Industrial Motors Market Projected to Reach US$ 3,430 Million by 2022

Industrial Motors Market
Industrial Motors Market 


Market Overview:

The global industrial motors market is estimated to reach a value of US$ 3,430 million in 2022 and is expected to grow at a CAGR of 3.54% during the forecast period of 2023-2030. Industrial motors are widely used in various industries for powering machines and equipment. These motors offer advantages such as high efficiency, precise control, and reliable performance, which are essential for the smooth operation of industrial processes. The increasing adoption of automation in industries, coupled with the rising demand for energy-efficient motors, is driving the growth of the industrial motors market. Furthermore, the expansion of key industries such as manufacturing, construction, and automotive in developing economies is also contributing to the market growth.

Market key trends:

One key trend in the industrial motors market is the growing demand for variable frequency drives (VFDs). VFDs control the speed and torque of electric motors, allowing for energy-efficient operation. These drives find applications in various industries such as oil and gas, HVAC, and water and wastewater treatment. The increasing focus on energy conservation and the need for precise motor control are driving the adoption of VFDs. Additionally, advancements in VFD technology, such as the integration of IoT and cloud computing, are further fueling the market growth. VFDs offer benefits such as reduced energy consumption, extended motor life, and improved process control, making them a preferred choice in the industrial motors market.
Segment Analysis:

The industrial motors market can be segmented based on type, voltage rating, power output, end-use industry, and region. Based on type, the market can be divided into AC motors and DC motors. AC motors are expected to dominate the market during the forecast period due to their widespread usage across various industries. AC motors provide high torque and are more reliable, making them suitable for applications in industries such as oil and gas, power generation, and automotive. Additionally, AC motors are energy-efficient and cost-effective in comparison to DC motors.

Based on voltage rating, the market can be segmented into low voltage motors and medium voltage motors. Low voltage motors are anticipated to hold a larger market share as they are extensively used in industries for applications such as material handling, pumps, and fans. Medium voltage motors find application in large-scale industries where high power output is required.

Key Takeaways:

The global industrial motors market is expected to witness high growth, exhibiting a CAGR of 3.54% over the forecast period. This growth can be attributed to several factors. Firstly, the increasing demand for energy-efficient motors in industries is driving market growth. With the growing emphasis on sustainability, industries are adopting industrial motors that consume less energy, thereby reducing their environmental impact. Additionally, the rising industrial automation trend is also fueling market growth. The need for precise and efficient operations in industries has led to the increased adoption of industrial motors for automation purposes.

From a regional perspective, Asia Pacific is expected to be the fastest-growing and dominating region in the industrial motors market. This can be attributed to the rapid industrialization and infrastructural development in countries like China and India. The expanding manufacturing sector, increasing automotive production, and government initiatives to promote renewable energy are driving the demand for industrial motors in the region.

Key players operating in the industrial motors market include Menzel Elektromotoren GmbH, General Electric Company, ATB Austria Antriebstechnik AG, ABB Ltd., Fuji Electric Co. Ltd., Allen-Bradley Co. LLC (Rockwell Automation Inc.), Franklin Electric Co. Inc., Siemens AG, Maxon Motor AG, Amtek Inc., Nidec Corporation, Arc Systems Inc., Toshiba International Corporation, Johnson Electric Holdings Limited, and Emerson Electric Co. These players focus on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market position and gain a competitive edge.

Read More:

https://www.ukwebwire.com/industrial-motors-market-growing-demand-for-energy-efficient-solutions-driving-market-growth/

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