Industrial Motors Market Size, Share, Trends, and Forecast 2022-2027
IMARC Group has recently released a new research study “Industrial Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Industrial Motors Industry?
The global industrial motors market size reached US$ 21.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 28.45 Billion on by 2027, exhibiting a growth rate (CAGR) of 4.80% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is a Industrial Motors Market?
An industrial motor relies on direct current (DC) sources like batteries and alternating current (AC) resources such as power grids, inverters, and power generators to convert electrical energy into mechanical energy. It is used in pumps, conveyors, turbines, blowers, compressors, turbines, movers, and industrial fans. It is available in high, medium, and low voltage types and provides various benefits, such as durability, enhanced operational efficiency, reduced maintenance cost, longer lifespan, high tolerance for fluctuating voltages, and low energy consumption. Owing to these benefits, industrial motors are utilized in mining and metals, chemicals, oil and gas manufacturing, and the food and beverage (F&B) industry across the globe.
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What are the major market drivers in the Industrial Motors Market?
The market is primarily driven by the growing application of industrial motors across various industrial verticals such as petrochemicals, packaging, logistics systems, water and wastewater management, and power generation industries. In addition, the escalating demand for electric motors in industrial processes and auxiliary systems such as ventilation, water pumping, and compressed air generation is contributing to the market growth.
Moreover, various improvements in the energy and utility sector, the expanding industrial internet of things (IIoT), and the emergence of industry 4.0 to reduce energy consumption, lower carbon dioxide (CO2) emissions, and ensure reliable power supply represents other major growth-inducing factors. Besides this, extensive research and development (R&D) activities conducted by key players to launch advanced industrial motors are also accelerating the product adoption rate. Furthermore, the increasing investment by governments of numerous countries for smart manufacturing projects and the surging need for water recycling owing to the depletion of water resources are providing a positive thrust to the global market.
Who are The Major Players in Industrial Motors Market?
ABB Ltd., Brook Crompton, Hitachi Ltd., Johnson Electric Holdings Limited, Menzel Elektromotoren GmbH, Nidec Corporation, Regal Rexnord Corporation, Rockwell Automation Inc., Siemens AG and Toshiba Corporation.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type of Motor:
- Alternating Current (AC) Motor
- Direct Current (DC) Motor
- Others
Breakup by Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Breakup by End User:
- Oil and Gas
- Power Generation
- Mining and Metals
- Water and Wastewater Management
- Chemicals and Petrochemicals
- Discrete Manufacturing
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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