Smart Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2022 - 2027
Smart Motor Market size is analyzed to grow at a CAGR of 6.2% during the forecast period 2022-2027 to reach $3.5 billion by 2027. Smart motors enable predictive machine diagnostics, resulting in less downtime due to process improvement. Organizations worldwide are primarily focusing on lowering CAPEX by implementing energy-efficient solutions in their systems. The induction motors have been consuming a large quantity of energy, which has cost the companies to some extent. With the use of smart motors, suppliers supplying smart motors claim to cut energy consumption by at least 40% over the course of two years, fueling the market growth. Rising carbon emissions and the growing need to reduce reliance on fossil fuels have resulted in a greater emphasis on implementing emission control standards and developing policies to encourage the adoption of electric vehicles around the world, propelling the growth of the smart motors market. Increased adoption of electric vehicles due to ben...