The worldwide industrial motors market is estimated to develop at a 3.5% CAGR from 2022 to 2032, reaching a value of more than US$ 917.3 million in 2032. Several government entities, like the European Water Association (Europe), the Environmental Protection Agency (US), and the India Water Works Association (India), are actively drafting legislation and regulations governing water disposal and reuse programmes.
The Environmental Protection Agency (EPA) in the United States, for example, has made it essential for companies to purify water before disposing of it. In this regard, specifications for maximum allowed contamination levels have been devised.
Furthermore, severe government laws have been put in place for the construction of water projects to produce power, handle water waste, and stop deposit exploitation, among other things. These industrial water and wastewater projects are expected to have a direct impact on the growth of the industrial motors market from 2022 to 2032.
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Companies are forming strategic alliances to expand their reach into emerging and untapped markets. In the coming years, Future Market Insights (FMI) expects the United States, India, and China to emerge as the most dominant markets for industrial motors.
Key Takeaways from Market Study
- By product type, AC motors are projected to hold a market share of 71% in 2032.
- By end use, the energy segment is anticipated to boost the demand for industrial motors globally and demand from it is expected to grow at 1% from 2022 to 2032.
- By power output, the 15 to 20 MW segment is expected to accelerate and create and incremental opportunity of US$ 70.5 million in between 2022 to 2032.
- By 2032, Europe is expected to have the largest share of the global market, accounting for around 7%.
“The market for industrial motors is predicted to expand rapidly due to increasing demand for innovative and energy efficient products across industries. Rising automation and digitalization in a variety of end use sectors are driving demand. Industry participants are investing in strategic alliances, expansions, and cost effective solutions to obtain a competitive advantage.” Says an FMI analyst.
Who is Winning?
Among the industry’s key players are ABB Group, Siemens AG, Hyundai Electric Co. Ltd., Toshiba Corporation, Nidec Corporation, Hitachi, Ltd., WEG S.A., General Electric Co. , Bonfiglioli Riduttori S.p.A., Hyosung Corporation, Menzel Elektromotoren GmbH, Kirloskar Electric Company Ltd., and Regal Beloit Corporation.
Globally, the key market players are focus on developing and extending production technologies and expansion capacities to meet the industry demands.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global industrial motors market, presenting historical demand data (2017 to 2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the industrial motors market based on product type (AC Motors, DC Motors), power output (1 to 5 MW, 5 to 10 MW, 10 to 15 MW, 15 to 20 MW, 20 to 25 MW), and end use (oil & gas, energy, mining, cement, metal and steel, pulp and paper, chemical, water and wastewater, marine) across seven key regions.
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Global Industrial Motors Market by Category
By Power Output:
- 1 to 5 MW
- 5 to 10 MW
- 10 to 15 MW
- 15 to 20 MW
- 20 to 25 MW
By Product Type:
- AC Motors
- Induction Motor
- Synchronous Motor
- DC Motors
- Brushed DC
- Brushless DC
By End Use:
- Oil & Gas
- Energy
- Mining
- Cement
- Metal and Steel
- Pulp and Paper
- Chemical
- Water and Wastewater
- Marine
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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