Industrial Motors Market Projected to Reach at 5.44% CAGR Till 2023 - GENERAL ELECTRIC COMPANY, ABB, ALLEN BRADLY (ROCKWELL AUTOMATION), SIEMENS AG, AMETEK, ARC SYSTEMS, JOHNSON ELECTRIC, EMERSON ELECTRIC

The global Industrial Motors Market has been valued at USD 76.14 billion in 2017 and is expected to reach a value of USD 105.27 billion by 2023 at a CAGR of 5.44% during the forecast period (2018 - 2023).

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The Oil and Gas, Food & Beverage, and Power Generation industries are a few of the major customers of industrial motors that have been expanding in regions of North America and Asia, growing the demand for industrial motor sales. In addition, increased investments in developing Asian countries for establishing new end-user infrastructure by major end-users has also enhanced demand for industrial motors in Asia. Increasing usage in automotive industry and technological advancements leading to energy efficient and Environment friendly motors are the major factors influencing the growth of Industrial Motors.
With recent technological advancements and implementation of government policies like Minimum Energy Performance Standards (MEPS) in several counties gave rise to energy efficient motor systems, which increased the market share of the industrial motors. According to United Nations Industrial Development Organization, electric motor systems account for 60 percent of industrial electricity consumption, so in order to reduce the electricity consumption and investments to overcome these barriers supported the growth of energy efficient motors.

Key Developments in the Market
November 2017 - Airbus, Rolls-Royce, and Siemens have formed a partnership, which aims at developing a flight demonstrator of commercial aircraft. The E-Fan X hybrid-electric technology demonstrator is expected to fly in 2020. Provisions will be made to replace a second gas turbine with an electric motor once system maturity has been proven

The major players include –
GENERAL ELECTRIC COMPANY, ABB LTD, ALLEN u2013 BRADLY CO. LLC (ROCKWELL AUTOMATION INC.), SIEMENS AG, AMETEK, INC., ARC SYSTEMS INC., JOHNSON ELECTRIC, EMERSON ELECTRIC CO., TOSHIBA INTERNATIONAL CORPORATION, NIDEC MOTOR CORPORATION, MAXON MOTOR AG, FRANKLIN ELECTRIC, BALDOR ELECTRIC COMPANY, FUJI ELECTRIC CO., LTD., ATB AUSTRIA ANTRIEBSTECHNIK AG, and MENZEL ELEKTROMOTOREN GMBH, amongst others.

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Technological Advancements Leading to Energy Efficient and Environment Friendly Motors
Electrical motors are estimated to account for approximately 29% of global and 69% of industrial electricity consumption with energy costs accounting to around 362 billion per year. Electric motors drive various industrial processes, like rolls, compressors for pressurized air generation, water pumping, ventilation and other forms of mechanical handling and processing. With the help of today’s technologies, manufacturers are able to provide energy efficient electrical motors, which are able to reduce the costs effectively by 20% u2013 30%. This potential is expected to reduce the electricity consumption by 3 to 5 EJ and also cut the CO2 emissions by 770 u2013 1100 Mt thereby saving USD 72 u2013 108 billion for the industry annually and is expected to improve in the coming years.

Alternating Current (AC) Motors is expected to have highest market share
Alternating Current Motors (AC), which are driven by alternating current can be further classified into two types- Induction motor (Asynchronous motor) and Synchronous motor. AC motors are one of the widely used types of motor because of their various advantages. Some of the advantages are their varied structure depending upon the usage and industrial requirement, adjustable speed motors and availability of different types. AC motors have gained importance in various industries because of their properties to meet the needs with its several features, like torque generation, power factor, speed control, and there is no need of commutator and it is maintenance free and is available at a low cost. Various applications of AC motors are used for crane, rolling stand motor, large machines, and other special applications.

Europe is expected to witness significant revenue
European manufacturing and industrial sector is one of the most technically advanced and innovative industries in the world. European manufacturing is also a dominant element in international trade, leading the world in the areas of automotive, machinery, and agricultural engineering. Specific policies by the European Union, to reduce pollution and EU’s pledge to reduce energy consumption up to 20% by 2020 are driving the market for industrial motors.

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This release was published on openPR.