The global smart motors market size was US$ 2,354.9 million in 2021. The global smart motors market is forecast to grow to US$ 4,465.7 million by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030. 
Smart Motors are electric motors having frequent onboard batteries. Its wireless or digital communications capabilities enable adaptive behaviour based on sensor inputs. To enhance the operational efficacy of motors, intelligent motor controls, and advanced communication capabilities can be coupled with them. Smart motors excel in saving downtime by enabling predictive machine diagnostics.

Factors Influencing the Market
The growing trend of industrial automation is forecast to offer lucrative growth opportunities for the smart motors market during the forecast period. Apart from that, the increasing transformation to Industry 4.0 will be opportunistic for the industry players to bring more advances in terms of efficiency and productivity. 
Future business operations are anticipated to change due to the network's connection to the manufacturing process and the increase in production efficiency brought by automation.
High costs associated with labor and intense competition among industries will prompt companies to switch from manual labor to automated solutions. As automation advances, this would present prospects for smart motors. 
Governments all over the world have implemented a variety of regulations in favor of automation to increase energy efficiency while also considerably lowering costs incurred. As a result, it will contribute to the growth of the global smart motors market during the study period. 
On the flip side, high switching costs may act as a significant restraint in the market growth during the forecast period.

COVID-19 Impact Analysis
Amid the COVID-19 pandemic, the end-use industries of smart motors, such as automotive, mining, oil and gas, industrial, wastewater treatments, etc., recorded a sharp drop in the growth graph. As a result, it also affected the smart motors market. The industries had to temporarily shut their doors due to manufacturing disruptions and a shortage of laborers. Moreover, the demand for end-users also declined, which hampered the growth of the smart motors market. However, the COVID-19 pandemic has opened doors of opportunity for the smart motors market as companies are significantly switching to automation. Thus, it will benefit the smart motors market even in the coming years.

Regional Analysis
Based on the region, the Asia-Pacific smart motors market is forecast to record the highest growth, owing to the growing adoption of automation across the region. Apart from that, the rising demand for low-voltage electrical equipment will bring lucrative growth opportunities for the smart motors market. 
North America is estimated to be the fastest-growing region due to rising innovation. For instance, Voith Turbo developed VoreconNX in 2019. The technology uses adjustable pump guide vanes in the torque converter, which can efficiently improve part-load efficiency by up to 8 %. Thus. it will benefit the smart motors market during the study period.

Competitors in the Market
• Siemens AG
• ABB Ltd
• Schaeffler AG
• Sick AG
• Technosoft SA
• Moog Inc.
• Dunkermotoren GmbH
• Augury Inc.
• Other Prominent Players

Market Segmentation
The global smart motors market segmentation focuses on Component, Application, and Region. 
By Component Outlook 
• Variable Speed Drive
• Intelligent Motor Control Center
• Motor
By Application Outlook
• Industrial
• Commercial
• Automotive
• Aerospace and Defense
• Oil and Gas
• Metal and Mining
• Water and Wastewater Treatment
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America