Industrial motors find widespread applications in various manufacturing industries such as cement, mining, automotive, oil & gas, etc. for driving different machinery and equipment. They are used to convert electrical energy into mechanical energy and aid in operations like mixing, compressing, conveying, extruding, etc. Industrial motors provide high starting torque, reliability and efficiency. Commonly used industrial motors include AC motors, DC motors, servo motors and stepper motors. The global industrial motors market witnesses high demand due to rapid industrialization around the world. Industrial motors power various applications in industries and the need for energy-efficient motors with enhanced performance attributes is continuously growing.
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 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the industrial motors market is the increasing focus on energy-efficient and premium-efficient industrial motors. Strict regulations pertaining to energy conservation are propelling manufacturers to develop motors with greater efficiency. For instance, the U.S. Department of Energy issued the “Energy Conservation Program for Certain Commercial and Industrial Equipment: Energy Conservation Standards for Electric Motors” which set minimum nominal full load efficiency levels. Industrial entities focus on adopting energy-efficient motors to reduce operating costs. Furthermore, the adoption of IoT and predictive maintenance is gaining traction in the industrial motors market. IoT-enabled motors facilitate remote monitoring of vital parameters to track the asset health and predict maintenance needs in advance. This helps optimize maintenance cycles and reduces downtime. Predictive maintenance enables condition-based monitoring and prevents unexpected equipment failures.
Threat of new entrants: New entrants face high production costs to manufacture industrial motors. Established players enjoy economies of scale and customer loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, quality and performance needs keep buyer options limited.
Bargaining power of suppliers: A few large suppliers exist for raw materials like copper and steel used in motor manufacturing. This concentrates supplier bargaining power.
Threat of new substitutes: No major substitute exists for industrial motors currently. Alternate technologies require huge R&D investments before gaining traction.
Competitive rivalry: The industrial motors market is fragmented with the presence of several global and regional vendors. Competition is based on product quality, reliability, pricing and innovation.
The Global Industrial Motors Market Size is expected to witness high growth.
Regional analysis: North America dominates the global market currently due to high industrial automation adoption across factories. Asia Pacific is expected to witness the fastest growth owing to rising manufacturing activities in China and India. Countries like Japan and South Korea are also major industrial motor markets in the region.
Key players: 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 (Rockwell Automation Inc.), 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. The market is highly competitive with most key players focusing on new product launches and expansions to increase their market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it