PORTLAND, Oregon, October 2, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Industrial Smart Motors Market by Offering, End User, and Market Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025". The study includes the current market trends as well as growth prospects of the global industrial smart motors market. Moreover, the report offers an exclusive summery on the current market trends, scope of the industry, key findings, major market dynamics such as driver and restraints, and key players in the market. 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.
Services Segment Would Manifest Fastest CAGR
Services segment is expected to grow at the fastest CAGR of 5.92% from 2018 to 2025, owing to the continuous upgradation in software applications to improve efficiency and performance. However, the product segment would hold the largest segment, contributing to more than two-thirds of the total market share, owing to the increase in demand for superior machine control motor that provides enhanced efficiency in manufacturing processes.
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.
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.
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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.
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, USAutomation, Dunkermotoren 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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SOURCE Allied Market Research