IMARC Group's report titled "Industrial Motors Market Report by Type of Motor (Alternating Current (AC) Motor, Direct Current (DC) Motor, and Others), Voltage (Low Voltage, Medium Voltage, High Voltage), End User (Oil and Gas, Power Generation, Mining and Metals, Water and Wastewater Management, Chemicals and Petrochemicals, Discrete Manufacturing, and Others), and Region 2024-2032". The global industrial motors market size reached US$ 23.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
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Factors Affecting the Growth of the Industrial Motors Industry:
Industrialization and Manufacturing:
As countries are undergoing industrialization, there is a growing demand to produce goods and services. This increased production necessitates the use of industrial motors in various applications, including conveyor systems, pumps, compressors, and manufacturing machinery. With the advancements of industrialization, there is a shift towards automation in manufacturing processes. Industrial motors are integral components of automated systems, powering robots, conveyor belts, and assembly lines, which enhance productivity and efficiency. Furthermore, industrial motors are used in various infrastructure projects, such as HVAC systems in commercial buildings, elevators, and escalators in urban centers, and water pumps for municipal water supply systems.
Energy Efficiency:
Government agencies worldwide are implementing strict energy efficiency standards and regulations for industrial equipment, including motors. Manufacturers must comply with these regulations, which require the use of energy-efficient motors in industrial applications. Energy-efficient motors consume less electricity for the same level of output, leading to substantial energy cost savings for industrial users. Businesses recognize the long-term financial benefits of investing in energy-efficient motors, making them a preferred choice. Industries are under increasing pressure to reduce their carbon footprint and environmental impact. Energy-efficient motors produce fewer greenhouse gas emissions and consume fewer resources, aligning with sustainability goals and corporate responsibility initiatives.
Technological Advancements:
Technological advancements are leading to the development of high-efficiency motors. These motors consume less energy and produce less heat, resulting in cost savings and reduced environmental impact for industrial users. Energy efficiency standards and regulations are also driving the adoption of these motors. Variable frequency drives (VFDs) technology allows for precise control of motor speed and power output. This not only enhances energy efficiency but also enables smoother operation and reduced wear and tear on motors.
Leading Companies Operating in the Global Industrial Motors Industry:
ABB Ltd.
Brook Crompton
Hitachi Ltd.
Johnson Electric Holdings Limited
Menzel Elektromotoren GmbH
Nidec Corporation
Regal Rexnord Corporation
Rockwell Automation Inc.
Siemens AG
Toshiba Corporation
Industrial Motors Market Report Segmentation:
By Type of Motor:
Alternating Current (AC) Motor
Direct Current (DC) Motor
Others
Alternating current (AC) motor represented the largest segment due to its widespread use in industrial applications, offering versatility, efficiency, and compatibility.
By Voltage:
Low Voltage
Medium Voltage
High Voltage
Low voltage accounted for the largest market share as it is commonly used for most industrial applications, providing a balance between safety, cost-effectiveness, and efficient performance.
By End User:
Oil and Gas
Power Generation
Mining and Metals
Water and Wastewater Management
Chemicals and Petrochemicals
Discrete Manufacturing
Others
Oil and gas holds the biggest market share on account of its reliance on industrial motors for various operations, including drilling, pumping, and refining.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Asia Pacific enjoys the leading position in the industrial motors market, which can be attributed to its robust industrialization, rapid economic growth, and extensive manufacturing activities.
Global Industrial Motors Market Trends:
Industries are seeking energy-efficient motors to reduce operational costs and comply with stricter environmental regulations around the world.
The integration of smart technology in industrial motors is growing, enabling remote monitoring, predictive maintenance, and enhanced control, contributing to improved efficiency and reduced downtime.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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