The robotic smart motors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Robotic Smart Motors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The robotic smart motors market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing demand for automation in manufacturing, emphasis on precision and accuracy in manufacturing, government initiatives supporting industrial automation, miniaturization of components, and improved energy efficiency standards.
The robotic smart motors market size is expected to see strong growth in the next few years. It will grow to $4.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to growth of the automotive and electronics sectors, increasing complexity in manufacturing processes, enhancements in software capabilities for motor control, development of collaborative robots (cobots), and growth of industrial robotics. Major trends in the forecast period include advancements in sensor technology, technological innovations in motor control systems, integration of ai and machine learning in robotics, demand for smart and connected devices, and adoption of industry 4.0 principles.
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Scope Of Robotic Smart Motors Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Robotic Smart Motors Market Overview
Market Drivers -
The increasing adoption of Internet of Things (IoT)-based applications is expected to propel the growth of the robotic smart motors market going forward. IoT-based applications include integrating and utilizing interconnected devices and systems that gather, transmit, and analyze data for automated processes and insights across various sectors such as manufacturing, healthcare, and smart cities. The adoption of IoT-based applications is due to advancements in sensor technology, the proliferation of connected devices, demand for real-time data analytics, cost efficiencies in operations, and the drive towards automation and digital transformation across industries. Robotic smart motors enhance IoT-based applications by providing precise control, real-time data monitoring, and automation capabilities, improving efficiency and performance in various industries. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to reach 34.7 billion connections by 2028. Therefore, the increasing adoption of IoT-based applications is driving the growth of the robotic smart motors market.
Market Trends -
Major companies operating in the robotic smart motors market are focusing on developing advanced products, such as highly programmable servosystems integrating smart motors to gain a competitive edge in the market. Highly programmable servosystems integrating smart motor systems are capable of precise motion control and automation through integrated intelligence and programmability, which is ideal for robotics, industrial automation, and autonomous vehicles. They enable adaptive and efficient operation in complex environments, enhancing productivity and flexibility in various applications. For instance, in April 2022, Moog Animatics, a US-based manufacturer and integrator of precision motion control components and systems, introduced its new Class 6 D-style SmartMotor, a state-of-the-art addition to its SmartMotor line. This new model extends the power range to 1 kW while maintaining a compact design. Key features include
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