and Gas
- Metal and Mining
- Water and Wastewater treatment
Over the projected period, rising awareness regarding the energy savings enabled by VSD is expected to fuel the global smart motors business. Meanwhile, intelligent motor control centers (iMCC) are expected to be in high demand during the projection period. This can be ascribed to increased understanding of the benefits of iMCCs, which include reduced commissioning and start-up time, enhanced process efficiency, lower maintenance costs, and reduced downtime, among other things. Furthermore, the fact that the iMCC panel can be simply and immediately connect to superior automation systems is likely to propel the segment's growth even further.
Over the forecast period, the increasing adoption of automation in various industries such as automotive, aerospace and defence, and oil and gas, among others, to improve operational efficiency, remote monitoring, and control functions is likely to augment market growth. Furthermore, the growing demand to decrease labor and installation material costs is expected to fuel the global smart motors business.
Key Market Players
The major players in the market are ABB Ltd, Siemens AG, WEG SA, Dunkermotoren GmbH, Technosoft SA, Moog Inc., and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
At Expert Market Research, we tailor our approach according to our clients' needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.
Company Name: Claight Corporation
Contact Person: Louis Wane, Corporate Sales Specialist – USA
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
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