Industrial Motors are critical components used to drive machineries across various industries. They offer high efficiency, reliability, and low maintenance at an affordable cost. The wide application of industrial motors in manufacturing facilities, process plants, mining equipment, oil & gas machinery, wastewater treatment systems, and other automated industrial processes has increased tremendously.
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 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for process control automation across industries has accelerated the growth of the industrial motors market over the past few years. Factors such as high labor costs, need for precision and accuracy have compelled manufacturing companies to automate their production processes which require industrial motors to power various machineries. Industrial motors are vital elements of automated systems that has witnessed increased utilization with growing penetration of industrial automation.
Segment Analysis
The global industrial motors market is dominated by the AC motors segment which holds around 65% market share. AC motors are preferred over other types of motors in industries as they are highly efficient, reliable and require low maintenance. They are suited for a wide range of applications across industries like automotive, oil & gas, mining, etc. AC motors are also replacing DC motors in many processes owing to advantages like variable speed control.
Key Takeaways
The Global Industrial Motors Market Size is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 6% over the forecast period 2023-2030.
Regional Analysis: Asia Pacific region holds the highest market share in the global industrial motors market currently. China, India and Japan are contributing significantly to the growth of the region due to rapid industrialization and growing manufacturing activities. The growth of key end use industries like automotive, mining and oil & gas in emerging economies of Asia Pacific is propelling the demand for industrial motors in the region.
Key players Analysis: Key players operating in the industrial motors market are Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab. These players are focused on new product launches, expansions and mergers & acquisitions to gain higher share in the market. For instance, Celanese Corporation recently expanded its vinyl acetate monomer production facility in China to cater to the growing demand from the region.
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