Industrial automation equipment

Global Digital Motor Management Market

October 8, 2021
ID: SR/IAE-09
Format:Pdf
Pages:220

Global Digital Motor Management Market By Type (Asynchronous motors, Synchronous motors), By Product & Service (Hardware & Software, Solution & Services), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.

Description

Digital Motor Management Market Overview

The digital motor management market size was valued at USD 3.85 Billion in 2020 and projected to reach USD 5.81 Billion by 2027, growing at a CAGR of 6.08% during the forecast period, 2020-2027.

Growing focus on advancing the efficiency of motor-driven equipment. This, in turn, is anticipated to contribute to the digital motor management market growth in the forecast period.

Moreover, increasing environmental regulations and a rise in demand for enhanced power productivity propel the growth of the global digital motor management market in the upcoming years.

Additionally, factors such as rising adoption of industrial automation, technological advancement and modernization in management techniques and increased equipment efficiency are anticipated to drive the global growth of the digital motor management market.

What is Digital Motor Management?

Digital motor management is organizing the machinery and motors to protect, control, manage and maintain them. The process of technology incorporates the hardware of motors with modernized and advanced digital software solutions making it reasonable and manageable through these systems.

Growth Driver

Technological advancement is anticipated to boost Digital Motor Management market growth.

The digital motor management market is projected to grow in the forecast period due to technological advancement across the globe. Technological advancement and modernization in management techniques of motor management will fuel the growth of the global digital motor management in the industrial space.

The surge in demand for Digital Motor Management in the automotive sector

The motor management market for automatic control purposes held the biggest market size in 2020. The high efficiency of asynchronous motors fuels the digital motor management market growth. The automated functionality of motors with microcontrollers is furnished with InstaSPIN, EnerVista Software and SynRM software. This will propel the growth of the global digital motor management market in the forecast period.

However, the major factors restraining the growth of the global digital motor management market are the lack of awareness regarding motor management, increasing dominance of conventional motor management and controllers.

Pre Covid-19 impact

Factors such as growing demand for smart and multifunctional integrated motor control and advancements in technology drive the market growth for digital motor management. Additionally, rising global urbanization and increasing demand for enhanced power productivity had created several opportunities for the digital motor management market in the Pre-covid era.

Covid-19 impact

Coronavirus disease (COVID-19) is a global public health disease that has brought serious social, medical and economic challenges in every industry. The World Health Organization has declared COVID-19 a public health emergency. The spread of COVID-19 is generating an enormous disruption in the everyday activities of people. As coronavirus crises took over the world and led to curfews and lockdown, which impacted many businesses worldwide, countries across the globe are trying to prevent further contagion by adopting various measures such as social distancing, testing, quarantine, and many others.

Post Covid-19 impact

Since the COVID-19 virus outbreak in December 2019, it resulted in a decrease in the demand for the digital motor management market across several sectors as coronavirus crises took over the world and led to curfews and lockdown, which impacted a lot of businesses worldwide, which directly affected the production and demand for digital motor management systems. This creates many opportunities for new and small-scale players to mark their presence in the regional market and offer low-cost prices and high-quality products to the end-users. Therefore, with the outbreak of the COVID-19, the market will grow at a low rate for digital motor management systems across the globe, which has negatively impacted the digital motor management market value in 2020 and subsequent years.

Type Segmental Analysis

Based on the type, the digital motor management market is segregated into asynchronous motors and synchronous motors.

The asynchronous motors segment is estimated to have the highest market share in the type segment for the digital motor management market due to the factors such as easy and simple maintenance, performance efficiency and low cost.

Product & Service Segmental Analysis

The digital motor management market is categorized into hardware & software and solution & service based on product & service.

The software and solution segment held a significant market share in 2019 for the digital motor management market. The segment’s growth focuses on the advantages of software and solutions such as reduced time, lower cost, scalability, and integration.

However, the hardware and software segment is projected to grow with a higher CAGR throughout the digital motor management market forecast period.

Region Segmental Analysis

The digital motor management market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America is estimated to project considerable growth over 2020-2026. It is due to the growing demand for reducing unplanned industrial downtime and technological advancement in the region.

The Asia Pacific will have a prominent share in the digital motor management market by 2027, owing to increasing automation in several region-industry industries.

Competitor Analysis

Companies include General Electric, ABB Ltd., Eaton Corporation, Mitsubishi Electric Corporation, Siemens, Renesas Electronics Corporation, Rockwell Automation, Inc., Hitachi, Ltd., Analog Devices, Inc., and Schneider Electric key players in the global digital motor management market.

Key Stakeholders

Market research and consulting firms
Motor control center manufacturers, dealers, and suppliers
Investors
Architects and Engineers
Process industries and power industry associations
Research organizations and consulting companies
Petroleum companies
Technology providers
Regulatory bodies

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 3.85 Billion
The revenue forecast in 2027	USD 5.81 Billion
Growth Rate	CAGR of 6.08% from 2020 to 2027
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	General Electric, ABB Ltd., Eaton Corporation, Mitsubishi Electric Corporation, Siemens, Renesas Electronics Corporation, Rockwell Automation, Inc., Hitachi, Ltd., Analog Devices, Inc., Schneider Electric

Market Modelling

By Type

Asynchronous motors
Synchronous motors

By Product & Service

Hardware & Software
Solution Services

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is digital motor management?

Digital motor management is organizing the machinery and motors to protect, control, manage and maintain them.

What is the growth rate of the digital motor management market?

The digital motor management market size was valued at USD 3.85 Billion in 2020 and projected to reach USD 5.81 Billion by 2027, growing at a CAGR of 6.08% during the forecast period, 2020-2027.

What are the drivers for the digital motor management market?

The major drivers for the digital motor management market are increasing environmental regulations, rising adoption of industrial automation and technological advancement and modernization in management techniques.

Which region is expected to have the highest share in the digital motor management market?

North America is expected to project considerable growth over 2020-2026 due to the growing demand for reducing unplanned industrial downtime and technological advancement in the region.

Who are the key players in the digital motor management market?

General Electric, ABB Ltd., Eaton Corporation, Mitsubishi Electric Corporation, Siemens, Renesas Electronics Corporation, Rockwell Automation, Inc., Hitachi, Ltd., Analog Devices, Inc., Schneider Electric are the key players in the global digital motor management market.

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Global Digital Motor Management Market