Press release
Industrial Smart Motors Industry is expected to reach $1,809.1 million, CAGR of 5.28%
As per the report, the global industrial smart motors market was pegged at $1.20 billion in 2017 and is expected to reach $1.81 billion in 2025, registering CAGR of 5.28% from 2018 to 2025.
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Rise in demand for advanced process controls in industrial motors and emphasis on reducing the downtime during maintenance have boosted the demand for the industrial smart motors. Moreover, integration of industrial internet of things-enabled (IoT-enabled) services into motor to enhance performance has supplemented the growth of the global industrial smart motors market. However, several challenges associated with high power rated motors and high maintenance cost hamper the growth of the market. On the contrary, the development of dedicated smart industrial motors is expected to present new opportunities in the global industrial smart motors market.
Pumps: A lucrative segment
The pumps segment is expected to witness the fastest CAGR of 5.11% through 2025, owing to their ability to offer efficient energy performance and reduce the down time during maintenance & service activities. Moreover, the segment held the largest share in the market in 2017, contributing about 19% share of the total market. On the basis of end users in the industry, the report also analyzes fans, compressors, and others.
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Manufacturing Segment to Grow Fastest
The manufacturing segment is expected to hold the largest share in the market, contributing to more than one-fourth share of the market by 2025, owing to the large scope in various applications such as process automation, conveyor systems, and material handling. However, the healthcare segment would manifest the fastest CAGR of 5.68% during the study period, owing to the increasing adoption of state-of-the-art medical equipment. The report also discusses segments including power & energy, automotive, and others.
Asia-Pacific to Present Lucrative Opportunities in Market
Asia-Pacific region is expected to hold the largest share in the market, contributing more than one-third share of the total market by 2025, owing to the presence of global automotive and manufacturing hubs such as India and China. However, LAMEA region would portray the fastest growth by registering 5.97% CAGR during the forecast period, owing to the emerging manufacturing capabilities in Africa and Latin America end-user industries. Other regions analyzed in the report include North America and Europe.
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Major Market Players
The key market players profiled in the report are CG Global, HSD Spa, Reliance Precision Limited, Rockwell Automation, Inc., Somfy Systems, Inc, US Automation, Undermatron GmbH, Nidec Corporation, Schneider Electric, and TECHNOSOFT SA. The report offers insights on various strategies, including new product launches, collaborations, partnerships, and mergers & acquisitions adopted by these players to gain a strong foothold in the industry.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry
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