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Smart Motor Market Trends

Report ID: GMI8924
Published Date: Apr 2024
Report Format: PDF

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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.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for smart motor recorded over USD 2.3 billion in 2023 and is expected to register over 6.5% CAGR from 2024 to 2032, due to the increasing focus on reducing operational costs owing to their efficiency and predictive maintenance capabilities.

The automatic segment in the smart motor industry is estimated to grow at over 8% CAGR from 2024 to 2032, on account of the adoption of Industry 4.0 principles including automation, data exchange, and digital technologies.

North America industry accounted for over 35% of revenue share in 2023 and is expected to expand at significant CAGR from 2024 to 2032, due to the strict energy efficiency requirements, robust industrial automation, and the strong emphasis on technological innovation.

ABB Ltd., Dunkermotoren GmbH (Ametek Inc.), Fuji Electric Co. Ltd, General Electric, Rockwell Automation, Schneider Electric SE, Siemens AG are some of the major smart motor companies worldwide.