Comprehensive Report on Global Smart Motors Market by Knowledge Sourcing Intelligence
INTRODUCTION
Smart Motors
Market is projected to witness a compound annual growth rate of 5.45% to reach
the total market value of US$1.302 billion by 2022, from US$0.998 billion in
2017. Increasing
adoption of technologies such as IoT and need to reduce energy consumption on an account of rising energy cost are some of the key factors for market
growth.
Geographically, the Americas is projected to dominate the global
market for smart motors owing to the early adoption of technology and the
presence of advanced infrastructure in the region. APAC, however, will witness
the fastest regional market growth owing to increasing demand from growing
end-use industries such as electronics and automotive in the
region. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample
view of global smart motors market share
RISING ELECTRICITY COST
The world
population in 2000 was 6.115 billion and has grown to 7.347 billion
in 2015, per the World Bank. The growing population
and improving living standard drives energy demand. Moreover, factors
like rapid urbanization and industrialization contribute to the growing demand
for electricity. This demand is high in the Asia Pacific region owing to the
presence of a large population base, especially in developing countries like
India and China. Moreover, as per the Work Bank, the global
electric power consumption per capita has grown tremendously over the last
decade. Hence, the growing demand for electricity results in higher
costs while driving the demand for energy-efficient motors capable of
lowering the operating cost for the enterprises while delivering similar
advantages as the traditional motors. This, in turn, is propelling the
smart motor market growth as the high cost
of electricity results in companies adopting energy-efficient
solutions.
SMART MOTORS
MARKET BY GEOGRAPHY
Geographically, Smart
Motors market is segmented as Americas, Europe Middle East and Africa, and Asia
Pacific. Americas held the largest market size in 2017 of worth US$X.XXX
billion owing to the presence of global market players such as GE and Rockwell
Automation along with the high adoption rate of new technologies by end-use
industries in the region. The European market for smart motors will also witness a
significant growth due to the booming automotive industry coupled with stringent EU
regulations regarding energy usage in the region. The Asia Pacific is projected to
witness the fastest regional market growth at the highest CAGR of X.XX% during
the forecast period due to rising penetration of smartphones and other
IoT solutions along with the access to high-speed internet in
industrial applications. Increasing middle-class population base is leading to
the growth of industries such as food and beverage, automotive, and consumer
electronics which, in turn, is bolstering the growth of smart motors in the
region. The demand for industrial energy will be high in APAC with China alone
accounting for about 80% of the growth in the last 25 years (Source: IEA),
providing a great opportunity for large-scale utilization of smart motor
systems in the region.
Sample
view of global smart motors market share
AMERICAS
The
Americas Smart Motors Market will reach a total market size of US$X.XXX
billion by 2022 from US$X.XXX billion in 2017. The market is further segmented
as North America and South America. North American Smart Motors market will
have the larger market size throughout the forecast period owing to
the early adoption of advanced technologies by industrial as well as
commercial sector in developed countries such as the U.S. and Canada. Companies
are moving from human labor to automation to cut operational costs and
remain competitive at the global platform. With a greater political push to
keep factories at home along with the falling cost of technology, investors are
expecting that automation will gain speed in industries ranging from
auto-manufacturing to craft beer breweries to chicken processing. The
combination of increased automation and skilled workforce in the U.S. can
reduce manufacturing costs while leading to a higher-paid American workforce.
This growing adoption of automation processes in the region will propel the
growth of the North American Smart Motors market during the forecast period.
Smart Motors
market in South America will witness the growth at a higher CAGR of X.XX%
between 2017 and 2022. High economic growth and increasing disposable incomes
and living standards in countries like Brazil and Argentina are leading to the
growth of the food and beverage industry and high demand for consumer electronics
and automobiles.
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