The global Industrial Motors Market Size is set to experience steady growth over the next several years, according to a new report by Future Market Insights. The report projects a compound annual growth rate (CAGR) of 3.5% from 2022 to 2032, driven by increased demand for industrial automation and the growing need for energy-efficient motors.
“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.
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Who is Winning?
Some of the key players in the industrial motors market identified by the report include ABB Ltd., Siemens AG, Nidec Corporation, WEG SA, and General Electric Company. These companies are focusing on research and development activities to develop advanced and energy-efficient motors to cater to the growing demand from various industries.
Overall, the report suggests that the industrial motors market is set to experience steady growth over the next several years, driven by increasing demand for automation and energy-efficient solutions in various industries. The Asia-Pacific region is expected to see the highest growth rate during this period, due to the expanding manufacturing sector and increasing infrastructure investments.
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.
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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About Future Market Insights (FMI)
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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