Industrial Motors Market Size, Trends & Growth (2021 - 2026)
Industrial motors are widely utilized in industrial fans, machine tools, household appliances, and power tools. The motors are powered by DC or AC sources like batteries, automobiles or rectifiers, power system, inverters or generators. Motors with highly standardized characteristics are utilized in industries as they supply available mechanical power. These motors have a longer life and less maintenance and are widely used for ship propulsion, pipeline compression, and pumped-storage applications.
Industrial Motors Market Overview:
The global industrial motors market was worth USD 32.9 billion in 2021 and is estimated to grow at a CAGR of 3 .63% during the forecast period. The industrial motors market by voltage is assessed into very low voltage, high voltage, medium voltage, and low voltage. Medium voltage motors generated a revenue of $ 6.7 billion and are projected to rise with a CAGR of 4.3%. It's expected that the Asia Pacific will have the most crucial marketplace for industrial motors during the forecast period. However, factors like increasing electricity prices, advancement in energy-efficient engines, industrial expansions will play a serious role within the growth of the global industrial motors market.
Industrial Motors Market Recent Developments:
The EV ARC product purchased by Tahoma County is going to charge county fleet vehicles. Tahoma is one of 58 counties covered by the California contract. ARC Mobility may be a specialized, hydraulic transportation solution that enables customers like Long Beach, City, and Google, who own fleets of EV ARC products, to maneuver them around as their dynamic EV charging needs evolve. ARC Mobility trailers can safely and reliably relocate EV ARC units without the necessity for the other equipment and only require one operator.
Rockwell Automation, a number one solutions and services provider to the automotive industry, opened a replacement 8,000 square-foot Electric Vehicle (EV) Innovation Center at 111 North Market Street in San Jose, California, within its Information Solutions development facility. The center will provide live manufacturing demonstrations, hands-on trials utilizing new technology and events showcasing collaboration with industry experts and Rockwell Automation partners.
Drivers and Restraints of Industrial Motors Market:
Increasing demand from downstream industries is predicted to be the first driver for an increase in global industrial motor market sales.
Regulations demanding that buyers upgrade to higher efficiency motors will boost motor sales in relevant geographies. Most geographies are expected to modify to premium efficiency motor systems by 2020. Energy costs account for around 96 percent of the entire lifetime costs of running electric motors. With an increase in energy prices globally, there would be an increased demand for higher efficiency electric motors.
The development of the latest motor technologies is predicted to spice up the use of such products in new applications. Major manufacturers are increasing spend on R&D in order to differentiate their products from those of competitors.
Various barriers to adoption of high-efficiency industrial motors involve customer sentiment like buyers being cost-oriented and that specializes in short term savings as against life cycle cost assessments. Further, motor users like better to repair the general motors instead of replacing them, because of concerns regarding costs and production downtimes.
High competition among industrial motor manufacturers resulted in low-profit margins within the industry and paired with product lifecycle, which is usually over 15 years, this restricts the expansion of smaller manufacturers, especially in emerging markets. Such suppliers typically compete on price terms, which affects the standard of the products they manufacture.
Industrial Motors Market Segmentation:
By Type of Motors:
The benefits like the direct supply of voltage form substations and efficiency improvements compared to multiple small systems in massive industry setup are majorly driving the high voltage segment in the world marketplace. This makes the HV segment essential for the vendors.
For more excellence in operations and enhanced return on investments, there's an increased preference by industrial users for custom made motors compared to plain engines thanks to constraints related to space and extreme operating conditions. End-user industries like mining, cotton and paper, and pulp are foreseen to drive the demand for custom made motors in the coming years. Power generation and discrete manufacturing are also among the prominent end-users contributing to the business demand across the globe.
Industrial motors Region-wise analysis:
Marked Segmentation based on the region:
In 2018, North America accounted for the best share and is anticipated to secure the leading position in the global industrial motors market during the forecast period. This is often attributed to industrial growth and the expansion of the aerospace industry. The USA is the pioneer within the regional market. The industrial motor market in the USA has the highest share among the North American countries.
The Asia Pacific is among the rapidly evolving markets in the global industrial motors business. China is the largest motor producer, which is likely to drive the demand for industrial motors in this region.
a. Middle East
Key Players of Market:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Industrial Motors Market, By Type of Motors
6.1.1 Alternating Current (AC) Motors
6.1.2 Direct Current (DC) Motors
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Industrial Motors Market, By Voltage
6.2.1 High Voltage(HV)
6.2.2 Medium Voltage(MV)
6.2.3 Low Voltage(LV)
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Industrial Motors Market, By End-User
6.3.1 Oil and Gas
6.3.2 Mining and Metals
6.3.3 Water and Wastewater Management
6.3.4 Chemicals and Petrochemicals
6.3.5 Paper and Pulp
6.3.6 Discrete Manufacturing
6.3.7 Market Size Estimations & Forecasts (2019-2024)
6.3.8 Y-o-Y Growth Rate Analysis
6.3.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type of Motors
7.2.3 By Voltage
7.2.4 By End-User
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Type of Motors
7.3.3 By Voltage
7.3.4 By End-User
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Type of Motors
7.4.3 By Voltage
7.4.4 By End-User
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Type of Motors
7.5.3 By Voltage
7.5.4 By End-User
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Type of Motors
7.6.3 By Voltage
7.6.4 By End-User
8. Key Player Analysis
8.1 ABB Group
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 ARC Systems, Inc.
8.3 Asmo Co., Ltd.
8.4 Brook Crompton UK Ltd.
8.5 Dr. Fritz Faulhaber GmbH
8.6 Emerson Electric
8.7 Maxon Motors AG
8.8 Regal Beloit Corporation
8.9 Rockwell Automation, Inc.
8.10 Siemens AG
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures