According to a recent report titled, “Smart Motors Market by Component (VSD, MCC, Motor), by Application (Industrial, Commercial, Automotive, Consumer Electronics, and Aerospace & Defense) and Geography - Analysis & Forecast to 2020,” the global smart motor market is expected to grow from USD 989.0 Million in 2014 to USD 1.38 Billion by 2020 at a CAGR of 6.19% between 2015 and 2020. The market is expected to grow substantially because of factors such as requirement of less on-site and wiring space, and cost reduction while increasing the overall effectiveness of the equipment.
The growth of extra peripherals such as communication buses, and mechanical and electrical components integrated in a motor are majorly responsible for this segment to hold a large market share. Considering the large application of electric motors such as servo and stepper, the overall growth of motors and its related components is the reason for this component segment to witness the fastest growth rate during the forecast period.
Over a period of time, smart motors are expected to be widely used in various industrial plants carrying out processes such as manufacturing, testing, assembling operations, tooling processes, and load controlling operations among others because of their ability to provide energy efficiency, reduced cabling and the associated cost, and the ease of installation. These benefits are driving industries to switch from traditional motors to smart motors and in turn garnering spurring the market growth.
The Americas held the largest market in 2014, followed by Asia-Pacific and Europe. The American Smart Motor Market is dominated by market leaders that are boosting their smart motor offerings by developing more efficient, convenient, and economic smart motors as well as broadening their distribution. The implementation of smart motors in the industrial, automotive, commercial and consumer electronics sectors of China, Japan, India and the Rest of APAC (RoAPAC) is increasing at a substantial rate –.making APAC the fastest growing smart motor market.
Major companies in the global smart motor market that have been included in this report are Rockwell Automation, Inc. (U.S.), Moog, Inc. (U.S.), Fuji Electric Co. Ltd. (Japan), ABB Ltd. (Switzerland), General Electric (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Technosoft SA (Switzerland), Robot Shop, Inc. (Quebec) and Robeteq, Inc. (U.S.). (Source: Markets and Markets).