The global industrial smart motors market to grow at a CAGR of 6.22% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global industrial smart motors market for 2017-2021. To calculate the market size, the report considers a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is development in communication connection in smartphones and PCs. The use of developed smart motors that are connected to smartphones and PCs with the help of apps is growing in end-user industries such as automotive, oil and gas, petrochemicals, and aerospace and defense. The major advantage for the adoption of these developments in smart motors is to support the multi-layer cyber-security protocols.
According to the report, one driver in the market is rise in demand for energy-efficient motors. Industrial smart motors when incorporated in industries provide higher efficiency to industrial applications, which are controlled by variable-speed drives. In an average, industrial smart motors in industrial automation and robotics applications consume less energy than the traditional industrial motors. The efficiency of industrial smart motors is 50% higher than that of traditional industrial motors. Heavy-load and high-speed operations are using smart motors to eliminate the leakage of power transmission.
Further, the report states that one challenge in the market is higher cost of new smart motors over traditional motors. With a moderate rise in competition, vendors need to develop industrial smart motors with superior quality to meet industrial needs at low cost. Traditional motors are reasonably priced when compared with smart motors. The high initial cost of smart motors is being challenging for industries to transition from traditional motors to advanced motors in developing countries. Applications of industrial smart motors in industrial automation are increasing. Therefore, the increased demand, the cost reduction of new smart motors will help induce the development of market revenue.