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