The global industrial motors market is poised for steady growth, setting the stage for a dynamic transformation over the next decade. In 2022, the market was valued at US$ 653.0 million, and the forecast indicates a gradual expansion at a Compound Annual Growth Rate (CAGR) of 3.5%. By 2032, this trajectory is expected to elevate the market’s worth to an impressive US$ 917.3 million. This decade-long journey promises to be marked by innovation, sustainability, and a heightened focus on efficiency.
The steadfast growth of the industrial motors market underscores their indispensable role in powering diverse industrial processes and machinery globally. As industries continue to advance and modernize, the demand for efficient and adaptable industrial motors remains a driving force, contributing to the envisaged expansion of this market in the years ahead.
Industrial motors play a pivotal role in various industries, serving as electrically powered devices that convert electrical energy into mechanical energy. Typically, these motors rely on alternating current (AC) as their operational power source, commonly sourced from generators and power grids. However, it’s noteworthy that some industrial motors are intentionally designed to be compatible with direct current (DC), providing versatility in their applications.
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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 4.1% from 2022 to 2032.
- By power output, the 15 to 20 MW segment is expected to accelerate and create incremental opportunity of US$ 70.5 million between 2022 and 2032.
- By 2032, Europe is expected to have the largest share of the global market, accounting for around 28.7%.
“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 focused on developing and extending production technologies and expansion capacities to meet the industry demands.
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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
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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