Smart Motor Market Size

Smart Motor Market was valued at over USD 2.3 billion in 2023 and is estimated to register a CAGR of over 6.5% between 2024 & 2032. The ability of compact & high-performance motor solutions to satisfy the demands of contemporary applications where space is constrained is boosting the industry. Owing to their increased efficiency, enhanced power density, and sophisticated control capabilities, these motors are suited for a variety of industries including consumer electronics, robotics, and automobiles. This will lead to market adoption & expansion.

For instance, in June 2023, Weinstadt, Germany-based Kelch, replaced the stepper motors in its product with Moog Animatics SmartMotor (model SM23165DT) to improve efficiency, reduce space, and protect workers’ hearing.

The increasing focus on reducing operational costs fuels the adoption of smart motors owing to their efficiency and predictive maintenance capabilities. These motors optimize energy consumption, leading to significant cost savings over time. Additionally, their ability to monitor performance and detect potential issues early minimizes downtime and maintenance expenses. This aligns with the overarching goal of organizations to streamline operations and improve profitability in a competitive market landscape.

Integrating new smart motor systems with the existing infrastructure creates a significant risk owing to potential compatibility issues and the requirement of costly retrofitting. This procedure might cause operational problems, and frequently calls for specialist understanding. It might also incur higher expenses and implementation-related downtime. These obstacles are impeding adoption and market expansion when it comes to ensuring smooth integration while retaining functionality.

Smart Motor Market Trends

Predictive maintenance combines data analytics & AI to anticipate equipment breakdowns, enabling proactive scheduling of maintenance procedures before problems occur. Potential defects are discovered by analyzing historical data and real-time sensor inputs, resulting in reduced downtime and optimized maintenance plans, thereby improving operational efficiency and reliability.

The growth of the Electric Vehicle (EV) market is driving the demand for smart motors in automotive propulsion systems owing to their efficiency & precision. These motors provide improved management and monitoring capabilities, ensuring peak performance and increasing the range of EVs. As the automotive industry transitions to electrification, the demand for dependable & intelligent propulsion systems grows, resulting in the integration of smart motor technology into EV platforms.

Smart Motor Market Analysis

Learn more about the key segments shaping this market

Download Free Sample

Based on voltage, the market is divided into up to 18V, 19V-24V, 25V-36V, 48V, and above. The 19V-24V segment is expected to reach over USD 1.4 by 2032.

• The 19V-24V voltage range is versatile, serving diverse applications in automotive, robotics, industrial automation, and consumer electronics. It powers components, such as motors, sensors, and control systems, efficiently. Its compatibility with various devices and systems makes it a preferred choice, ensuring seamless integration and optimal performance across multiple industries, thereby boosting its market share and growth.
  
• The components and systems designed to operate within this voltage range are often more affordable compared to higher voltage alternatives, making them a cost-effective option for businesses & consumers.
  

Learn more about the key segments shaping this market

Download Free Sample

Based on industry vertical, the market is segmented into industrial manufacturing, automotive, aerospace & defense, energy & utilities, consumer electronics, healthcare, and others. The automotive segment is expected to register a CAGR of over 8% during the forecast period.

• The automotive sector is embracing Industry 4.0 principles including automation, data exchange, and digital technologies. Smart motors are crucial in this transformation by enabling connectivity, real-time data analysis, and remote monitoring, leading to improved production processes and product quality.
  
• The development of autonomous vehicles relies heavily on sophisticated control systems, which require high-performance motors for various applications such as steering, braking, and propulsion. These motors provide the necessary intelligence & precision required for autonomous driving technologies.
  

Looking for region specific data?

Download Free Sample

North America dominated the global market in 2023 with over 35% of the total revenue share. The region’s smart motor market is witnessing significant growth owing to strict energy efficiency requirements, robust industrial automation, and a strong emphasis on technological innovation. Furthermore, the region is home to major players advancing smart motor technology. North American enterprises are progressively implementing smart motor solutions to boost productivity, save energy costs, and maintain a competitive edge in the global market. This is made possible by the region's developed industrial landscape and emphasis on sustainability.

Smart Motor Market Share

Schneider Electric SE and Siemens AG held a significant share of over 22% in the smart motor industry in 2023. Schneider Electric SE is a multinational corporation specializing in energy management and automation solutions. It offers a wide range of products & services including electrical distribution, automation, and control, building management systems, and renewable energy solutions. In the realm of smart motors, the company provides innovative motor control products equipped with advanced technologies, such as variable–speed drives, energy monitoring, and predictive maintenance capabilities, enabling efficient & intelligent motor operation in various industrial applications.

Siemens AG is a global conglomerate headquartered in Germany, operating in various sectors including industry, energy, healthcare, and infrastructure. In the realm of smart motors, Siemens offers advanced solutions integrating intelligent control systems with electric motors. These motors leverage digital technologies, such as IoT connectivity, data analytics, and automation, to optimize performance, enhance efficiency, and enable predictive maintenance, thereby driving productivity and sustainability for industrial applications.

Smart Motor Market Companies

Major players operating in the smart motor industry are:

• ABB Ltd.
• Dunkermotoren GmbH (Ametek Inc.)
• Fuji Electric Co. Ltd
• General Electric
• Rockwell Automation
• Schneider Electric SE
• Siemens AG
  

Smart Motor Industry News

• In August 2023, Torqeedo, a player in electric boating, partnered with c.technology, a SaaS cloud infrastructure provider, for power sports vehicles. This collaboration aims to develop intelligent motors and introduce an innovative software system. By integrating cloud technology into its electric boating products, the company aims to enhance sustainability and user experience.
  
• In July 2023, Nidec Corporation acquired TAR, LLC d/b/a Houma Armature Works, a privately owned company based in the U.S., from its founding family, through the Company's subsidiary, Nidec Motor Corporation. This acquisition enhanced Nidec Motor Corporation’s service offerings, expanding its share within its own U.S.-installed base. The acquisition allowed Houma to provide services to Nidec’s customers.
  

The smart motor market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Voltage

• Upto-18V
• 19V-24V
• 25V-36V
• 48V & above

Market, By Industry Verticals

• Industrial
• Automotive
• Aerospace & defense
• Energy & utilities
• Consumer electronics
• Healthcare
• Other

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA