Global Smart Motor Protector Market 2023-2030

Global Smart Motor Protector Market 2023-2030

Global Smart Motor Protector Market Size, Share & Trends Analysis Report by Configuration (Low Powered and High Powered), by Voltage (Less Than 1000V, 1001V to 3000V and More than 3001V), and by End-User (Chemical Industry, Power Plant, Pump Station, Mining Industry, Metallurgical Industry and Others), Forecast Period (2023-2030)

The global smart motor protector market is anticipated to grow at a CAGR of 12.3% during the forecast period (2023-2030).Smart motor protector is used for 660V low-voltage motor circuits with protection, measurement, control, communication, operation and maintenance functions, and can realize multiple starting schemes to ensure the safe operation of the motor. The growing adoption of new technologies that target motor performance has a direct impact on energy management, commissioning time and maintenance costs is the key factor supporting the growth of the market globally.Industrial factories use various kinds of motors, whereby the conditions of motors are confirmed on a daily basis to ensure safe and stable operations at respective sites. Hence, the market players are also focusing on introducing smart motor protector solutions that further bolster the market growth. For instance, in May 2022, TMEIC Asia Pte. Ltd. (hereinafter, ""TMEIC Asia"") launched the Smart Motor Sensor ""TMASMS,"" that is an artificial intelligence (AI) based, high-performance predictive maintenance platform for electric motors.

Segmental Outlook

The global smart motor protector market is segmented on the configuration, voltage, and end-user. Based on the configuration, the market is sub-segmented into low-powered and high-powered. Based on the voltage, the market is sub-segmented into less than 1000v, 1001v to 3000v and more than 3001v. Further, on the basis of end-users, the market is sub-segmented into the chemical industry, power plant, pump station, mining industry, metallurgical industry and others (paper and pulp).Among the voltage, the less than 1000v sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of 3-phase motors that prioritize efficiency in 230V and 460V models while the single-phase motors can be found in 115V and 230V operating voltages that extensively used in domestic and industrial appliances.

The Power Plant Sub-Segment is Anticipated to Hold a Considerable Share of the Global Smart Motor Protector Market

Among the end-users, the power plant sub-segment is expected to hold a considerable share of the global smart motor protector market. The segmental growth is attributed to the growing influence of the electrical motor in power plants. Smart motor protects against motor burnout during an overload or locked rotor and offers a wide range of specifications to meet various needs, including protection against overload and phase loss, time lag, quick connect, and others. Motor failure in such units result in frequent fluctuations in line voltage or overloading of the motor can affect the operations hugely. Other factors like mechanical wear and tear or low maintenance may also result in motor inefficiency or even burn the motor that may incur large repair costs. For instance, in October 2020, Elmeasure India Pvt. Ltd., an Indian manufacturer of smart meters and electrical instruments launched a Motor Protection System (MPS) by the model name MPS 8000. This system provides protection to industrial heavy motors by monitoring various parameters of motor usage.

Regional Outlook

The global smart motor protector market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the increasing demand for energy-efficient solutions in various applications such as power plants, pump stations and the mining industry. The market players include Baldor Electric Co., Franklin Electric Co. Inc., Honeywell International Inc., Rockwell Automation Inc., Marathon Electric and others.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Smart Motor Protector Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to huge customers and untapped potential, coupled with the rising production of electric vehicles and smart manufacturing units. This, in turn, has resulted in increased usage of intelligent machines in pumps, compressors, and related industrial equipment to optimize energy performance. An increase in demand for energy efficiency and superior machine control of pumps drive the adoption of smart motors in pumps. However, the increase in the adoption of smart motor protectors in material handling, process equipment, conveyor belts, and machinery among others has gained traction in the past few years.

The increase in the need to improve the efficiency of manufacturing plants through superior smart motors application and integration of smart manufacturing practices are the major factors driving the growth of the industrial smart motors protector market in this region. Various technological advancements, such as the integration of connected devices with the Industrial Internet of Things (IoT) and artificial intelligence solutions, are acting as other growth-inducing factors.

Market Players Outlook

The major companies serving the smart motor protector market include ABB Ltd., Eaton Corp. Inc., Fuji Electric Co., Ltd., Moog Inc., Rockwell Automation Inc., Siemens AG and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2023, Servotech Power Systems Ltd. announced a partnership with Dubai's Al Ansari Motors LLC, in motor vehicles and accessories trading, to offer EV charging solutions to Middle Eastern and African markets. This partnership represents a significant step in the company's target of constantly developing to meet the evolving need for smart and sustainable energy solutions.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global smart motor protector market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.