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 Industrial Motors market share, size, trends, and growth 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.
What are Industrial Motors?
Industrial motors rely on alternating current (AC) resources, such as generators or power grids, to work efficiently and transform electrical energy into mechanical energy. They are highly efficient, as these devices do not use fuel and require engine-oil maintenance compared to other electrical devices. Industrial motors are extremely durable with a long lifespan, as they contain few moving parts that operate smoothly. As a result, they find wide-ranging applications in machine tools, blowers, industrial fans, pumps, power tools, compressors, turbines, rolling mills, alternators, ships, movers, paper mills, etc., across the globe.
What Are The Growth Prospects And Trends In The Industrial Motors Industry?
The increasing number of smart manufacturing pilot projects by government bodies is primarily driving the industrial motors market. Additionally, the growing investments in R&D activities to introduce electric product variants with a high power-to-weight ratio for reducing energy consumption and resolving portability issues are further bolstering the market growth. Besides this, they are utilized in industrial processes and auxiliary systems, such as compressed air generation, ventilation, and water pumping, which is acting as another significant growth-inducing factor. Moreover, the escalating demand for alternating current (AC) motors in water heaters, pumps, ovens, off-road motorized and garden equipment, etc., as they are more reliable with low maintenance costs, is positively influencing the global market. Apart from this, they are also gaining extensive traction among organizations, owing to their reduced operational costs and ability to save energy, which is stimulating the market growth. Furthermore, the inflating need for water recycling is anticipated to fuel the industrial motors market over 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
Market 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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