The resilience and persistence of the industrial motors market underscore their indispensable role in powering a diverse array of industrial processes and machinery on a global scale. As industries continue to progress, modernize, and adapt to the evolving demands of the market, the need for efficient, adaptable, and technologically advanced industrial motors remains a driving force. This demand, in turn, contributes to the envisaged expansion of this market in the years to come.
The global industrial motors market is embarking on a path of consistent growth, laying the foundation for a transformative decade ahead. As of 2022, the market achieved a valuation of US$ 653.0 million, and the outlook foresees gradual expansion with a Compound Annual Growth Rate (CAGR) of 3.5%. By 2032, this trajectory is expected to elevate the market’s overall worth to an impressive US$ 917.3 million. This decade-long journey promises to be characterized by innovation, sustainability, and an unwavering focus on enhancing efficiency.
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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
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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.
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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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