DUBLIN--(BUSINESS WIRE)--The "Global Smart Motor Market- Technologies, Market share and Industry Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global smart motor market is projected to grow at CAGR of over 7% during forecast period 2017-2024. The increasing demand for cost effective and energy efficient solutions, requirement of less onsite and wiring space, cost reductions, the increased effectiveness of equipment offered by smart motors, and less maintenance cost compared to traditional motors are the primary drivers for the growth of the global smart motor market. Further, the increasing application areas of smart motor and increasing scope of smart motors in industrial sector presents various opportunities for the growth of global smart motor market.
Smart motors provide the added benefit of less onsite and wiring space, making it a preferred choice for the automation systems. Hence, with the growth in the automation sector in both the industrial as well as residential sector, the global smart motor market is set to grow substantially over the forecast period. Further, growth in the manufacturing sector also boosted the global market for smart motors.
The Asia Pacific smart motor market is anticipated to grow at the highest rate over the forecast period 2017-2024. High economic growth owing to the thriving industrial sector, demand for energy efficient and cost-effective solutions coupled with the dominant position of Asia Pacific in motor vehicle production are the primary drivers for the high growth rate of the Asia Pacific smart motor market.
- Requirement of Less Onsite and Wiring Space
- Cost Reduction and Increased Effectiveness of Equipment on Deployement of Smart Motors
- Reduced Energy Consumption
- Less Maintenance Cost Compared to Conventional
- Frequency Restraints Related to Variable Frequency Drives (VFD)
- High Cost of Smart Motors
- Increasing Application Areas of Smart Motors
- Complexity of Integration
Key Topics Covered
2. Market Overview
3. Market Determinants
4. Global Smart Motor Market by Application
5. Global Smart Motor Market by Component
6. Competitive Landscape
7. Geographical Analysis
8. Company Profiles
- ABB Ltd.
- EBM - Papst Group
- Fuji Electric Co. Ltd.
- General Electric
- Lenze Group
- MDC Vacuum Products LLC
- Moog Inc.
- Robeteq Inc.
- Robotshop Inc.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Technosoft SA
- Teknatool International Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/gqnx88/global_smart?w=4