Industrial Motor Market

Global Industrial Motors Market Size (2024 to 2029)

The global industrial motors market size is expected to be worth USD 898.33 million by 2029 from USD 742.6 million in 2024, growing at a CAGR of 3.88% from 2024 to 2029.

An industrial motor is an electric motor that is used in industrial settings, where robust performance is essential. Specifically engineered to do heavy-duty applications, these motors convert electrical energy into mechanical motion. It is found in manufacturing and processing environments, where the power of diverse machinery like conveyor systems, pumps, compressors, and fans is crucial to industrial operations. Induction motors, synchronous motors, and direct current (DC) motors are the common types, each suited for specific tasks.

Global Industrial Motor Market Drivers:

The growth of the global industrial motor market is majorly driven by the adoption of automation in industries. As automation becomes highly essential to manufacturing processes, the demand for industrial motors has risen. These motors play a very important role in powering automated machinery and processes, also enhancing its operational efficiency and overall productivity. However, the imperative for precision, reliability, and energy efficiency in automated systems has further helped in the market's expansion. As a result, with ongoing advancements in motor technologies and a global trend toward industrialization, the industrial motor market is poised for sustained growth, catering to the evolving needs of modern, automated industries.

The energy efficiency regulations are further promoting the growth of the global industrial motors market. With a growing emphasis on sustainable practices, industries worldwide are prioritizing the adoption of energy-efficient motors. This shift in has regulatory landscape, marked by stringent standards, compels industries to upgrade their motor systems with energy efficiency requirements. However, these energy-efficient motors not only align with environmental goals but also offer good economic benefits through reduced energy consumption and operating expenses.  As a result, industries recognize the dual advantage of cost savings and environmental responsibility, and the market for energy-efficient industrial motors continues to expand.

The industrial motor market is undergoing a transformative opportunity that is the integration of Industry 4.0 technologies. The convergence of the IoT and artificial intelligence has covered the way for smart and connected industrial motors. These intelligent motors serve as data-centric assets by providing real-time insights for predictive maintenance and rising operational efficiency. By leveraging advanced sensors and connectivity features, these motors enable bold identification of potential issues, reducing downtime and enhancing overall reliability.

Global Industrial Motor Market Restraints

High initial costs are a pivotal restraint for the downfall of the market's growth. The substantial investment required for acquiring and implementing these cutting-edge systems can be an obstacle, especially for smaller enterprises operating on high budgets. While these advanced motors promise for long-term energy savings and operational efficiencies, the initial financial burden may affect the widespread adoption. However, overcoming this hurdle necessitates strategic measures such as programs, subsidies, or financing options to make energy-efficient motor technologies more accessible to a broader range of industries.

The industrial motor market confronts a noteworthy challenge in the form of limited awareness and education. Some businesses may not fully grasp how these technologies can profoundly enhance their operational efficiency and reduce long-term costs. Bridging this knowledge gap is most important for the broader adoption of energy-efficient motors. However, initiatives focused on education and awareness, including seminars, industry conferences, and targeted marketing campaigns, are essential. Therefore, collaborative efforts between manufacturers, industry associations, and regulatory bodies can play a pivotal role in diffusing information about the economic and environmental advantages of energy-efficient motors.

Impact of COVID-19 on the global industrial motor market:

The COVID-19 pandemic has posed both demerit and merit in the industrial motor market. As, there is continuous disruptions in global supply chains, workforce shortages, and restrictions on movement have resulted in delays in manufacturing processes and increased lead times for industrial motors. The economic downturn caused by the pandemic has led to reduced industrial activities and is impacting the overall demand for industrial motors. But on the positive side, the pandemic has accelerated certain trends within the industrial motor market. The need for automation and remote monitoring, driven by social distancing measures and lockdowns, has increased the demand for smart and connected industrial motors. However, industries are increasingly recognizing the value of adopting digital technologies for its maintenance, and overall efficiency.

REPORT COVERAGE:

This research report on the global industrial motors market has been segmented and sub-segmented based on efficiency, application, motor type, end-use and region.

Global Industrial Motors Market - By Efficiency:

• IE1
• IE2
• IE3
• IE4
• DC
• Others

Global Industrial Motors Market - By Application:

• Compressors
• Pumps & Fans
• Conveyors
• Crushers
• Extruders
• Others

Global Industrial Motors Market - By Motor Type:

• DC Brushed Motor
• DC Brushless Motor
• Stepper Motor
• Traction Motor

Global Industrial Motors Market - By End-Use:

• Commercial HVAC
• F & B Manufacturing
• Mining
• Utilities
• Others

Global Industrial Motors Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Asia-Pacific stands as a powerhouse for the Industrial Motor Market growth. Due to the rapid industrialization, extensive manufacturing activities, and infrastructure development in countries contribute to the dominance of this region. The demand for industrial motors in sectors such as automotive, electronics, and heavy machinery is particularly high.

North America is the second significant player in the industrial motor market. The region is characterized by advanced manufacturing industries, technological innovation, and a focus on energy efficiency.

Europe has a well-established industrial base, and the demand for industrial motors is robust across various sectors, including manufacturing, automotive, and renewable energy. The region places a strong emphasis on energy efficiency and sustainability, driving the adoption of advanced motor technologies.

Latin America also exhibits a growing demand for industrial motors, driven by infrastructure projects, mining activities, and manufacturing.

The Middle East and Africa region is propelled by investments in infrastructure, oil and gas projects, and mining activities. The region's industrial motor market is influenced by the energy sector and ongoing development projects.

KEY MARKET PLAYERS:

Companies playing a notable role in the global industrial motors market include Shandong Huali Electric Motor Group Co. Ltd., CG Power and Industrial Solutions Limited, Regal Beloit Corporation, Nidec Corporation, Hyosung Corporation, Toshiba Corporation, TECO Electric & Machinery Co. Ltd., WEG SA, Siemens Aktiengesellschaft and ABB Limited.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, GE has been involved in the development of intelligent motor technologies, leveraging sensors and data analytics to enable predictive maintenance and improve overall system efficiency.
• In 2023, Rockwell Automation has been incorporating smart technologies into its motor offerings. Their solutions often focus on connectivity and data analytics for better system management.
• In 2023, Schneider Electric has been incorporating smart technologies into its motor products, aiming to improve efficiency and reliability through advanced monitoring.