The industrial motors market comprises electric motors used across various industrial applications for driving equipment, conveyors, pumps, compressors, fans, and other machinery. Industrial motors provide efficient and reliable operation in harsh industrial environments. Advancements in motor efficiency standards such as the introduction of premium efficiency IE4 motors have enabled industries to reduce energy consumption. The growing need for more productive and energy-efficient industrial equipment is fueling the demand for industrial motors globally.
The global industrial motors market is estimated to be valued at US$ 4091.24 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the industrial motors market are BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd. Fosroc, Don Construction Products Ltd., Cipy Polyurethanes Pvt Ltd., Viacor Polymer GmBH, Twintec, Acrylicon, Cornerstone Flooring, Applied Flooring, AVCON Technics Pvt. Ltd., 4m Europe, and East Coast Flooring Ltd. These players are focusing on new product development and expansion strategies to strengthen their market position.
The growing industrial automation provides significant opportunities for industrial motors with increasing demand for reliable, efficient and robust motor solutions across applications.
The industrial motors market is witnessing rapid global expansion especially in Asia Pacific and Middle East & Africa due to growing industrialization and infrastructure development activities in these regions.
Market Drivers
Increasing industrial automation is a major factor driving the growth of the Global Industrial Motors Market Size. Automation helps industries enhance productivity and reduce production costs. This increases the demand for automated equipment and machinery requiring robust industrial motors.
Market Restrains
High initial costs associated with premium efficiency motors is a major challenge hampering the widespread adoption of energy-efficient motor technologies. The payback period for efficiency upgrade investments deters some cost-sensitive end-users.
Segment Analysis
The industrial motors market is dominated by the AC motor sub-segment. AC motors account for around 80% of the total industrial motors market share owing to their advantages like high torque, low maintenance, low manufacturing cost, and better speed control over DC motors. Due to the rise in manufacturing activities and industrialization, especially in Asia Pacific, the demand for AC motors has been increasing across industries like automotive, chemical, food & beverages, oil & gas, and power generation among others. AC motors find widespread applications mainly in pumps, fans, compressors, machine tools, HVAC equipment, 3D printers, conveyor belts systems and robotics across various industrial sectors.
Global Analysis
In terms of regional analysis, Asia Pacific dominates the global industrial motors market with over 40% share in 2024. China holds majority of the production and consumption of industrial motors in Asia Pacific and worldwide. Europe is the second largest industrial motors market globally supported by strong resurgence in major manufacturing economies like Germany, Italy, Spain and France post-Covid. North America also captures significant share with US being the major economy driving regional demand. Latin America and Middle East & Africa markets are projected to grow at fastest CAGR between 2024-2030 due to ongoing industrialization and infrastructure development projects in the regions. Rising power consumption, expansion of process industries, focus towards energy efficiency, and implementation of strict regulations around motor efficiency are some of the major driving factors accelerating the industrial motors market growth globally.
Get More Insights On This Topic: https://www.ukwebwire.com/industrial-motors-market-size-share-analysis-2023-2030/
