Auther / Researcher : MSf_78357

Category : Automotive
Region : Global
Publishing Date : 04/15/2022

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Global Smart Motors Market

Global Smart Motors Market Share, Size, Trends, Industry Analysis Report, By Product (18V, 24V, 36V, 48 and above); By Application (Industrial, Automotive, Aerospace and Defense, Consumer Electronics, Others), By Regions; Segment Forecast, 2021–2028

Market Overview

The global smart motors market was valued at USD 1.45 billion in 2020 and is expected to reach USD 2.32 billion by 2028, growing at a CAGR of 7.16% during 2021-2028.

A smart motor converts electrical energy from the battery into rotational energy. Smart motors consists of sensors, motion controllers, and variable frequency drives. The variable speed drive (VSDs) in smart motor, controls the frequency of electric power supplied to motor and thus, it adjusts the rotation speed to the required output, which, in turn, can save around 25-30% of energy, thus boosting the industry growth in the coming years.

Market Dynamics

The accelerating price of fossil fuels mainly owing to rising global competition has resulted in an increased need for energy efficient solutions. This has resulted in an augmented use of smart motors in industrial sector in applications such as mixers, extruders, simple pumps, fans, compressors, vibrator motors, simple wire and drawing machines as integration of smart motor controllers in an automation process helps to conserve energy. Additionally, intelligent motor control (IMC) monitors the load condition of motor and adjusts the voltage input accordingly thereby offering energy efficiency of up to 3-5%.

Furthermore, soaring carbon emissions and growing need to reduce dependence on fossil fuels has led to a rising focus on implementing emission control standards and framing policies aimed at encouraging the adoption of electric vehicles across the globe. Also, growing emphasis on adoption of smart, flexible and integrated solutions by the automobile player’s, particularly by electric vehicle manufacturers are likely to drive the demand for smart motor control systems in automobiles.

Segmental Overview:

The market is primarily segmented on the basis of component, product, application, and geography.

By Product

The 24V segment held the largest share in the global market in 2020. Factors such as excellent power and reliability augments the segment growth. It operates very quietly and smoothly, even under heavy load. It provides sturdy and reliable performance. It can be used as an industrial grade continuous use motor. The 48V held a healthy CAGR during the forecast period.

By Application

The industrial application segment is expected to witness highest market share by the end of review period. Smart motors find usage in industries for its high energy efficiency and effectiveness. Rising regulations pertaining to carbon emissions across the globe has resulted in an increased emphasis on adopting energy efficient solutions across industries. This has led to a surging use of smart motors in the industrial sector to reduce energy usage.

By Geography

Geographically, North America was the largest revenue contributor in smart motors market and is projected to register a robust CAGR during the assessment period. The US was the leading contributor to the regional market growth. The industry sector in the US accounted for around 33% of the total greenhouse gas emissions in 2019. This has resulted in set of targets by the US government to reduce emissions. Prevalence of stringent environmental regulations pertaining to carbon emissions set by the US Environmental Protection Agency has resulted in an increased need for adopting energy efficient solutions; this, in turn is expected to fuel the demand for smart motors in the region.

The Asia Pacific is likely to register a healthy growth rate during the assessment period. This is mainly attributed to strong industrial manufacturing sector in the developing economies of China and India. Moreover, recent technological developments and imposition of government policies such as Minimum Energy Performance Standards (MEPs) in several Asia-Pacific countries gave an impetus to energy-efficient smart motor systems, thereby increasing the regional market share in smart motors.

COVID-19 Impact:

The COVID-19 outbreak had a negative impact on the smart motors market. The smart motors find widespread applications in automotive, industrial, aerospace & defense, consumer electronics, mining, and oil & gas, among others. The weakening demand for smart motors from end-use industries has resulted in a decline in the use of smart motors in pumps, mills, and compressors.

Competitive Insight

Key players operating in the smart motors market are emphasizing their efforts upon strategic agreements, launches, and expansion in order to strengthen market position and gain competitive advantage. Some of the major players operating the smart motors market are Moog Animatics, Rockwell Automation, Inc., Robotshop, Inc., General Electric Co., Siemens AG, ABB Ltd., FUJI Electric Co. Ltd., Roboteq, Inc., Technosoft SA, and Schneider Electric SE.

Chapter 1 Research Methodology

1.1 Introduction

Our team of researchers implemented a mix of primary and secondary research. Our projects initiate with secondary research, where we referred to a variety of sources comprising trade databases, investor presentations, company annual reports, the government published documents, white papers, and several paid databases. This process helped us outline the market and refine the scope of the study. We have a very strict guideline for selecting the sources of our information. These sources were screened and checked for the quality of data they offer and their methods of collecting such data. We always double-check the information from at least two sources to determine the credibility of the data.

1.1 Data Capture Sources

Post the initial data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across teams and by our in-house SMEs. Along with data mining, we also initiate the primary research phase in which we interact with compa-nies operating within the market space.

To evaluate the wholeness of the market, we interact (via email or telephone) with players who are responsible for adding value to the final product. Additionally, we interact with related industries to understand the external factors that can drive/hamper a market. We also make it a point to evaluate various economic parameters, which typically, have an impact on the purchasing choices of individuals as well as companies.

Post this stage, data is cross-verified with the companies that operate in a market space. It is important for us to study these companies in detail, to understand their existing performance and future strategies which will define the market in the coming years.

All this data is collected and evaluated by our analysts. Post the preparation of the report and data analysis, the findings are presented to our in-house experts who then eliminate discrepancies (if any).

1.1.1 Primary Sources

• Industry Associations

• Patent Websites

• Solutions and service providers

• Key industry leaders

• Technology consultants

• System Integrators

• Others

1.1.2 Secondary Sources

• Company Websites

• Company Presentations

• Company Annual Reports

• IEEE Journals

• Industrial Magazines

• White Papers

• Press Releases

1.1.3 Paid Data Sources

• Factiva

• D&B Hoovers

• Statista

• Owler

• Enlyft

• HG Insights

• Bloomberg

• CrunchBase

1.2 Market Size Estimation

We employ the universally accepted approach of data triangulation to estimate market sizes. We have applied a combination of top-down and bottom-up approaches to arrive at a small range close to the market size. We then connected with industry opinion leaders, subject matter experts, market participants, suppliers, traders, regulators, etc., to validate and verify our research findings and estimations. We approached participants from all stages of the supply chain and get their insights on the market to enhance the accuracy of our estimations and gain qualitative and subjective information to support our data.

1.2.1 Top-down approach:

The top-down approach includes estimating the global market. We study the whole value chain to determine the parent market and the upstream market size in the value chain to justify our estimations for the market being studied. The top-down approach provides a way to verify the market size estimates from the total number. It is also used in further segmenting the market into smaller segments (country/application/others).

1.2.2 Bottom-up approach:

We employ the bottom-up approach where the market data is available for sales of companies participating in the market. We study the country sales and sales in the inclusive segments of the market along with demographics of the individual countries to arrive at the estimates for the market.

FIG. 1 Market Size Estimation: Top-down and Bottom-up Methodology

Source: XYZ Research

1.3 Market Forecast

In the rapidly changing business scenario catalyzed by the changes in technology, traditional forecasting models fall short. Each market has unique characteristics and risks that impact it differently. We aim to find commonalities and abnormalities to identify real patterns. Consequently, we employ custom forecasting models using a mix of traditional time series forecasting methods adjusted to accommodate the effects of current factors that may have an impact on the current and future outlook of the market.

The forecasting techniques we use are a mixture of regression analysis and exponential smoothening to align our predictive analysis with the recent trends and rapidly changing business cycles. For seasonal markets, we use hybrid forecasting methods that include spectral analysis in combination with the decomposition forecasting method.

FIG. 2 Market Forecast

Source: XYZ Research

1.4 Data Triangulation

FIG. 3 Research Methodology - Data Triangulation

Source: XYZ Research

1.5 Assumptions and Limitations

• Factors including the underlying growth of end-user industry industries and new product launches by key manufacturers have been taken into consideration while forecasting growth.

• Financial data is provided for the private as well as publicly listed companies.

• Numbers may not add up due to rounding off.

• Inflation has not been considered while estimating and forecasting the market.

• Constant currency rates have been taken into consideration while calculating the market estimates to maintain uniformity.

1 Executive Summary

2 Market Introduction

2.1 Definition

2.2 Architecture

2.3 Scope of the Study

2.4 Related Stakeholders

3 Research Methodology

3.1 Introduction

3.2 Primary Research

3.2.1 Key Insights

3.2.2 Breakdown of Primary Interviews

3.3 Secondary Research

3.3.1 Important Sources

3.4 Market Size Estimation Approaches

3.4.1 Top-Down Approach

3.4.2 Bottom-Up Approach

3.4.3 Data Triangulation

3.5 List of Assumptions

4 Market Dynamics

4.1 Introduction

4.2 Drivers

4.3 Restraints

4.4 Opportunities

4.5 Trends

4.6 Porter's Five Forces Model Analysis

4.7 Value Chain Analysis

4.7.1 Vendor Matrix

4.8 Impact of COVID-19 on Global Smart Motor Market

5 Global Smart Motor Market, By Product

5.1 Introduction

5.2 18V

5.3 24V

5.4 36V

5.5 48 and above

6 Global Smart Motor Market, By Application

6.1 Introduction

6.2 Industrial

6.3 Automotive

6.4 Aerospace & Defense

6.5 Consumer Electronics

6.6 Others

7 Global Smart Motor Market, By Region

7.1 Introduction

7.2 North America

7.2.1 US

7.2.2 Canada

7.2.3 Mexico

7.3 Europe

7.3.1 Germany

7.3.2 UK

7.3.3 France

7.3.4 Italy

7.3.5 Spain

7.3.6 Rest of Europe

7.4 Asia-Pacific

7.4.1 China

7.4.2 India

7.4.3 Japan

7.4.4 South Korea

7.4.5 Rest of Asia-Pacific

7.5 Rest of the World

7.5.1 Middle East and Africa

7.5.2 South America

8 Competitive Landscape

8.1 Introduction

8.2 Market Ranking Analysis, 2020

8.3 Competitive Dashboard

8.4 Recent Developments, 2018-2021

8.4.1 New Product Launches

8.4.2 Partnerships

8.4.3 Mergers or Acquisitions

8.4.4 Business Expansions

9 Company Profiles

(This section covers the Business Overview, Financial Overview, Product and Product Offerings, Recent Developments, SWOT Analysis, and Key Strategies of the top market vendors. The given sequence does not represent their rankings in the market.

9.1 Moog Animatics

9.1.1 Company Overview

9.1.2 Financial Overview

9.1.3 Product Offerings

9.1.4 Key Developments

9.1.5 SWOT Analysis

9.1.6 Key Strategies

9.2 Rockwell Automation, Inc.

9.3 Robotshop, Inc.

9.4 General Electric Co.

9.5 Siemens AG

9.6 ABB Ltd

9.7 FUJI Electric Co. Ltd.

9.8 Roboteq, Inc.

9.9 Technosoft SA

9.10 Schneider Electric SE

10 Appendix

10.1 Discussion Guide

10.2 Customization Options

10.3 Related Reports

List of Tables

Table 1 Global Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 2 Global Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 3 Global Smart Motor Market, By Region, 2019-2028 (USD Billion)

Table 4 North America Smart Motor Market, By Country, 2019-2028 (USD Billion)

Table 5 North America Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 6 North America Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 7 United States Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 8 United States Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 9 Canada Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 10 Canada Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 11 Mexico Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 12 Mexico Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 13 Europe Smart Motor Market, By Country, 2019-2028 (USD Billion)

Table 14 Europe Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 15 Europe Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 16 Germany Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 17 Germany Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 18 United Kingdom Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 19 United Kingdom Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 20 France Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 21 France Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 22 Italy Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 23 Italy Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 24 Spain Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 25 Spain Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 26 Rest of Europe Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 27 Rest of Europe Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 28 Asia-Pacific Smart Motor Market, By Country, 2019-2028 (USD Billion)

Table 29 Asia-Pacific Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 30 Asia-Pacific Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 31 China Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 32 China Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 33 India Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 34 India Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 35 Japan Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 36 Japan Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 37 South Korea Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 38 South Korea Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 39 Rest of Asia-Pacific Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 40 Rest of Asia-Pacific Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 41 Middle East and Africa Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 42 Middle East and Africa Smart Motor Market, By Application, 2019-2028 (USD Billion)

Table 43 South America Smart Motor Market, By Product, 2019-2028 (USD Billion)

Table 44 South America Smart Motor Market, By Application, 2019-2028 (USD Billion)

List of Figures

Figure 1 Global Smart Motor Market: Market Segmentation

Figure 2 Global Smart Motor Market: Research Methodology

Figure 3 Breakdown of Primary Interviews

Figure 4 Top Down Approach

Figure 5 Bottom Up Approach

Figure 6 Data Triangulation

Figure 7 Global Smart Motor Market: Drivers, Restraints, Opportunities, and Challenges

Figure 8 Global Smart Motor Market: Porter's Five Forces Model Analysis

Figure 9 Global Smart Motor Market: Value Chain Analysis

Figure 10 Global Smart Motor Market Share Analysis, By Product, 2020 and 2028

Figure 11 Global Smart Motor Market Share Analysis, By Application, 2020 and 2028

Figure 12 Global Smart Motor Market Share Analysis, By Region, 2020 and 2028

Figure 13 North America Smart Motor Market Share Analysis, By Country, 2020 and 2028

Figure 14 North America Smart Motor Market Share Analysis, By Product, 2020 and 2028

Figure 15 North America Smart Motor Market Share Analysis, By Application, 2020 and 2028

Figure 16 Europe Smart Motor Market Share Analysis, By Country, 2020 and 2028

Figure 17 Europe Smart Motor Market Share Analysis, By Product, 2020 and 2028

Figure 18 Europe Smart Motor Market Share Analysis, By Application, 2020 and 2028

Figure 19 Asia-Pacific Smart Motor Market Share Analysis, By Country, 2020 and 2028

Figure 20 Asia-Pacific Smart Motor Market Share Analysis, By Product, 2020 and 2028

Figure 21 Asia-Pacific Smart Motor Market Share Analysis, By Application, 2020 and 2028

Figure 22 Middle East and Africa Smart Motor Market Share Analysis, By Product, 2020 and 2028

Figure 23 Middle East and Africa Smart Motor Market Share Analysis, By Application, 2020 and 2028

Figure 24 South America Smart Motor Market Share Analysis, By Product, 2020 and 2028

Figure 25 South America Smart Motor Market Share Analysis, By Application, 2020 and 2028

Figure 26 Global Smart Motor Market: Competitive Benchmarking

Figure 27 Global Smart Motor Market: Vendor Share Analysis, 2020