Industrial motors find applications across a wide array of industries including oil & gas, mining, chemicals, pulp & paper, food processing, and automotive. Some key uses of industrial motors include powering machinery in factories, irrigation equipment in agriculture, conveyers in warehouses, and HVAC equipment. These motors help perform various tasks effectively and efficiently in industrial operations. The global industrial motors market is expected to grow significantly over the next decade owing to rapid industrialization and growing manufacturing output across developing regions.
The global Industrial Motors Market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing manufacturing sector output in countries such as China, India, Indonesia, and Mexico is augmenting the demand for industrial motors from factories. Furthermore, rising worldwide investments in process industries such as chemical, oil & gas, mining, and energy & power generation are also fueling the market growth. Industrial motors play a crucial role in plants and machinery used in these industries.
With rapid industrialization trends and increasing manufacturing activities around the world, especially in emerging economies, the demand for industrial motors is expected to flourish considerably over the coming years. Meanwhile, the development of energy-efficient motors complying with new energy efficiency standards will present attractive opportunities for industrial motors market players.
Segment Analysis
The Industrial Motors market is dominated by large, high-torque motors used in sectors like oil & gas, mining and transport. These heavy-duty motors account for over 35% of the market and find wide application in lifting equipment, conveyors, cranes and other industrial machinery. An emerging segment is energy efficient motors which are growing in demand due to stringent regulations on power consumption. These premium efficiency motors offer savings on energy costs and have longer operational lives, contributing to their rising popularity globally.
PEST Analysis
Political: Energy efficiency standards set by governments have pushed manufacturers to optimize motor designs. Subsidies in few regions promote replacement of older motors with new energy efficient models.
Economic: Growth of process industries like cement, steel drives demand for large capacity motors required in production lines. Rising industrialization in developing nations boosts investments in new industrial facilities.
Social: Safety and environment awareness have increased focus on equipment powered by less noisy, vibration-free motors. This has spurred adoption of inverter controlled motors.
Technological: Advances in permanent magnet and induction motor designs have enhanced efficiency levels. Wide availability of digital drives has promoted use of variable speed motors for optimized operations.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth led by rising investments in industrial capacities across economies. The global industrial motors market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region is the fastest growing as well as the dominating region in the Industrial motors market. The large manufacturing sector and ongoing industrial upgrades in major economies like China and India are driving the demand. According to various forecast estimates, the region is likely to maintain its leading position throughout the forecast period.
Key players related content
Key players operating in the Industrial Motors market are Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab. Celanese Corporation and Eastman Chemical are the leading market players due to their wide product portfolio and global distribution network.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
