Industrial Motors Market Size is Projected to Reach US$ 29.8 Billion by 2028

Industry Overview of Industrial Motors Market
Industrial motors operate by utilizing alternating current (AC) resources, such as power grids or generators, to efficiently convert electrical energy into mechanical energy. These motors offer high efficiency since they do not require fuel and have minimal maintenance needs compared to other electrical devices. Their durability and long lifespan can be attributed to the presence of few moving parts that operate smoothly. As a result, industrial motors are extensively used in various applications worldwide, including machine tools, blowers, industrial fans, pumps, power tools, compressors, turbines, rolling mills, alternators, ships, movers, and paper mills.

How Big Is The Industrial Motors Market?
The global industrial motors market size reached US$ 22.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.52% during 2023-2028.

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What Are The Growth Prospects And Trends In The Industrial Motors Industry?
The industrial motors market is driven by several key factors. One of the primary drivers is the increasing number of smart manufacturing pilot projects initiated by government bodies. Furthermore, significant investments in research and development activities aimed at introducing electric product variants with a high power-to-weight ratio, to reduce energy consumption and address portability issues, are further boosting market growth. Industrial motors are extensively used in various industrial processes and auxiliary systems, such as compressed air generation, ventilation, and water pumping, which is another significant growth-inducing factor. Moreover, there is a growing demand for alternating current (AC) motors in applications like water heaters, pumps, ovens, off-road motorized equipment, and garden equipment, as they offer reliability and low maintenance costs. This trend is positively influencing the global market. Additionally, industrial motors are gaining significant traction among organizations due to their ability to reduce operational costs and save energy, which further stimulates market growth. Furthermore, the increasing need for water recycling is expected to fuel the industrial motors market in the forecasted period.

What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Type of Motor:
Alternating Current (AC) Motor
Direct Current (DC) Motor
Others

Breakup by Voltage:
Low Voltage
Medium Voltage
High Voltage

Breakup by End User:
Oil and Gas
Power Generation
Mining and Metals
Water and Wastewater Management
Chemicals and Petrochemicals
Discrete Manufacturing
Others

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
ABB Ltd.
Brook Crompton
Hitachi Ltd.
Johnson Electric Holdings Limited
Menzel Elektromotoren GmbH
Nidec Corporation
Regal Rexnord Corporation
Rockwell Automation Inc.
Siemens AG
and Toshiba Corporation.

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This release was published on openPR.