The Industrial Motors Market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial motors are electromechanical devices that convert electrical energy into mechanical energy. They are an integral part of industrial machinery and find widespread application across various industries like oil & gas, mining, manufacturing, chemicals, pulp & paper and others. Key industrial motor types include AC motors, DC motors, hermetic motors and pneumatic motors. AC motors dominate the market due to their versatility, robustness and efficiency.
Market Dynamics:
Rising investments in industrial automation and growing focus on energy efficiency are the primary drivers propelling the growth of industrial motors market. Robotic automation and integration of IoT-connected devices in industries has increased the demand for more efficient and smarter motors. Adoption of customized and sensor-integrated motor systems has improved production quality and reduced operational costs. Stringent government regulations regarding the use of high-efficiency motors are further complimenting the market growth. For instance, the EN 50598 standard in European Union mandates the use of premium efficiency IE3 motors. Such initiatives are compelling industries to replace conventional motors with high-performance models.
Segment Analysis
The industrial motors market is dominated by AC motors segment which holds around 60% share of the overall market. AC motors are versatile and are commonly used for various industrial applications such as assembly lines, conveyors, centrifuges etc. due to their precise control and ability to operate over a wide range of speeds. Within AC motors, variable frequency drives integrated motors segment is growing at a fast pace owing to their energy efficiency and precise speed control benefits.
PEST Analysis
Political: Developing economies are witnessing growth in industries such as manufacturing, automotive etc. which is positively impacting the demand for energy efficient industrial motors for high performing machinery.
Economic: Increasing investments in infrastructure development and scaling of manufacturing plants as a result of industrialization is fueling the demand for industrial motors.
Social: Adoption of automation by industries to enhance productivity is driving the use of industrial motors for automated machineries.
Technological: Advancements in technologies like permanent magnet, electronic components and digitalization are leading to more efficient and smart industrial motors.
Key Takeaways
The Global Industrial Motors Market Growth is expected to witness high, exhibiting CAGR of 3.5% over the forecast period, due to increasing investments in industrial infrastructure development and automation.
Regional analysis Asia Pacific region holds the major share of around 40% of the global industrial motors market led by China, Japan and India. China dominates the market due to presence of large manufacturing sector in the country.
Key players operating in the industrial motors market are Menzel Elektromotoren GmbH, General Electric Company, ATB Austria Antriebstechnik AG, ABB Ltd., Fuji Electric Co. Ltd., Allen-Bradly Co. LLC , Franklin Electric Co. Inc., Siemens AG, Maxon Motor AG, Amtek Inc., Nidec Corporation, Arc Systems Inc., Toshiba International Corporation, Johnson Electric Holdings Limited, and Emerson Electric Co. Key players are focused on development of innovative and high efficient motor solutions to gain a competitive edge in the market
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
