Smart Motors Market Size

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.
• A notable impact of the global outbreak of COVID-19 has been observed on the market as various containment measures taken by governments across multiple countries, such as the implementation of lockdown, significantly impacted the growth of the industrial sector. As a result, a slowdown was witnessed in the studied market, especially during the initial phase. However, with significant end-user industries resuming operations at total capacity, the demand for smart motors is anticipated to grow in the post-COVID-19 period.