IMARC Group's report titled "Industrial Motors Market Report by Type of Motor (Alternating Current (AC) Motor, Direct Current (DC) Motor, and Others), Voltage (Low Voltage, Medium Voltage, High Voltage), End User (Oil and Gas, Power Generation, Mining and Metals, Water and Wastewater Management, Chemicals and Petrochemicals, Discrete Manufacturing, and Others), and Region 2024-2032". The global industrial motors market size reached US$ 23.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
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Factors Affecting the Growth of the Industrial Motors Industry:
- Industrialization and Manufacturing:
As countries industrialize, the demand for goods and services increases. This increasing output necessitates the usage of industrial motors in a variety of applications, including conveyor systems, pumps, compressors, and manufacturing equipment. Manufacturing processes are becoming more automated as industrialization progresses. Industrial motors are essential components of automated systems that power robots, conveyor belts, and assembly lines, thereby increasing production and efficiency. Furthermore, industrial motors are employed in a variety of infrastructure projects, including HVAC systems in commercial buildings, elevators and escalators in metropolitan areas, and water pumps for municipal water supply systems.
- Energy Efficiency:
Government agencies around the world are enforcing severe energy efficiency standards and restrictions for industrial equipment, including motors. Manufacturers must adhere to these requirements, which mandate the use of energy-efficient motors in industrial applications. Energy-efficient motors utilize less electricity for the same amount of output, resulting in significant energy cost reductions for industrial customers. Businesses understand the long-term financial benefits of investing in energy-efficient motors, making them the preferred option. Industries face increasing pressure to decrease their carbon footprint and environmental impact. Energy-efficient motors emit fewer greenhouse gases and utilize fewer resources, which aligns with environmental objectives and corporate responsibility efforts.
- Technological Advancements:
Technological developments are driving the development of high-efficiency motors. These motors use less energy and generate less heat, which saves money and reduces environmental impact for industrial customers. Energy efficiency rules and regulations are also encouraging the use of these motors. Variable frequency drives (VFD) technology enables precise control of motor speed and power output. This not only increases energy efficiency, but also allows for smoother operation and less wear and tear on motors.
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Leading Companies Operating in the Global Industrial Motors Industry:
- ABB Ltd.
- Brook Crompton
- Hitachi Ltd.
- Johnson Electric Holdings Limited
- Menzel Elektromotoren GmbH
- Nidec Corporation
- Regal Rexnord Corporation
- Rockwell Automation Inc.
- Siemens AG
- Toshiba Corporation
Industrial Motors Market Report Segmentation:
By Type of Motor:
- Alternating Current (AC) Motor
- Direct Current (DC) Motor
- Others
Alternating current (AC) motor represented the largest segment due to its widespread use in industrial applications, offering versatility, efficiency, and compatibility.
By Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Low voltage accounted for the largest market share as it is commonly used for most industrial applications, providing a balance between safety, cost-effectiveness, and efficient performance.
By End User:
- Oil and Gas
- Power Generation
- Mining and Metals
- Water and Wastewater Management
- Chemicals and Petrochemicals
- Discrete Manufacturing
- Others
Oil and gas holds the biggest market share on account of its reliance on industrial motors for various operations, including drilling, pumping, and refining.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position in the industrial motors market, which can be attributed to its robust industrialization, rapid economic growth, and extensive manufacturing activities.
Global Industrial Motors Market Trends:
Industries are looking for energy-efficient motors to cut operating costs and comply with tougher environmental laws around the world.
Smart technology is increasingly being integrated into industrial motors, allowing for remote monitoring, predictive maintenance, and enhanced control, all of which contribute to increased efficiency and reduced downtime.
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