Industrial motors are extensively used in industries like manufacturing, mining, oil & gas and others, to power various machines and equipment that are required for production and related activities. Most commonly used industrial motors include AC motors, DC motors, Hermetic Motors and others. AC motors dominate the industrial motors market due to their ability to operate effectively at variable loads and ease of maintenance. These motors can deliver high starting torque and are preferred for large and constant loads. DC motors are often deployed at places requiring precise speed control and frequent starting and braking. Continuous technological advancements have led to emergence of energy-efficient motors that significantly reduce electricity consumption and operational costs.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for energy-efficient motors remains one of the key drivers propelling growth of the industrial motors market. Stringent regulations regarding energy consumption and carbon emissions have compelled industries to replace obsolete motors with new energy-efficient variants across their facilities. According to the International Energy Agency (IEA), industrial motors consume about 45% of global electricity and offer significant potential for energy savings. Replacing conventional motors with premium efficiency models can help reduce electricity bills substantially. For example, the U.S. Department of Energy estimates that using energy-efficient motors can help lower energy costs by up to 10% on an average.
Another factor fuelling market growth is rapid industrialization in emerging economies like China, India, Brazil and others. Expanding manufacturing sectors in these regions are generating high demand for industrial motors from applications like manufacturing machinery, pumps, HVAC equipment, material handling equipment and others. Ongoing infrastructure development projects also require power transmission and material handling equipment that incorporate various types of industrial motors.
Segment Analysis
The global industrial motors market is dominated by AC motors segment which holds around 70% share of the total market. AC motors are preferred for industrial applications due to their high reliability, robust design and low maintenance. Within AC motors, induction motors account for the largest share owing to their cost effectiveness and simplicity in design compared to synchronous motors.
PEST Analysis
Political: Industry faces strict regulations regarding energy efficiency and emission standards set by governments globally which is driving adoption of high efficiency motors.
Economic: Growth of global economy and manufacturing sector drives demand for industrial motors from industries such as automotive, food processing, oil & gas etc. Rising industrialization in developing countries also boosts the market.
Social: Increasing global population and demand for consumer goods positively impacts the industrial motors market.
Technological: Advancements in motor technologies such as BRUSHLESS DC motors and PERMANENT MAGNET motors are gaining traction. Focus is also increasing on developing energy efficient motors to reduce electricity consumption.
Key Takeaways
The Global Industrial Motors Market Demand size is projected to reach US$ 3551.42 Mn by 2023, registering a CAGR of 4.4% during the forecast period.
Regional analysis indicates that Asia Pacific dominates the market currently owing to strong manufacturing sector led by China, Japan and India. The region is estimated to maintain its dominance in the coming years as well.
Key players operating in the industrial motors market are BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd. These players focus on new product launches, collaborations and capacity expansion strategies to strengthen their position. BASF SE for example has a wide product portfolio and global presence serving industries such as construction, automotive and equipment manufacturing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it