Global Industrial Smart Motor Market Overview
Industrial Smart Motor Market Size was estimated at 32.51 (USD Billion) in 2022. The Industrial Smart Motor Industry is expected to grow from 35.58(USD Billion) in 2023 to 80.1 (USD Billion) by 2032. The Industrial Smart Motor Market CAGR (growth rate) is expected to be around 9.44% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Industrial Smart Motor Market Trends Highlighted
Industrial motors are essential components in various industries, driving demand. Factors such as rising automation, energy efficiency regulations, and Smart motors' enhanced performance capabilities contribute to the market's growth.
The increasing adoption of the Industrial Internet of Things (IIoT) presents opportunities for smart motor integration, enabling remote monitoring, predictive maintenance, and increased operational efficiency. Additionally, the expansion of renewable energy industries creates opportunities for smart motors tailored to specific applications.
Advancements in motor design, such as the integration of sensors, connectivity features, and data analytics, are transforming the market. Smart motors now offer real-time insights into motor performance, optimizing energy consumption, reducing downtime, and improving overall operational efficiency.
Industrial Smart Motor Market Drivers
Rising Demand for Energy Efficiency
A significant part of the world’s electricity usage is connected to industrial electric motors, which also implies that the majority of electricity waste stems from industries. Energy-efficient systems are in demand, and smart motors provide businesses with the opportunity to minimize their energy usage, increasing efficiency and lowering operating costs. Since firms and governments alike are focused on environmentally friendly approaches and cost reduction, these factors make their impact as primary drivers of the Industrial Smart Motor Market Industry.
Technological Advancements and Innovation
The market for industrial smart motors is growing significantly due to constant technological development. Manufacturers implement innovative technologies like artificial intelligence, Internet of things in connection with cloud technologies, which enhance the efficiency, reliability, as well as connectivity of smart motors and provide additional possibilities remotely controlling, condition monitoring, and insights based on data for predictive maintenance and modernization of the whole production process.
Government Regulations and Incentives
To conclude, governments around the world are pushing regulations and offering incentives that are inducing companies and establishments to adopt energy-efficient technologies. The beneficial aspects of this initiative include carbon emissions reduction, upholding energy security, and backing sustainable industrial practices. The establishment of minimum energy performance standards, coupled with the tax breaks and subsidies for the smart motor installations have emerged as the major factors surging the demand for smart motors across various industries.This being the case, the positive regulatory scenario can be viewed as a major driver of the Industrial Smart Motor Market Industry.
Industrial Smart Motor Market Segment Insights
Industrial Smart Motor Market Motor Type Insights
The Industrial Smart Motor Market is segmented by motor type into AC motors, DC motors, servo motors, stepper motors, and linear motors. Among these, AC motors held the largest market share in 2023, accounting for over 55% of the revenue. The dominance of AC motors can be attributed to their high efficiency, reliability, and cost-effectiveness. They are widely used in industrial applications such as pumps, fans, compressors, and conveyors. It is estimated that the use of AC motors in industrial applications is likely to become more common, which would support the growth of the market in this segment.DC motors are expected to represent the fasted growing motor type during the forecast period. Between 2024 and 2029, the demand for these motors is likely to grow with a CAGR in excess of 10%. DC motors are often used in electric vehicles, robotics, and automation systems due to their precise speed control and very high torque. The increasing demand for such applications is likely to drive the market for DC motors over the forecast period. Servo motors are high-performance motors used in applications that require a high level of control over speed, position, and torque.They are widely used in robotics, machine tools, and packaging machinery. The demand for servo motors is unlikely to grow as rapidly as the demand for DC motors, but they are still projected to grow steadily between 2024 and 2029. Stepper motors are brushless DC motors that are used in applications that require accurate angular positioning. They are used in printers, scanners, and medical devices, and in various other applications. The demand for stepper motors is also expected to grow at a moderate pace between 2024 and 2029, mainly because of the increasing demand for automation in a wide range of applications.Linear motors are electromagnetic motors that produce linear motion. They are used in high-speed trains, elevators, and machine tools, among other things. The demand for linear motors is expected to grow steadily over the forecast period. In general, the Industrial Smart Motor Market is likely to grow rapidly between 2024 and 2029. The increasing demand for environmentally friendly and high-performance motors is likely to be one of the key factors contributing to this growth. This growth will also be aided by the increasing adoption of automation.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Smart Motor Market Application Insights
The Industrial Smart Motor Market is segmented by Application into Industrial Automation, Oil and Gas, Mining, Power Generation, and Transportation. The Industrial Automation segment is expected to hold the largest market share in 2023, accounting for around 30% of the Industrial Smart Motor Market revenue. The growth of this segment can be attributed to the increasing adoption of automation in various industries to improve efficiency and productivity. The Oil and Gas segment is expected to witness significant growth during the forecast period, owing to the rising demand for smart motors in offshore applications.The Mining segment is also expected to grow at a steady pace, driven by the increasing demand for smart motors in underground mining operations. The Power Generation segment is expected to contribute significantly to the Industrial Smart Motor Market growth, with the growing need for energy-efficient motors in power plants. The Transportation segment is expected to experience moderate growth, primarily driven by the increasing adoption of smart motors in electric vehicles.
Industrial Smart Motor Market Smart Features Insights
Smart Features play a pivotal role in driving the growth of the Industrial Smart Motor Market, contributing significantly to its revenue. Predictive Maintenance, Energy Efficiency, Data Analytics, Remote Monitoring, and Condition Monitoring are key smart features revolutionizing the industry. Predictive Maintenance, valued at USD 4.2 billion in 2023, empowers motors with self-diagnostic capabilities, reducing unplanned downtime and maintenance costs. Energy Efficiency, worth USD 3.8 billion in 2023, helps industries optimize energy consumption, lowering operational expenses.Data Analytics, valued at USD 3.3 billion in 2023, provides valuable insights into motor performance, enabling proactive decision-making. Remote Monitoring, estimated at USD 2.9 billion in 2023, allows for real-time monitoring of motors, facilitating remote troubleshooting and maintenance. Condition Monitoring, valued at USD 2.6 billion in 2023, continuously monitors motor health, detecting potential issues before they escalate into failures. The integration of these smart features into industrial motors is transforming the industry, enhancing efficiency, reducing downtime, and optimizing performance.
Industrial Smart Motor Market Power Range Insights
The power range segment is a crucial aspect of the Industrial Smart Motor Market, with each range catering to specific industrial applications. The "Below 1 kW" range holds a significant share, driven by its widespread use in small-scale machinery, pumps, and fans. The "1-10 kW" range is another major segment, finding application in medium-sized industrial equipment, conveyors, and compressors. Moving up, the "10-50 kW" range caters to larger industrial machinery, such as motors for pumps, fans, and blowers. The "50-100 kW" range serves heavy-duty industrial applications, including motors for crushers, extruders, and conveyors.Finally, the "Above 100 kW" range is reserved for high-power industrial motors used in large-scale manufacturing, mining, and power generation. Each power range segment exhibits distinct growth dynamics driven by factors such as industry-specific demand, technological advancements, and government regulations. Understanding the market segmentation and its insights is essential for stakeholders to identify opportunities, optimize product portfolios, and make informed decisions to capture a larger share of the Industrial Smart Motor Market revenue.
Industrial Smart Motor Market Regional Insights
The Industrial Smart Motor Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. The growth in this region is primarily attributed to the increasing adoption of industrial automation and the rising demand for energy-efficient solutions in industries such as manufacturing, mining, and oil gas. North America and Europe are also significant markets for industrial smart motors, with a high concentration of manufacturing and industrial activities.The South American and MEA markets are expected to witness steady growth in the coming years, driven by government initiatives to promote industrial development and the adoption of advanced technologies.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Smart Motor Market Key Players And Competitive Insights
In the Industrial Smart Motor Market Industry various major players are majorly focused on enhancing innovative technologies. Leading players identified in the industrial smart motor market are heavily investing in analysis and research activities to improve product innovations. The Industrial Smart Motor Market is expected to grow significantly in the upcoming years on account of increasing deployment in various industries. Industrial Smart Motor Market Competitive Landscape is likely to remain rather competitive with several of the key players in the market.Rockwell Automation is considered the leading company in the Industrial Smart Motor Market. The company’s range of smart motors is rather widespread and includes AC induction motors, DC motors and servo motors. Smart motors are manufactured to increase energy efficiency and decrease costs associated with maintenance and are also designed to address productivity in industries. Rockwell Automation has a rather strong presence in the context with a wide distribution network, indicating that the company is likely to continue to represent leading positions in the Industrial Smart Motor Market.Another key player in the Industrial Smart Motor Market, Siemens is also believed to have comparable strong positions in the given market. The relevant company also has a widespread product line including the likes of Rockwell Automation smart motor. Siemens smart motors also likely contribute to enhanced energy efficiency and, reduced costs of maintenance and improved productivity across various industries. It also has strong and wide distribution channels and is set to continue being a leader in the Industrial Smart Motor Market.
Key Companies in the Industrial Smart Motor Market Include
- TECO Electric Machinery
- Hitachi
- Rockwell Automation
- Emerson
- ABB
- Mitsubishi Electric
- Schneider Electric
- Yaskawa
- Nidec
- Toshiba
- Regal Beloit
- Siemens
- WEG
- Danfoss
- VEM Group
Industrial Smart Motor Market Industry Developments
The Industrial Smart Motor Market size surpassed USD 32.58 billion in 2023 and is projected to grow from USD 35.58 billion in 2024 to USD 80.10 billion by 2032, exhibiting a CAGR of 9.44% during the forecast period. The growth is attributed to the rising adoption of smart motors across several industries to improve efficiency and reduce energy consumption.Notable developments in the market include the launch of new products with advanced features. For instance, in January 2023, Siemens introduced the Simotics SD next-generation smart motor with an integrated digital twin for predictive maintenance and remote monitoring. Additionally, governments worldwide are implementing regulations to promote energy efficiency, further driving market expansion.
Industrial Smart Motor Market Segmentation Insights
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Industrial Smart Motor Market Motor Type Outlook
- AC Motors
- DC Motors
- Servo Motors
- Stepper Motors
- Linear Motors
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Industrial Smart Motor Market Application Outlook
- Industrial Automation
- Oil and Gas
- Mining
- Power Generation
- Transportation
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Industrial Smart Motor Market Smart Features Outlook
- Predictive Maintenance
- Energy Efficiency
- Data Analytics
- Remote Monitoring
- Condition Monitoring
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Industrial Smart Motor Market Power Range Outlook
- Below 1 kW
- 1-10 kW
- 10-50 kW
- 50-100 kW
- Above 100 kW
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Industrial Smart Motor Market Regional Outlook
-
North America
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Europe
-
South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
32.51(USD Billion) |
| Market Size 2023 |
35.58(USD Billion) |
| Market Size 2032 |
80.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.44% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
TECO Electric Machinery, Hitachi, Rockwell Automation, Emerson, ABB, Mitsubishi Electric, Schneider Electric, Yaskawa, Nidec, Toshiba, Regal Beloit, Siemens, WEG, Danfoss, VEM Group |
| Segments Covered |
Motor Type, Application, Smart Features, Power Range, Regional |
| Key Market Opportunities |
Growing demand for energy efficiency Advanced control capabilities Predictive maintenance Remote monitoring Data Analytics |
| Key Market Dynamics |
Rising automation increases energy efficiency, growing demand for predictive maintenance, the proliferation of Industrial IoT, and government regulations on energy consumption. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Industrial Smart Motor Market is anticipated to be worth USD 35.58 billion in 2023.
The Industrial Smart Motor Market is projected to reach USD 80.1 billion by 2032.
The Industrial Smart Motor Market is anticipated to grow at a CAGR of 9.44% from 2024 to 2032.
North America is expected to dominate the Industrial Smart Motor Market, owing to the region's rapid industrialization and increasing adoption of smart technologies.
Industrial Smart Motors find applications in various industries, including manufacturing, mining, oil and gas, and power generation.
Some of the leading players in the Industrial Smart Motor Market include ABB, Siemens, Rockwell Automation, Schneider Electric, and General Electric.
Factors driving the growth of the Industrial Smart Motor Market include increasing demand for energy efficiency, rising automation in industrial processes, and government regulations promoting the adoption of smart technologies.
Challenges faced by the Industrial Smart Motor Market include high initial investment costs, lack of skilled workforce, and cyber security concerns.
Opportunities for growth in the Industrial Smart Motor Market include the development of new technologies, increasing awareness of energy efficiency, and the expansion of the market into emerging economies.
Key trends in the Industrial Smart Motor Market include the integration of sensors and IoT devices, the development of cloud-based monitoring and control systems, and the increasing adoption of predictive maintenance technologies.
