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Global Industrial Motor Market size is expected to reach $33 billion by 2030, growing at a CAGR of 5.1% during the forecast period from 2023 to 2030. Globally, increasing demand for industrial motors in the Automotive and Oil & Gas industries is set to drive the Industrial Motor Market during the forecast period. Increasing investments for the expansion of oil and gas production across the world owing to the rising energy demands also triggers the growth of the market, finds IndustryARC in its recent report, titled Industrial Motors Market – By By Voltage (Low Voltage, Medium Voltage, High Voltage), By Efficiency (IE1, IE2, IE3, IE4), By Product Category (Permanent Magnet, Non-Permanent Magnet), By End User Application (Oil and Gas, Aerospace, Automotive, HVAC, Paper & Pulp, Food & Beverage, Textile, Transportation, Power Generation, Agriculture, Chemicals, Industrial Machinery, Plastics & Packaging, Industrial Automation, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030
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Asia Pacific to Register Highest Growth:
Asia Pacific region is analyzed to grow with the highest CAGR 5.1% in the global Industrial motors market during the forecast period 2023-2030. Themarket for industrial motors is in Asia-Pacific. The market is likely to see demand for industrial motors due to the Chinese Oil Ministry’s announcement in October 2019 on the spending of USD 118 billion in the oil and gas exploration sector and the establishment of natural gas infrastructure in China over the next few years. Smart manufacturing initiatives are also anticipated to drive the adoption of industrial motors, after a number of years. Consequently, Asia-Pacific industrial motor demand is anticipated to increase. In addition, one of the core sectors of the Chinese economy, manufacturing, is changing quickly. The nation now occupies a leadership position in the market as a result of this extensive makeover. Over the past 20 years, the government has developed its capacity, moving from making inexpensive items to generating more sophisticated ones.
Industrial Motors Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
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CAGR |
5.1% |
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Market Size in 2030 |
$33 Billion |
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Segments Covered |
By Product Type, Power Rating, Voltage, Efficiency, Product Category, End User Application, and Region |
|
Geographies Covered |
North America (U.S., Canada and Others) Europe (U.K, Germany, Italy, France, Spain, Netherlands, Belgium, Russia, Poland, Czechia, Sweden and Rest of Europe), Asia-Pacific, South America, Rest of the World |
|
Key Market Players |
ABB Ltd Siemens AG Schneider Electric SE General Electric Company (Woolong) WEG S.A. Nidec Corporation Toshiba Corporation Regal Beloit Corporation Rockwell Automation, Inc. Eaton Corporation plc |
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Industrial Motors Market Report – Key Takeaways:
Ac Motor Segment to Register Highest Growth
Ac Motor segment is analyzed to grow with the highest CAGR of 6.2 during the forecast period. Ac Motor can be incorporated into the Induction Motor, Synchronous Moto, Servo Motor, Stepper Motor. The growth of the industrial AC motors market is influenced by technological advancements, the need for energy-efficient solutions, and the expanding industrial sector. In Addition, the expansion of various industries, such as automotive, oil and gas, construction, and manufacturing, contributes to the increased demand for AC motors to power different machines and equipment.
Asia Pacific is Leading the Market
Asia Pacific region held a major market share . The region is home to some of the world’s largest industrial motor manufacturers, such as Toshiba Corporation, Johnson Electric, all of which have a significant presence in the Industrial Motors market. Additionally, one of the core sectors of the Chinese economy, manufacturing, is changing quickly. The nation now occupies a leadership position in the market as a result of this extensive makeover. Over the past 20 years, the government has developed its capacity, moving from making inexpensive items to generating more sophisticated ones, focused on expanding their presence and sales in the Asia Pacific market through various strategies.
For instance, the market for industrial motors is primarily driven by the increased attention on industry 4.0. In certain places, industrial automation pushes the manufacturing sector towards higher productivity in anticipation of increasing demand. The millions of electrical motors installed worldwide, according to Industrial Energy Accelerator, use up to 70% of all the electrical energy used by various businesses. Almost all industries depend heavily on motors to power both the main industrial processes and auxiliary systems such compressed air generation, ventilation, and water pumping.
Growth of Chemicals & Petrochemicals Industries Leading to the Adoption of Industrial Motors is Analyzed to Drive the Market Growth in the Forecast Period
Growing demand for industrial motors in chemical & petrochemical industries is set to be one of the major factors analyzed to drive the market during the forecast period. The Chemical & Petrochemical Industries have transformed tremendously by evolving several new technologies for processing chemicals along with automating these processes. The industries face the challenge of expanding the market and maximizing profit, resulting in increased automation, particularly in process automation, driving demand for industrial motors.Moreover, induction motors are the major type of industrial motors that are used in a wide variety of applications such as pumps, Compressors, Fans and blowers, centrifuges machines, and mixers in the chemical industry. The demand for pumps, compressors, fans and blowers, centrifuges machines, and mixers in these industries is always high, owing to usage in handling toxic and aggressive acids, as well as highly flammable and explosive liquid. For instance, the chemical industry is a major sector that contributes to Spain’s GDP. In 2020, Spain’s chemical sector accounted for 5.5% of its national gross domestic product (GDP) and 13.4% of the industrial GDP. The total revenue of the chemical sector was 64.519 billion euros, from which 36.57 billion were exported in 2020.
Growing Shift Towards Smart Motors is a Key Driver Enhancing the Growth of the Market
Industrial motor business has increased significantly in recent years. The design and application of conventional motors have undergone significant modification as smart technology becomes more prevalent. Thus, the factor is promoting market expansion. Industrial motors are becoming smarter and more adaptable due to computer technology as a result of ongoing technological breakthroughs.Smart machinery is replacing traditional machinery as a result of the industrial Internet of Things (IIoT), which provides a higher return on investment than conventional motors. This feature promotes the adoption of intelligent motors.Manufacturers are now able to develop smart motors with lower energy consumption, more efficiency, and lower costs due to advancements in technology. Smart motor manufacturers claim that energy use can be cut by 40%. This factor is leading to an increase in the demand for industrial motors.For instance, Siemens low-voltage motors now use smart motor technology. A smart box with integrated sensors, a WiFi connection module, and a power supply installed on top of the motor were all included. This can be linked to Mindsphere to provide a free cloud connection.
High cost of raw materials to manufacture industrial motors can hamper the
High cost of raw materials to manufacture industrial motors can act as a major challenge restraining the growth of Industrial Motor Market. The cost of raw materials such as metals which includes steel, aluminum and insulation materials are quite expensive. Moreover, these industrial motors consume more electricity which results ina rise in cost per unit. Furthermore, the availability of low-quality industrial motors is another factor that can hamper market growth. Leading industrial motor manufacturing companies are facing intense competition from local motor manufacturers supplying inexpensive and low-quality AC and DC Motors to tap local markets, thus competing strongly with the global suppliers in the respective markets. Owing to these factors, use of energy efficient industrial motor will be significantly impacted, thus hampering its market growth.
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Key Opportunity Analysis:
The demand for electric motors will rise as new robotics technology is developed
Future participants in the electric motors market should have a number of chances thanks to the rapidly developing field of robotics. Robots are widely utilized in industries for routine, easy jobs as well as in dangerous settings that need direct contact with radioactive and explosive chemicals. Assembler work, space research, military services, warehouse distribution, medical help, mine clearing, underwater exploration, duct cleaning, and commercialized agricultural activities are only a few of the specific jobs that this technology is utilized for. Both industrial and portable robots employ electric motors to drive their wheels, tracks, legs, sensor turrets, and armament systems. These motors include brushless DC motors, AC motors, and stepping motors. For instance, The International Federation of Robotics (IFR) predicts that 1.7 million new robots will revolutionize the world’s workplaces by the end of 2020. As a result, there will be a rise in the need for robotic electric motors.
IE4 Efficiency Low Voltage Motors are in high supply opportunities.
IE4 Efficiency Low Voltage Motors It is anticipated that by 2050, the world’s electricity consumption has likely doubled. Policymakers were anticipated to cut their nation’s CO2 emissions in half at approximately the same period to help combat climate change. Around 40% of all energy used worldwide is from electric motors. The use of energy by industries, which account for a further significant portion of global energy consumption, typically accounts for 65 to 80 percent of the electricity consumed in industrial facilities. An energy-efficient motor is therefore predicted to establish a trend in the industrial motors market throughout the course of the forecast period. It was planned to start in 2017 and continue throughout the forecast period for Europe to switch from IE2 or IE3 motors to IE4 motors. Additionally, a VFD that has ratings comparable to IE3 has been installed in order to achieve the efficiency threshold.
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The Report also Covers the Following Areas:
Industrial Motors Market 2023-2030: Key Highlights
Covid andUkrainian Crisis Impact:
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The Global Industrial Motors Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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