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Industrial Electrification Market Share (CAGR of 8%+) | North America Fastest Growing by US, Canada
Industrial electrification is the process of incorporating electrical and electronic technologies into various industrial applications and processes to replace or enhance traditional mechanical, hydraulic, or pneumatic systems. It involves the use of electricity as the primary source of power for machinery, equipment, and automation in manufacturing, production, and other industrial sectors.
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Asia-Pacific garnered the highest share of more than 35% in 2022, in terms of revenue, growing at a CAGR of 8.7%.
The Asia-Pacific industrial electrification market size is projected to grow at the highest CAGR during the forecast period and accounted for a major market share in 2022. Asia-Pacific has experienced rapid economic growth and urbanization. This growth is driving increased industrialization and energy demand, which, in turn, is boosting the market for industrial electrification.
Key players operating in the global industrial electrification market include BorgWarner Inc., DENSO CORPORATION, Johnson Electric Holdings Limited, AISIN CORPORATION, Bharat Bijlee Limited, Bonfiglioli Transmissions Private Limited, General Electric, Kirloskar Electric Company, ABB, and Continental AG.
One of the most significant contributions of industrial electrification is the reduction in greenhouse gas emissions. Electrifying industrial processes that were previously powered by fossil fuels can significantly lower carbon dioxide and other harmful emissions. This shift helps combat climate change and aligns with global efforts to reduce emissions.
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Industrial electrification aims to improve efficiency, precision, and sustainability in industrial operations, often resulting in reduced energy consumption and maintenance requirements. It also enables the integration of data and analytics into industrial processes, facilitating data-driven decision-making and process optimization.
Many countries in Asia-Pacific are investing in modernizing their manufacturing sectors by adopting electric machinery and automation technologies. This is aimed at improving productivity and energy efficiency. In addition, the region is increasingly investing in renewable energy sources such as solar, wind, and hydropower. This is driven by a combination of environmental concerns and a desire to reduce reliance on fossil fuels.
Electric vehicles (EVs) and charging infrastructure have become more prevalent in Asia-Pacific. Industrial logistics and transportation companies are transitioning to electric and hybrid vehicles to reduce emissions. Altogether these factors may augment the growth of the industrial electrification market in Asia-Pacific.
By product, the starter and motor segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.7% from 2023 to 2032.
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By application, the automation and control segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.3% from 2023 to 2032.
Industrial electrification offers high energy efficiency. Electric motors, devices, and control systems can be designed to operate with precision, reducing energy consumption. This aligns with global efforts to minimize energy use and reduce operational costs.
Retrofitting existing industrial processes with electrification solutions can be complex and may require extensive modifications to existing systems. Integration challenges can lead to downtime and additional costs during the transition.
Many industries are setting sustainability goals and striving to reduce their carbon footprint. Industrial electrification, especially when powered by renewable energy sources, contributes to these sustainability objectives.
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The industrial electrification market trends toward automation and Industry 4.0 concepts in manufacturing and industrial processes relies heavily on electrification. Electric systems are easier to automate and integrate with digital technologies for improved productivity and efficiency. This factor may surge the utilization of industrial electrification process across several types of industries: thus, creating remunerative industrial electrification market opportunities.
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