Industrial Motor Demand is Forecast to Reach USD 25.9 Billion by 2032

The global industrial motor market is estimated at USD 17.7 Billion in 2022 and is forecast to reach USD 25.9 Billion by 2032, growing at a CAGR of 3.9% during 2022-2032.

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Fact.MR estimates that industrial motor market accounted around ~16% of the global motors market in 2021 due to the fact that companies started moving towards using technically advanced industrial motors that can save energy as well as reduce operation cost in recent past.

Key Takeaways of Industrial Motor Market

• Growing industrial automation: The industrial motor market is driven by the increasing adoption of automation in various industries. Industrial motors play a critical role in powering machinery and equipment used in manufacturing, processing, and production processes. With the advancement of technologies such as robotics, IoT (Internet of Things), and AI (Artificial Intelligence), there is a rising demand for efficient and high-performance motors that can support automated systems.

• Energy efficiency and sustainability: The focus on energy efficiency and sustainability is a significant factor shaping the industrial motor market. Industries are increasingly seeking motors that consume less energy and comply with stringent energy efficiency regulations. Energy-efficient motors not only reduce operating costs for businesses but also contribute to environmental sustainability by reducing carbon emissions. This has led to the development and adoption of motor technologies with higher energy efficiency ratings, such as variable speed drives (VSDs) and permanent magnet motors.

• Replacement and retrofitting of outdated motors: Many industries are replacing or retrofitting their outdated and less efficient motors with newer models. This is driven by the need to improve productivity, reduce energy consumption, and enhance operational reliability. Industrial motors have a long lifespan, but as technology advances and energy efficiency requirements evolve, companies are opting to upgrade their motor systems to stay competitive and comply with energy efficiency standards.

• Demand from key industries: The industrial motor market is influenced by the demand from key industries such as manufacturing, oil and gas, power generation, and automotive. These industries heavily rely on motor-driven equipment and machinery for their operations. The growth in manufacturing activities, expansion of renewable energy sources, increasing exploration and production in the oil and gas sector, and advancements in electric vehicles are driving the demand for industrial motors in these industries.

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Competitive Landscape: Top Companies in Industrial Motor Market

The global industrial motor market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced industrial motor.

Fact.MR has provided detailed information about price points of top manufacturers of industrial motor positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

Key Companies Profiled:

• ABB Limited
• Siemens Aktiengesellschaft.
• WEG SA
• TECO Electric & Machinery Co., Ltd.
• Toshiba Corporation
• Hyosung Corporation
• Nidec Corporation
• Regal Beloit Corporation
• CG Power and Industrial Solutions Limited

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Global Industrial Motor Market Segments

• By Efficiency :

o IE1
o IE2
o IE3
o IE4
o DC and others

• By Application :

o Compressors
o Pumps & Fans
o Conveyors
o Crushers
o Extruders
o Other Applications

• By Motor Type :

o DC Brushed motor
o DC Brushless motor
o Stepper motor
o Traction Motor

• By End Use Vertical :

o Commercial HVAC
o F&B Manufacturing
o Mining
o Utilities
o Other Sectors

Key Questions Covered in the Industrial Motor Market Report:

• What is the projected value of the Industrial Motor factors Industry in 2022?
• At what rate will the global Industrial Motor factors market size grow until 2032?
• Which are the factors hampering the growth of Industrial Motor factors?
• Which region is expected to lead in the global Industrial Motor factors market by 2032?
• Which are the factors driving the Industrial Motor factors Industry during the forecast period?
• What is the expected market value of the Industrial Motor factors market during the forecast period?

Regional Analysis for Industrial Motor Market:

• APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (USA, Canada and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, United Arab Emirates, South Africa)

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This release was published on openPR.