Smart motor market growth due to increased automation, IoT technology

The smart motors market is expected to generate $3.2 billion in sales by 2033 thanks to increased automation and IoT implementation.

By Future Market Insights July 18, 2023
Courtesy: Analog Devices, New Products for Engineers Database

Smart motor insights

  • The smart motor market in the U.S. is expected to generate $1 billion in sales by 2033.
  • Based on product type, the 24V sub-segment is expected to grow at a 5.1% CAGR throughout the projection period and the industrial sub-segment is expected to grow at a 5.0% annual pace from 2023 to 2033, depending on application.
  • The Chinese market for smart motors is expected to reach $257.3 million by 2033.

The smart motors market is expected to generate $3.2 billion in sales by 2033, up from $1.9 billion in 2023, growing at a 5.2% annual rate from 2023 to 2033.

The smart motors market has grown significantly in recent years, owing to increased industrial automation and the incorporation of Internet of Things (IoT) technology.

Smart motors with advanced control systems and communication capabilities provide increased efficiency, higher performance, and seamless integration into automated systems.

The fast rise of industrial automation across several industries has increased demand for smart motors.

Smart motors have become vital in current industrial processes due to their capacity to optimize energy use, offer precision control, and increase overall system efficiency.

Governments throughout the world have enforced stringent energy efficiency standards, hastening the use of smart motors. Government rules aim to cut energy usage and carbon emissions, making energy-efficient technologies such as smart motors an appealing option for enterprises looking to meet environmental requirements.

The market also faces hurdles, such as the initial expenses connected with installing smart motors, which impede certain organizations.

The sophisticated features and technology contained in smart motors are frequently more expensive, necessitating careful consideration of the long-term advantages and return on investment by enterprises.

The shift to renewable energy sources gives enormous potential for smart motors.

Emerging market industrialization and infrastructural development present attractive potential for smart motor producers.

Demand for smart motors is likely to rise as more areas adopt automation and seek energy-efficient solutions, creating a profitable market for industry participants.

Future Market Insights is a CFE Media and Technology content partner.