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The Smart Motors Market was valued at $2,634. 58 million in 2021 and is expected to reach $3,751. 11 million by 2027, representing a CAGR of 6.2% over the forecast period (2022-2027). Intelligent motors enable predictive machine diagnostics, which leads to reduced downtimes through process optimization.
NEW YORK, July 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, Smart Motors Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027) – https://www. reportlinker.com/p06309365/?utm_source=GNW
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Key Highlights
Organizations around the world are focused on reducing their capital costs by using energy efficient solutions in their systems. Analog motors consume a lot of energy, which means significant costs for companies. With the introduction of intelligent motors, suppliers want to reduce energy consumption by at least 40% over a period of two years. This factor drives the growth of the market.
An intelligent motor provides smooth acceleration and deceleration to protect the system mechanics. Smart motors are widely used in the pump system to achieve energy savings, reduce heat loss and control cooling water pumps.
Adoption of the Industrial Internet of Things (IIoT) is increasing as companies strive to become smarter, more efficient and more sustainable through connected systems and continuous data exchange. IIoT focuses on the introduction of sensors for predictive maintenance and improved system monitoring.
The COVID-19 pandemic has forced the industry to shut down almost every industrial operation worldwide. Because the raw materials are purchased in China, sourcing is impacted by tariffs imposed by the United States. With the pandemic spread of COVID-19, the smart motor market, which relies on the manufacturing sector and significant adoption on the industrial front, is highly likely to be impacted.
Many organizations still lack information about measures to reduce energy consumption, the installation of energy efficient solutions, information about numerous energy efficiency options and the technologies to improve the performance of the energy used. This challenges the growth of the market leading to low implementation rate of smart motors.
Key Market Trends
Oil and gas industry holds the largest market share
In the current market scenario, the oil and gas industry faces numerous issues related to business performance, total cost of ownership (TCO), energy efficiency, and safety in upstream and downstream processes. In addition to producing oil and gas, industry also uses oil and gas in its operations, and efficiency can greatly reduce the impact of industry.
As traditional hydrocarbon energy resources are depleted, generating power from increasingly sensitive and challenging environments becomes increasingly complex. Intelligent motor systems are seeing an unprecedented rate of adoption in the oil and gas industry as it focuses on energy efficiency. The industry strives to ensure the availability of oil and gas while cost-effectively addressing energy security and environmental concerns.
Many compressor stations use an electric motor to drive the centrifugal compressor. This type of compression does not require natural gas from the pipeline. On turbine-driven compressors, a special speed governor controls the fuel valves and other controls on the turbine to maintain efficiency. In the case of electric motors, this function is made possible with sensor-controlled IIOT systems.
The oil and gas sector is all about system availability; Intelligent motor systems are conquering the market because they are practically maintenance-free. This is in sharp contrast to flow control valves, vanes and turbines which require extensive periodic maintenance and associated downtime.
The level of complexity inherent in a wide range of devices, from controllers and PLCs to individual field devices, has increased significantly in recent years. Even individual sensors and fundamental elements like Motor Control Centers (MCCs) have gained new communication capabilities.
Asia Pacific region is expected to hold a large market share
The Asia-Pacific region is one of the most important markets for the market under study. The region offers tremendous growth potential for the studied market vendors due to the increasing adoption of automation in the various end-user industries in the region. The energy conglomerate in the region is also stepping up the introduction of low-voltage electrical appliances, motivating many enterprises to develop energy-efficient and compact electrical appliances and equipment, further fueling the growth of intelligent motors.?
The region is also a manufacturing hub for many global markets and automation has become a key requirement in these facilities. Manufacturing is a major contributor to China’s economy and is undergoing rapid change. The country’s industrial control system has developed in various fields such as energy, transportation, water and municipal sectors. Due to the deep integration and rapid development of IoT, the networked control system becomes the development trend of industrial automation in China, which also further develops the space of intelligent motor control centers.?
In its 14th five-year plan released in June 2022, the Chinese government announced that the country will be a key source of global robotics innovation by 2025. intensive country in the world within the next three years, which is expected to significantly accelerate the demand for smart motors in the region.
Furthermore, industrial factories use various types of motors, making it necessary to monitor the condition of the motors on a daily basis to ensure safe and stable operation at each site. As the process requires a high level of technical expertise and experience, many players in the region are focused on providing solutions that could replace manual operations with highly skilled experts monitoring engines and analyzing conditions.
For example, TMEIC Asia Pte. Limited has launched the Smart Motor Sensor TMASMS, an AI-based powerful platform for predictive maintenance of electric motors. The solution enables early prediction of engine failures and contributes to the stable operation of plants and factories by providing 24/7 AI monitoring and analysis, covering the most important diagnostic elements and in turn predicting what could be the cause of the engine failure.
competitive landscape
The smart motor market is very competitive due to the presence of many large companies in the market offering the products. These companies continually invest in strategic partnerships and product development to gain further market share.
November 2021 – WEG has expanded its portfolio with a new frequency converter CFW900. The CFW900 is a high-tech VSD for driving and controlling three-phase induction and permanent magnet motors. It offers excellent static and dynamic performance and high precision in torque, speed and position control, and it can solve a wide range of applications due to its high overload capacity.
October 2021 – ABB introduces the FusionAir Smart Sensor, a non-contact room sensor with optional room control sensors that can monitor temperature, humidity, carbon dioxide (CO2) and volatile organic compounds (VOCs) to improve overall indoor air quality and reduce risk of virus exposure. The FusionAir Smart Sensor sends data to the connected controller, causing it to respond and make intelligent adjustments to lighting, shading and HVAC to ensure lights are not left on in empty meeting spaces. This costly air conditioner is turned off when not in use.
Additional benefits:
The Market Estimate (ME) sheet in Excel format
3 months analyst support
Read the full report: https://www.reportlinker.com/p06309365/?utm_source=GNW
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