SAN FRANCISCO, July 4, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled Smart Motors – Global Market Trajectory & Analytics. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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What’s New for 2022?
Global competitiveness and key competitor percentage market shares
Market presence across multiple geography – Strong/Active/Niche/Trivial
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Edition: 9; Released: January 2022
Executive Pool: 18193
Companies: 16 – Players covered include ABB Group; Fuji Electric Co., Ltd.; General Electric Company; Moog Animations; Roboteq Inc.; RobotShop inc.; Rockwell Automation, Inc.; Schneider Electric SA; Siemens AG; Technosoft SA and Others.
Coverage: All major geography and key segments
Segments: Application (Industrial, Commercial, Automotive, Consumer Electronics, Aerospace & Defense, Other Applications); Component (Variable Speed Drive, Motor Control Center, Motor)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of the World.
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Global Smart Motors Market to Reach $1.7 Billion by 2026
Amid the COVID-19 crisis, the global market for Smart Motors estimated at US$1.3 Billionis projected to reach a revised size of US$1.7 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Variable Speed Drive, one of the segments analyzed in the report, is projected to record a 5.4% CAGR and reach US$752.7 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Motor Control Center segment is readjusted to a revised 4.6% CAGR for the next 7-year period.
The US Market is Estimated at $408 Million in 2021, While China is Forecast to Reach $306.9 Million by 2026
The Smart Motors market in the US is estimated at US$408 Million in the year 2021. Chinathe world`s second largest economy, is forecast to reach a projected market size of US$306.9 Million by the year 2026 trailing a CAGR of 4.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
Motor Segment to Reach US$494.9 Million by the year 2026
In the global Motor segment, USA, Canada, Japan, China and Europe will drive the 4.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$305.9 Million will reach a projected size of US$411.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.