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Smart Motors Market Demand and Huge Future Opportunities by 2030
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According to the Market Statsville Group (MSG), the global smart motors market size is projected to grow at a CAGR of 6.3% to reach USD 4,565.7 million by 2030 from USD 2,634.6 in 2021. Motors can be combined with intelligent motor controls and sophisticated communication capabilities to improve their performance and operational efficiencies. Smart motors allow predictive machine diagnosis, thus, resulting in reduced downtime through process optimization.
Organizations worldwide are primarily focusing on reducing their CAPEX by adopting energy-efficient solutions in their systems. Analog motors have been consuming a huge amount of energy, costing the companies significantly. With the adoption of smart motors, vendors are claiming to reduce energy consumption by at least 40% over a span of two years. This factor is driving the market growth. For instance, Siemen's low-voltage motors are now equipped with smart motor technology. It includes a smart box with integrated sensors, a Wi-Fi communication module, and a power supply mounted atop the motor. This can be connected to MindSphere, which allows a cheap connection to the cloud. The benefits include analysis of the status data of the motor and predictive maintenance. Moreover, MindApp is used to visualize all data from the user.
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Global Smart Motors Market Definition
Smart Motors are the electric motors typically equipped with smart sensors (multiple types of sensors on a single device), wireless or digital communications capability to enable adaptive behavior based on the sensor inputs, and onboard battery power.
Global Smart Motors Market Dynamics
Drivers: Increasing Level of Industrial Automation and Growing Integration of IIoT Services
The transition to Industry 4.0 is anticipated to bring many advances in efficiency and productivity and bring changes in the way industrial processes work. The connectivity of the network to the manufacturing process and the enhancement of efficiency in production by automation are expected to change traditional business operations and create ample opportunities in the future.
High labor costs and competitive rivalry have boosted the demand for automated systems in the processes. Automated systems are replacing manual labor in various industrial processes. This would create opportunities for smart motors as automation develops. Governments across the world have enacted various policies in favor of automation to improve energy efficiency while reducing the costs incurred at the same time, significantly
Restraints: Low Rate of Implementation and High Switching Costs
Electric motors represent a high cost to the industry, not just in their purchase and maintenance but also in their energy. Ineffective motor management policies can burden a manufacturing or process facility with unnecessary costs and preventable downtime. According to Rockwell Automation, running a motor can cost ten times its initial purchase price each year.
Smart motor integrates various other components together into one physical unit. Common configurations include the engine and drive but can also consist of integrated encoders and controllers as well as cabling and communication ports. This increases the overall cost of the system. Moreover, the capital investment required for smart motors is more than for traditional motors.
Automation equipment requires high capital investment in smart manufacturing (an automated system can cost millions of dollars to install, design, and fabricate). They also need a higher level of maintenance than a manually operated machine and a generally lower degree of flexibility in terms of the possible products compared to a manual system (even flexible automation is less flexible than humans, the most versatile machines of all).
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Scope of the Global Smart Motors Market
The study categorizes the smart motors market based on component and application at the regional and global levels.
By Component Outlook (Sales, USD Million, 2017-2030)
- Variable Speed Drive
- Intelligent Motor Control Center
By Application Outlook (Sales, USD Million, 2017-2030)
- Aerospace and Defense
- Oil and Gas
- Metal and Mining
- Water and Wastewater Treatment
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The oil and gas segment is projected to be the largest market share, by application
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Based on application, the global smart motors market is categorized into industrial, commercial, automotive, aerospace and defense, oil and gas, metal and mining, water and wastewater treatment, and other process industries. In 2021, oil and gas had the largest market share of 18.9% in the global smart motors market. In the current market scenario, oil and gas industries face multiple problems related to business performance, total cost of operation (TCO), energy efficiency, and safety in both upstream and downstream processes. In addition to producing oil and gas, the industry also uses oil and gas in its operations, and efficiency can significantly reduce the industry’s impact.
As traditional hydrocarbon energy resources are depleted, the production of energy from ever more sensitive and difficult environments is becoming increasingly complex. The smart motor systems are observing an unprecedented adoption rate by the oil and gas industry as it focuses efforts on energy efficiency. The industry is striving to ensure the availability of oil and gas while addressing energy security and environmental concerns in the most cost-effective way.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global smart motors market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 8.2% in the global smart motors market during the forecast period. Due to the growing adoption of automation across the region's various end-user industries, the region offers massive growth potential to the studied market vendors. The region's energy concerns are driving the adoption of low-voltage electrical equipment and motivating many companies to develop energy-efficient and compact electrical equipment and devices, which is driving the growth of smart motors even faster.
Further, after the 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 witnessing significant innovation and offering in variable speed drive motors. For instance, in October 2019, VoreconNX, which uses adjustable pump guide vanes in the torque converter to improve part-load efficiency up to 8 %, was developed by Voith Turbo. It offers simplified mechanical design, ease of service, common spare parts, reliability, and a compact design.
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Key Market Players in the Global Smart Motors Market
Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global market are:
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