New York, June 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Motors Market - Growth, Trends, Forecast (2020 - 2025)" - https://www.reportlinker.com/p05916373/?utm_source=GNW
- Organizations across the industries worldwide are primarity focusing on reducing its CAPEX through adopting energy effiecient solutions in the systems. The analog motors have been consuming huge amount of energy costing the companies to an extent. With the adoption of smart mortors vendors offering smart motors are claiming to reduce this energy comsumptiion atleast by 40% over the span of two years is driving the market growth.
- According to IEA analysis, the global investment in energy efficiency was estimated at USD 139 billion in 2018. Europe is responsible for the largest share of global investment (over 30% of the total). Furthermore, demand for HVAC systems in Europe is continuously increasing, due to expanding urbanization, growing demand for high-quality energy-efficient devices, and rising consumer awareness. Such investments by the organization are also fueling the smart motor market growth.
- However, due to fewer rate of implementation and high switching cost, companies are also considering variable frequency drive solutions to gain similar ultimately restricting growth of the smart motors market.
Key Market Trends
Industrial Applications is Expected to have the Largest Market Share
- According to the Software Motor Company, over 45% of the electricity produced is consumed by the electric motors used for millions of applications. Out of these, about 50% is not yet well utilized and subjects to a reduction in energy consumption.
- Recently metal has become of the widely used material for designing products with high strength and durability. This designing is also emphasized by upcoming effective metal cutters like plasma cutters has become a popular solution. The machine manufacturers are actively adopting smart motors to gain effective results. For instance, DynaTorch, a machine manufacturing comapny, mentioned that it had adopted smart servo motors from Moog Animatics.
- Additionally, these smart motors are also being adopted by textile machine manufacturers. The spool winding machine requires a continuous change in the winding drum speed with increasing spool size to maintain the exact tension on the thread while making a package. With the smart motors, these machines now have gained capabilities like specialized commands for winding applications and auto-reversing electronic gearing to eliminate the winding defects.
- The smart motors are being used in the oil and gas industries for the NDT pipeline inspection activities. For instance, Envision CmosXray LLC, a provider of gamma and digital X-ray systems for NDT inspection of pipelines year-round, has adopted smart servo motors. Moreover, governments are investing in pipeline expansion projects along with an increase in the increase in production across the world. In 2018, global oil production reached 94,718 thousand barrels per day. These factors are estimated to increase the demand for smart motors in the industrial market.
Asia Pacific Region to Grow Significantly
- According to the Economic Times, the index of industrial production in India increased to 7% in June 2018. In terms of industries, nineteen of the twenty-three industry groups in the manufacturing sector exhibited positive growth during the month of June 2018 as compared to the corresponding month of 2017. The country has been significantly investing in factory automation technologies.
- The automation market in India is also bolstered by policies, such as Industrial Policy 2017, which promote the use of new technologies to improve productivity. Also, the income tax reduction for all companies to 25% with a turnover of up to INR 250 crore is encouraging manufacturing projects in the country. This is, in turn, boosting the adoption of smart motors in the country.
- Moreover, the smart motors are being used in aerospace applications like flexitool tooling machines used for aircraft skin processing. The countries like China, Japan, along with India is extensively invest in their aerospace projects. These projects are estimated to fuel the demand for smart motors in the region over the forecast period.
Competitive Landscape
The market for smart motors is moderately fragmented because of the presence of many major companies in the market offering the products. These companies are continuously investing in making strategic partnerships and product developments to gain more market share. Some of the recent developments by the companies are listed below.
- June 2019 - The Software Motor Company, a start-up that developed and offers smart motors have attracted an investment of USD 31.2 million as series A-2 funding from investors including JLL Spark and Meson Capital.
- February 2019 - TRINAMIC introduced its first series of smart brushless range of DC motors which are capable of precise movements and integrates with closed-loop feedback for quality control across a range of applications
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05916373/?utm_source=GNW
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The smart motors market was valued at USD 1.2 billion a CAGR of 7.95% over the forecast period (2020-2025) - GlobeNewswire
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