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Reports
The global industrial smart motor market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
A smart motor is a device that can be programmed to alter the velocity and torque of a machine by changing the voltage supply and frequency.
Smart motors have proven beneficial in decreasing heat loss, improving the cooling of the pump, and increasing the overall efficiency.
The COVID-19 pandemic negatively impacted the overall industrial smart motor market. With governments imposing stringent social distancing regulations and lockdowns, manufacturing facilities were forced to shut down temporarily or permanently.
This led to reduced demand for industrial smart motors and adversely affected the overall industrial smart motor market.
Rising demand for industrial motors with superior process control is the key growth driver for the global industrial smart motor market.
Also, growing need to decrease the amount of downtime is projected to fuel the growth in the overall industrial smart motor market, in the coming years.
Advancements to existing products with technologies such as Internet of Things could contribute to the growth of the overall industrial smart motor market, in the years ahead.
Government initiatives and measures, promoting the benefits of industrial smart motors could bolster the overall industrial smart motor market, in the coming years.
The automotive industry is anticipated to make the largest contribution to the overall industrial smart motor market because of increasing demand for industrial smart motors for efficient use of energy and improve the overall production output.
The global industrial smart motor market is extremely competitive, with the presence of several well-established market players. Many of these players are expected to account for a large share in the overall market, in future.
Growth strategies such as novel product launches could help well-established industrial smart motor market players gain a competitive edge over others.
Collaboration with smaller market players could help leading industrial smart motor market players expand their market presence and increase their revenue shares.
In 2020, NEC Global Corporation collaborated with Siemens to offer artificial intelligence analysis and monitoring.
The objective behind the collaboration was to provide manufacturing solutions which links MindSphere, which is Siemens' Internet of Things operating system with NEC's System Invariant Analysis Technology (SIAT). The collaboration has proven beneficial for several users in the last couple of years.
R&D undertakings in a bid to produce improved quality of products could be a key growth strategy for the prominent industrial smart motor market players, in the years ahead.
A few leading players in the global industrial smart motor market include Schneider Electric, Reliance Precision Limited, Rockwell Automation Inc., Nidec Corporation, and CG Global.
The global industrial smart motor market is divided into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Asia Pacific is expected to be the dominant region in the global industrial smart motor market in future because of increasing product demand from various production units, in countries such as India and China.
North America is expected to provide profitable growth opportunities for the global industrial smart motor market because of increasing need to improve efficiency causing the high product demand in different industries.
Europe is anticipated to witness strong growth in the overall industrial smart motor market because of the increasing need to decrease energy costs in countries such as Germany and UK.
Other parts of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in the overall industrial smart motor market, in the upcoming years.
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Industrial Smart Motor Market
