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 industrial motors market is experiencing significant growth, driven by the rapid industrialization and automation trends across various sectors such as manufacturing, energy, and transportation. Industrial motors are crucial components in powering machinery and equipment, making them indispensable in modern production processes. The market is characterized by a shift towards energy-efficient motors, such as IE3 and IE4, which comply with stringent environmental regulations and help reduce operational costs. Additionally, the rise of Industry 4.0 is pushing for smart and connected motors that enhance productivity through predictive maintenance and real-time monitoring.
Demand Dynamics: The demand for industrial motors is bolstered by the expansion of infrastructure projects, particularly in emerging economies where urbanization is accelerating. Sectors such as oil & gas, mining, and water treatment are also driving demand due to their reliance on robust and reliable motor systems. Furthermore, the increasing focus on renewable energy sources is creating new opportunities for specialized motors in wind turbines and solar power installations. As industries continue to prioritize efficiency and sustainability, the adoption of advanced motor technologies is expected to rise, solidifying the market’s growth trajectory.
Key Points of the Industrial Motors Market
Global Market Valuation: The industrial motors market was valued at US$ 653.0 million in 2022, highlighting its significant economic impact.
Steady Growth Forecast: The demand for industrial motors is expected to grow at a steady CAGR of 3.5% from 2022 to 2032.
India’s Robust Expansion: In India, the market is poised for rapid growth, with a projected CAGR of 5.4% over the next decade.
China’s Market Momentum: China’s industrial motors market by volume is set to expand at a strong CAGR of 4.1% from 2022 to 2032.
Dominant Market Players: Leading companies like ABB Group, Siemens AG, and Hyundai Electric Co. Ltd. control 70% to 80% of the global industrial motors market.
Future Market Outlook: With consistent growth across key regions, the global industrial motors market is positioned for long-term development and innovation.
“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?
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.
Top 10 Key Players in the Industrial Motors Market
- General Electric Rotronic AG
- Hitachi Ltd.
- Nidec Corporation
- WEG SA
- Siemens AG
- ABB Ltd.
- Regal Rexnord Corporation
- Toshiba Corporation
- Hyosung Corporation
- Bonfiglioli Riduttori S.p.A.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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