Smart Motors Market Size (2024 - 2029)

Smart Motors Market Analysis

The Smart Motors Market size is estimated at USD 2.01 billion in 2024, and is expected to reach USD 2.73 billion by 2029, growing at a CAGR of 5.90% during the forecast period (2024-2029).

The term' smart factory' refers to various fully integrated automation solutions adopted for manufacturing facilities. Such integration helps streamline the material flow during all the processes involved in manufacturing, allowing the movement of materials across the factory floor effectively. 

• Several manufacturing companies are qualified to achieve zero waste production and shorter time-to-market. Effortless monitoring, waste reduction, and production speed are significant advantages of automated manufacturing processes. This technology offers users improved standardization quality and dependable products within the time and at a much lower cost.
• Advancements in electronics and data analytics recently led to the introduction of smart devices with built-in intelligence. Their integration with communication technologies and the Internet enables the Internet of Things (IoT). According to Cisco, 8.7 billion handheld or personal mobile-ready devices and 4.4 billion M2M connections will be available by 2023. 
• Mobile M2M connections enabled a broad range of IoT applications and represented 34% of global mobile devices and connections in 2023. Tremendous shifts in manufacturing due to Industry 4.0 and the approval of IoT require enterprises to adopt agile, more brilliant motors to advance production with technologies that complement and augment human labor with automation and reduce industrial accidents caused by process failure.
• For instance, one of the critical advantages of smart electric motors is their ability to provide valuable insights into motor performance and efficiency. Operators can monitor its condition by collecting and analyzing data from sensors integrated into the motor in real-time. 
• This allows for proactive maintenance, as potential issues can be recognized and addressed before they lead to costly breakdowns. Additionally, the data collected can be used to optimize motor performance, leading to energy savings and improved overall efficiency.
• Many organizations still lack information about measures that reduce energy usage, installation of energy-efficient solutions, information on numerous energy-efficiency opportunities, and the technologies for enhancing the performance of the utilized energy because some of the greatest barriers to enterprise adoption of IoT are the complexity and access to talent that understands this complexity holistically. This challenges the market's growth, resulting in a low implementation rate of smart motors.

Smart Motors Industry Segmentation

The study tracks the revenue accrued through the sale of the smart motor market by various players in the global market. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which support the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.

The smart motors market is segmented by component (variable speed drive, motor), by application (industrial, commercial, automotive, aerospace and defense, oil and gas, metal and mining, water and wastewater, and other applications), by geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.