Smart Motors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 23, 2021 by Statzyreports

The smart motors market was valued at USD 2408.4 million in 2020 and is expected to reach USD 3559.07 million by 2026, registering a CAGR of 6.2 % over the forecast period (2021 - 2026).
 
- Organizations across the industries worldwide are primarity focusing on reducing its CAPEX through adopting energy effiecient solutions in the systems. The analog motors have been consuming huge amount of energy costing the companies to an extent. With the adoption of smart mortors vendors offering smart motors are claiming to reduce this energy comsumptiion atleast by 40% over the span of two years is driving the market growth.

- According to IEA analysis, the global investment in energy efficiency was estimated at USD 139 billion in 2018. Europe is responsible for the largest share of global investment (over 30% of the total). Furthermore, demand for HVAC systems in Europe is continuously increasing, due to expanding urbanization, growing demand for high-quality energy-efficient devices, and rising consumer awareness. Such investments by the organization are also fueling the smart motor market growth.

- However, due to fewer rate of implementation and high switching cost, companies are also considering variable frequency drive solutions to gain similar ultimately restricting growth of the smart motors market.

- The outbreak of COVID-19 has affected the production facilities of automotive industries across the world. The COVID-19 outbreak in European countries has affected the automobile industry in the region. Italy is the worst-affected country after China, and the unprecedented lockdown of the country has heaped fresh pressure on the region’s ailing car sector.​

Key Market Trends

Automotive Application is Expected to have a Significant Market Share

- The automotive sector has witnessed significant growth in the number of units produced per day, over the years. The machinery on the production floor requires proper technology to shorten production cycles and increase production output while improving efficiency. ​

- Smart motors provide a solution to the excessive electrical consumption of a motor. Smart motors are highly efficient motors that use only the required amount of energy to start the automotive, improving efficiency, reducing downtime, and lowering costs.​

- The automotive industry is among the significant sectors that hold a major share of the automated manufacturing facilities across the world. However, the sector experienced a "sharp downturn" in production and sales through 2018, and projections, according to the International Monetary Fund, indicate a similar decline through 2019. ​

- Production facilities of automakers are therefore increasingly needed to be automated for efficiency. However, new motor installations may be due to the growing trends of replacing conventional vehicles with EVs is expected to augment the demand from the industry even further. For instance, the projected electric vehicle sales in Europe by 2025 are expected to reach 6.33 million units, followed by China with 4.84 million units, according to UBS.​

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Asia Pacific Region to Grow Significantly

- Asia-Pacific is one of the most significant markets for the market studied. The region offers massive growth potentials to the studied market vendors, owing to the growing adoption of automation across the various end-user industries in the region.

- The energy concern in the region is also increasing the adoption of low voltage electrical equipment and motivating many companies to develop energy-efficient and compact electrical equipment and devices, hence further driving the smart motor growth.​

- The region is also a manufacturing hub for many global markets, and automation has become a major requirement in these facilities. Manufacturing is a major contributor to China's economy and is undergoing a rapid transformation. The industrial control system in the country has emerged across various fields, like the energy, transportation, water, and municipal sectors.

- Due to the deep integration and rapid development of the IoT, the networked control system is becoming the development trend of industrial automation in China, which is further developing space for the smart motor control centers too.​

- As for the oil industry, Petro China and China Petrochemical Industry have been aware of the importance of smart electrical distribution and have made much effort on industry methods. For example, the Hainan power grid project is mostly dependent upon the efficiency of the control system implemented for electricity generation, transmission, and distribution.

Competitive Landscape

The market for smart motors is moderately fragmented because of the presence of many major companies in the market offering the products. These companies are continuously investing in making strategic partnerships and product developments to gain more market share. Some of the recent developments by the companies are listed below.

- June 2020 - Weg SA was awarded to supply a package of 24 medium voltage electric motors to the Pumping station of SWCC (Saline Water Conversion Corporation), which is a Government Company that operates desalination plants and power plants in Saudi Arabia.

- March 2020 - ABB Limited completed its acquisitions on Cylon Controls Ltd for enhancing ABB Electrification business position in the commercial buildings segment. Cylon consists of approximately 100 employees and offers building automation and HVAC control solutions.

- March 2020 - NEC partnered with Siemens to provide artificial intelligence (AI) monitoring and analysis. The collaboration is expected to provide a solution for manufacturing that connects MindSphere, the cloud-based open IoT operating system from Siemens and NEC’s System Invariant Analysis Technology (SIAT).

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Issued By Statzy Market Research
Country India
Categories Automotive
Tags smart motors market , smart motors market forecast , smart motors market share , smart motors market size
Last Updated April 23, 2021