Industrial Motors Market worth US$ 29.8 Billion 2030 with a CAGR of 4.52% | By IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Industrial Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global insomnia market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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 is Industrial Motors?

Industrial motors are used to convert electrical energy into mechanical energy, which is crucial for driving the motion of equipment and processes. They comprise safety features, such as overload protection and thermal monitoring, to ensure the well-being of operators and prevent accidents. They are versatile and come in various configurations, including induction motors and synchronous motors. They are designed for optimal energy conversion, making them highly efficient, which not only reduces energy consumption but also contributes to cost savings for businesses. They are built to withstand demanding operating conditions, as they are known for their durability and can operate continuously for extended periods, minimizing downtime and maintenance costs. They offer precise speed and torque control, making them suitable for applications where accuracy is paramount, such as robotics and conveyor systems. They provide excellent value for money, as they have a long service life and low maintenance requirements. They help regulate temperature and airflow in commercial and industrial buildings, ensuring comfort and air quality. They also deliver the propulsion needed for electric cars, buses, trucks, and other types of electric transportation. They are used in manufacturing processes to drive conveyor belts, robotic arms, assembly line equipment, and machines for shaping, cutting, and processing materials. As they reduce carbon emissions and environmental impact, the demand for industrial motors is rising across the globe.

What Are The Growth Prospects And Trends In The Industrial Motors Industry?

At present, the increasing demand for efficient and precise motor solutions in various industries, as automation systems rely on motors to power various equipment and machinery, represents one of the key factors supporting the growth of the market. As industries are seeking to enhance productivity and reduce labor costs, the adoption of automation is rising, thereby contributing to the market growth. Besides this, governing agencies of several countries are imposing stricter energy efficiency standards and regulations. To comply with these regulations and reduce energy costs, businesses are increasingly investing in energy-efficient motors. This, in turn, is catalyzing the demand for eco-friendly industrial motors around the world. In addition, the growing emphasis on renewable energy sources, such as wind turbines and solar power generation, is propelling the demand for specialized motors. These motors are essential components in renewable energy systems, driving the rotation of wind turbine blades and solar panel tracking systems. Apart from this, developing countries are experiencing rapid industrialization, leading to enhanced manufacturing and infrastructure development. This rise in industrial activities necessitates the deployment of industrial motors across various sectors, including manufacturing, construction, and transportation. Moreover, aging industrial infrastructure requires regular maintenance, replacement, and modernization. Many older industrial motors are being replaced with more energy-efficient and advanced models, which is bolstering the market growth. Furthermore, advancements in motor technology, such as the development of brushless direct current (DC) motors and smart motors with integrated sensors and control systems, are attracting industries seeking improved performance, reliability, and monitoring capabilities.

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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
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o 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
• Toshiba Corporation.

Key highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

TOC for the Report:
• Preface
• Scope and Methodology
• Executive Summary
• Introduction
• SWOT Analysis
• Value Chain Analysis
• Price Analysis
• Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.