Smart Motors Market - Forecasts from 2023 to 2028

The smart motors market is projected to grow at a CAGR of 4.83% to reach US$1.617 billion by 2028 from US$1.162 billion in 2021.

Smart motors allow predictive machine diagnostic units, which help in reducing downtime through process optimization. These motors also help in providing energy efficiency, reliability, maintenance, and capabilities, compared to traditional electric motors, which makes them an ideal choice for commercial and industrial applications. Moreover, the rising concerns for saving energy costs by improving energy efficiency has resulted in increased adoption of smart motors in various end-use industries such as industrial, manufacturing, and automotive among others in the projected period.

Increasing use in the oil and gas sector

Oil and gas companies are major industries using motion control systems to improve their process, and many of these systems make use of smart motors. Moreover, the increasing adoption rate of smart motors for saving energy efficiency is also pushing the market. According to Enerdata, in 2022, global crude oil production increased by a record 5.4% rate, much above its growth rate of 1.6% in 2021.

Moreover, in the oil and gas sector, motion control systems are utilized to enhance operational processes, with a notable prevalence of smart motors in many of these systems. Additionally, oil and gas refineries are increasingly integrating low-voltage motion control centers for centralized control, contributing to a heightened demand for smart motors in this specific industry segment.

According to the Government of India Ministry of Petroleum and Natural Gas Economic & Statistics Division, the production of crude oil in the month of May 2022-23 was 2,550.05 thousand metric tonnes (TMT). It was 2.44% higher than the target for that month and 4.60% higher compared to the same period in 2021-22. In May 2021-22 the crude oil production was 2,437.95 TMT. Hence, with increasing production of oil and gas in various countries and the increasing focus of government on enhancing the oil and gas production which can save energy as well is aiding the market for smart motors in the projected period.

India in APAC is predicted to hold the largest market share in the market

Smart motors are motion control systems that can adjust their functioning as per the frequency of voltage supply thereby enhancing the efficiency of the overall machinery. Their configuration mainly consists of a motor and a drive that integrates a number of components inclusive of controllers and encoders into one physical unit. Owing to their ability to provide precision control smart motors are finding applicability in electric vehicles, construction equipment, and various other industrial machinery. The rapid industrialization and growing automotive production in India has provided a positive scope for smart motors in the country. According to the International Organization of Motor Vehicles Manufacturers, in 2022, India's automotive production witnessed 24% growth with the production reaching up to 5.45 million units. Likewise, the growing shift towards sustainable fuel has increased the demand for smart electric vehicles, leading to new launches. For instance, in May 2023, MG Motor India launched "Comet EV" smart electric vehicles in "Pace", "Plush", and "Play" variants to support urban mobility in India

Furthermore, the favorable initiatives undertaken by the Indian government such as "Make in India" coupled with the well-established presence of major domestic manufacturers such as CG Power & Industrial Solutions Ltd. that provides smart motors under AC & DC variants is also acting as an additional for the market growth at the country level.

Market Key Developments

• In June 2023, Safran Electrical & Power announced the installation of an automated production line specifically for its ENGINeUS electric motors at its sites which are in Niort, France, and Pitstone, Great Britain. With the help of these manufacturing lines, 1,000 motors can be manufactured per year from 2026, which would serve the booming electric and hybrid aviation market.
• In June 2022, Mahindra's Construction Equipment Division launched the "Road-Master G75" smart motor grader that aims to upgrade the small road contractor's mechanization and assist them in improving their spreading and grading applications for semi-rural, rural, and district road construction.

Segmentation:

By Component Type

• Variable Speed Drive
• Intelligent Motor Control Centre
• Motor

By End-Users

• Consumer Electronics
• Automotive
• Industrial
• Residential

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others