The global Industrial Motors Market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial motors are electromechanical devices that convert electrical energy into mechanical energy. They are an integral part of many industries as they power various machines and industrial processes. Electric motors provide efficient, durable and affordable rotational motion for applications ranging from assembly lines to pumps.
Market key trends:
One of the key trends driving growth in the industrial motors market is the rising demand for premium and high-efficiency motors from end-use industries. With initiatives like green manufacturing gaining traction, industrial facilities are increasingly opting for energy-efficient motors that reduce electrical consumption and lower operational costs. Premium electric motors with features like reduced noise and vibration are also gaining popularity across applications that require smooth and reliable motion control. Furthermore, the growing industrial automation coupled with the advent of Industry 4.0 is anticipated to support the installation of innovative motor technologies in the coming years.
Segment Analysis
The global industrial motors market is dominated by the AC motor segment owing to its wider applicability and lower maintenance costs. Within AC motors, induction motors accounted for the largest share in 2023 due to excellent performance in constant-speed applications along with cost-effectiveness. DC motors, on the other hand, have niche applications where AC motors cannot be used such as acceleration/deceleration operations demanding variable-speed controls.
Key Takeaways
The Global Industrial Motors Market Demand is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing investments in industries such as oil & gas, mining, metal processing, and pulp & paper industries.
Regional analysis
Regionally, Asia Pacific dominated the global market in 2023 and is expected to maintain its lead over 2030 owing to strong presence of manufacturing industries and rapid industrialization in countries such as China and India. North America and Europe are other major markets for industrial motors driven by prospering end-use industries and initiative for energy efficiency in the regions.
Key players
Key players operating in the industrial motors market are Menzel Elektromotoren GmbH, General Electric Company, ATB Austria Antriebstechnik AG, ABB Ltd., Fuji Electric Co. Ltd., Allen-Bradly Co. LLC , Franklin Electric Co. Inc., Siemens AG, Maxon Motor AG, Amtek Inc., Nidec Corporation, Arc Systems Inc., Toshiba International Corporation, Johnson Electric Holdings Limited, and Emerson Electric Co. These players focus on new product development, partnerships, and expansion in developing regions to strengthen their global footprint.
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