Press release
Global Industrial Motor Market Is Forecast To Reach Usd 25.9 Billion By 2032
The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.
However, with the relaxations in the government regulations and an expedited vaccination drive in countries like China, the U.S., the UK, and India, the Industrial Motor Market industry is slowly picking up its pace. The manufacturers are preparing to reopen their production sites, abiding by the government regulations.
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Global Industrial Motor Market Segments
By Efficiency :
IE1
IE2
IE3
IE4
DC and others
By Application :
Compressors
Pumps & Fans
Conveyors
Crushers
Extruders
Other Applications
By Motor Type :
DC Brushed motor
DC Brushless motor
Stepper motor
Traction Motor
By End Use Vertical :
Commercial HVAC
F&B Manufacturing
Mining
Utilities
Other Sectors
By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
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Energy Consumption in the US is Leading to High Adoption of Industrial Motor Market Systems
The US accounts for the largest share in the construction industry. The pandemic has halted many construction-related activities, which in turn has impacted the growth of the Industrial Motor Market industry negatively.
However, the development in the Industrial Motor Market industry is rising at a steady pace with the resumption of the construction industry. The ever-growing energy consumption in the country is also generating demand for more energy-efficient Industrial Motor Market systems in the region.
Prominent players in the Industrial Motor Market industry such as Honeywell Int., and new entrants such as Apple and Google NEST are also focusing on residential construction projects to bring more innovation and comfort to the residents. Such new strategies are helping the Industrial Motor Market industry gradually recover from the blow of the pandemic.
Prominent Players in Europe are Focusing on Innovative Solutions
The Industrial Motor Market industry in Europe suffered a tremendous fall during the pandemic, with a lack of resources and manpower required for production. Several manufacturing units were shut to contain the virus.
The prevalence of some of the global leaders in the region such as Johnson Controls and ABB Group has provided a noteworthy boost to the market growth in this region.
The high presence of service providers, government regulations to curb electricity consumption and awareness regarding the installation of building automation systems has laid out lucrative opportunities for market growth.
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Technological Advancements are Leading Innovations in the Industrial Motor Market in China
China is gradually recovering from the adverse effect of the pandemic due to its successful efforts in curbing the spread of the virus within the region. With almost negligible restrictions, the construction, heavy machinery, and automotive industry have started resuming operations.
Rising expenditure in technology and increasing emphasis on environmental safety are propelling the demand in the Industrial Motor Market industry in China. The growing interest in billboard automation and industrial displays in allowing manufacturers to gradually attain their pre-pandemic status.
India is Experiencing High Adoption of Industrial Motor Market Systems
The Indian Industrial Motor Market industry witnessed a downfall due to the pandemic. In order to follow the safety guideline, many construction sites and manufacturing units were shut until further notice.
With the relaxation of these restrictions, the manufactures operating in the automation, engineering, and construction (AEC) industry managed to gather pace in recovery. However, the second wave of the pandemic hit the Industrial Motor Market industry negatively, affecting the overall growth of the industry.
Being a fast-growing economy, global leaders are finding lucrative opportunities in the country, both in commercial and residential spaces, as the demand for multi-modal building automation is surging.
Key Long-Term Trends
The global Industrial Motor Market industry is showing notable recovery in 2021 and will continue to offer opportunities for expansion to the players operating in the market. With the penetration of building automation in residential areas, the Industrial Motor Market industry will show an upward trend. Some new trends that are boosting the growth in the market are:
Internet of Things (IoT)
The Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are experiencing broader acceptance in the Industrial Motor Market industry. The innovative technology which makes everything 'inter-connected is gaining immense popularity in both residential and commercial projects, making them technologically advanced and effective in risk management.
Edge Computing
As the number of residents increases, the data also becomes vaster. Hence, edge computing will act as a key technology in the Industrial Motor Market industry. Edge computing enables data security, easy accessibility, and enhanced automation in commercial and residential buildings.
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