The global industrial motors market size reached US$ 23.5 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 32.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.77% during 2023-2032. The rapid technological advancements, imposition of stringent energy regulations, significant industrial growth and automation, increasing investment in infrastructure, escalating energy prices across the globe, growing demand for customized motors, and increasing emphasis on sustainability are some of the major factors propelling the market.
Industrial motors refer to electrical devices used to convert electrical energy into mechanical energy. They are comprised of several components, such as rotors, bearings, stators, windings, and frames. Industrial motors are widely used in manufacturing machinery, mining equipment, water treatment plants, pumping stations, conveyor systems, elevators, marine vessels, renewable energy plants, and heating, ventilation, and air conditioning (HVAC) systems. They enhance operational efficiency, reduce energy consumption, extend equipment lifespan, provide precise control, increase reliability, facilitate automation, minimize maintenance requirements, and comply with environmental standards.
The increasing investment in infrastructures, such as transportation systems, water treatment facilities, and renewable energy projects, which require industrial motors to function efficiently, is propelling the market growth. Additionally, the escalating energy prices across the globe are facilitating product demand to promote energy efficiency and reduce operational costs. Furthermore, the growing demand for customized motors to meet clients’ unique requirements is boosting the market growth. Apart from this, the rising product adoption across various industries to replace aging motors to comply with modern standards and reduce energy consumption is strengthening the market growth.
Moreover, the increasing emphasis on sustainability is prompting companies to adopt eco-friendly, including energy-efficient industrial motors. Other factors, including rapid industrialization activities, extensive research and development (R&D) work, and the growing collaboration between manufacturers and suppliers, are anticipated to drive the market growth.
Along with this, the rising product application in automated assembly lines and robotics is acting as another growth-inducing factor. Apart from this, the push towards Industry 4.0, which is characterized by interconnected and autonomous systems, is further emphasizing the need for advanced motors that can seamlessly integrate into complex industrial environments.
Alternating current (AC) motors are dominating the market as they are more energy-efficient compared to DC motors, especially in continuous operation scenarios. This alignment with energy conservation goals makes them more attractive to industries aiming to reduce operational costs. Furthermore, they are known for their simple construction and fewer components, making them less prone to wear and tear.
This contributes to their reliability and lower maintenance needs, both of which are vital in industrial settings. Besides this, the production and maintenance of AC motors are less expensive compared to their DC counterparts. Moreover, the direct compatibility of AC motors with industrial and commercial power systems, which simplifies integration and eliminates the need for additional conversion equipment, is favoring the market growth.
Low voltage motors operate at a higher efficiency compared to their high voltage counterparts, which translates into energy savings, aligning with global energy conservation goals. Apart from this, they are suitable for a wide range of industrial applications, from simple conveyance systems to complex manufacturing machinery, which is contributing to the market growth.
Additionally, low voltage motors can be more readily integrated into existing systems without the need for substantial infrastructure modifications. Furthermore, they allow the use of less expensive protection and control equipment, making them a more economical option. Besides this, the growing demand for low voltage motors to meet energy-efficiency standards and comply with electrical codes is contributing to the market growth.
The oil and gas sector is dominating the market as it requires industrial motors to drive its various processes, such as drilling, extraction, refining, and transportation. Furthermore, the industry's operations are multifaceted and require a range of specialized equipment. In line with this, industrial motors play a vital role, offering precise control and consistent performance, thus making them indispensable to the industry. Besides this, the oil and gas industry is spread across the globe and operates in diverse and often remote locations.
The extensive utilization of industrial motors within these various locations contributes to the market expansion. Moreover, the industry's emphasis on efficiency, safety, and environmental compliance, which has led to significant investments in technological advancements, including state-of-the-art industrial motors, is positively influencing the market growth.
Asia Pacific is witnessing fast-paced industrial growth in manufacturing, automotive, and construction, leading to the increased demand for industrial motors. Furthermore, the introduction of supportive policies by the regional governments promoting manufacturing and industrial development through incentives, subsidies, and favorable regulations is acting as another growth-inducing factor. Apart from this, the significant investments in infrastructure projects, such as railways, power plants, and water treatment facilities, which require the use of industrial motors, are supporting the market growth.
Additionally, the increasing push towards energy conservation in the Asia Pacific, leading to the implementation of strict energy regulations and the adoption of energy-efficient motors, is strengthening the market growth. Moreover, the abundant supply of raw materials and labor force, which makes it a cost-effective hub for the manufacturing of industrial motors, attracting both local and foreign companies, is propelling the market growth.
Along with this, they are emphasizing quality control and adherence to international standards to ensure that the motors meet stringent quality benchmarks. In addition, companies are providing comprehensive after-sales support, including maintenance, repair, and technical guidance, which aids in maintaining long-term relationships with customers and ensuring product longevity.
The report has provided a comprehensive analysis of the competitive landscape in the global industrial motors market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
2. What is the expected growth rate of the global industrial motors market during 2024-2032?
3. What are the key factors driving the global industrial motors market?
4. What has been the impact of COVID-19 on the global industrial motors market?
5. What is the breakup of the global industrial motors market based on the type of motor?
6. What is the breakup of the global industrial motors market based on the voltage?
7. What is the breakup of the global industrial motors market based on end user?
8. What are the key regions in the global industrial motors market?
9. Who are the key players/companies in the global industrial motors market?
Industrial motors refer to electrical devices used to convert electrical energy into mechanical energy. They are comprised of several components, such as rotors, bearings, stators, windings, and frames. Industrial motors are widely used in manufacturing machinery, mining equipment, water treatment plants, pumping stations, conveyor systems, elevators, marine vessels, renewable energy plants, and heating, ventilation, and air conditioning (HVAC) systems. They enhance operational efficiency, reduce energy consumption, extend equipment lifespan, provide precise control, increase reliability, facilitate automation, minimize maintenance requirements, and comply with environmental standards.
The increasing investment in infrastructures, such as transportation systems, water treatment facilities, and renewable energy projects, which require industrial motors to function efficiently, is propelling the market growth. Additionally, the escalating energy prices across the globe are facilitating product demand to promote energy efficiency and reduce operational costs. Furthermore, the growing demand for customized motors to meet clients’ unique requirements is boosting the market growth. Apart from this, the rising product adoption across various industries to replace aging motors to comply with modern standards and reduce energy consumption is strengthening the market growth.
Moreover, the increasing emphasis on sustainability is prompting companies to adopt eco-friendly, including energy-efficient industrial motors. Other factors, including rapid industrialization activities, extensive research and development (R&D) work, and the growing collaboration between manufacturers and suppliers, are anticipated to drive the market growth.
Industrial Motors Market Trends/Drivers:
The rapid technological advancements
The evolution of technology is playing a crucial role in the industrial motors market. In line with this, the innovations in motor design and controls that are leading to the development of energy-efficient, intelligent, and highly integrated motor systems are boosting the market growth. Furthermore, the advancements in material science, cooling techniques, and electronic control systems, which allow motors to operate with enhanced performance and reduced energy consumption, are supporting the market growth. Apart from this, manufacturers are increasingly investing in research and development (R&D) to introduce motors with features such as the Internet of Things (IoT) connectivity, predictive maintenance, and remote monitoring.The imposition of stringent energy regulations
Governments and international organizations are actively enforcing stringent energy regulations to combat climate change and reduce global energy consumption. These regulations require industries to adopt energy-efficient equipment, including industrial motors, that comply with certain standards and performance criteria. Furthermore, various regions have set minimum efficiency performance standards for motors, thus compelling manufacturers to develop and industries to utilize motors that meet or exceed these thresholds. Along with this, the regulatory push has a cascading effect, driving innovation and encouraging the adoption of high-efficiency motors. Moreover, it fosters a competitive environment where efficiency and compliance with regulations become key determinants of success, thereby significantly influencing the dynamics of the industrial motors market.The significant industrial growth and automation
The rapid growth of industries, coupled with the surge in automation, is central to the expansion of the industrial motors market. In line with this, the growing product demand from industries, such as manufacturing, processing, and automotive to power various machinery and equipment is boosting the market growth. Furthermore, the widespread product adoption in automation technology to provide precise control and reliable performance is positively influencing the market growth.Along with this, the rising product application in automated assembly lines and robotics is acting as another growth-inducing factor. Apart from this, the push towards Industry 4.0, which is characterized by interconnected and autonomous systems, is further emphasizing the need for advanced motors that can seamlessly integrate into complex industrial environments.
Industrial motors Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the global industrial motors market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type of motor, voltage and end user.Breakup by Type of Motor:
- Alternating Current (AC) Motor
- Direct Current (DC) Motor
- Others
Alternating current (AC) motor dominates the market
Alternating current (AC) motors are dominating the market as they are more energy-efficient compared to DC motors, especially in continuous operation scenarios. This alignment with energy conservation goals makes them more attractive to industries aiming to reduce operational costs. Furthermore, they are known for their simple construction and fewer components, making them less prone to wear and tear.
This contributes to their reliability and lower maintenance needs, both of which are vital in industrial settings. Besides this, the production and maintenance of AC motors are less expensive compared to their DC counterparts. Moreover, the direct compatibility of AC motors with industrial and commercial power systems, which simplifies integration and eliminates the need for additional conversion equipment, is favoring the market growth.
Breakup by Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Low voltage dominates the market
Low voltage motors operate at a higher efficiency compared to their high voltage counterparts, which translates into energy savings, aligning with global energy conservation goals. Apart from this, they are suitable for a wide range of industrial applications, from simple conveyance systems to complex manufacturing machinery, which is contributing to the market growth.
Additionally, low voltage motors can be more readily integrated into existing systems without the need for substantial infrastructure modifications. Furthermore, they allow the use of less expensive protection and control equipment, making them a more economical option. Besides this, the growing demand for low voltage motors to meet energy-efficiency standards and comply with electrical codes is contributing to the market growth.
Breakup by End User:
- Oil and Gas
- Power Generation
- Mining and Metals
- Water and Wastewater Management
- Chemicals and Petrochemicals
- Discrete Manufacturing
- Others
Oil and gas dominate the market
The oil and gas sector is dominating the market as it requires industrial motors to drive its various processes, such as drilling, extraction, refining, and transportation. Furthermore, the industry's operations are multifaceted and require a range of specialized equipment. In line with this, industrial motors play a vital role, offering precise control and consistent performance, thus making them indispensable to the industry. Besides this, the oil and gas industry is spread across the globe and operates in diverse and often remote locations.
The extensive utilization of industrial motors within these various locations contributes to the market expansion. Moreover, the industry's emphasis on efficiency, safety, and environmental compliance, which has led to significant investments in technological advancements, including state-of-the-art industrial motors, is positively influencing the market growth.
Breakup by Region:
- 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 exhibits a clear dominance in the market, accounting for the largest industrial motors market share
Asia Pacific is witnessing fast-paced industrial growth in manufacturing, automotive, and construction, leading to the increased demand for industrial motors. Furthermore, the introduction of supportive policies by the regional governments promoting manufacturing and industrial development through incentives, subsidies, and favorable regulations is acting as another growth-inducing factor. Apart from this, the significant investments in infrastructure projects, such as railways, power plants, and water treatment facilities, which require the use of industrial motors, are supporting the market growth.
Additionally, the increasing push towards energy conservation in the Asia Pacific, leading to the implementation of strict energy regulations and the adoption of energy-efficient motors, is strengthening the market growth. Moreover, the abundant supply of raw materials and labor force, which makes it a cost-effective hub for the manufacturing of industrial motors, attracting both local and foreign companies, is propelling the market growth.
Competitive Landscape:
The top industrial motor companies are creating advanced, energy-efficient, and intelligent motor solutions to provide a competitive edge and cater to diverse industrial applications. Furthermore, many companies are expanding their global footprint through strategic acquisitions, mergers, and partnerships to access new markets, share technological expertise, and optimize resources. Additionally, they are offering tailored solutions to meet specific customer requirements and enhance their product portfolios. Moreover, several key players are developing eco-friendly products that align with global sustainability goals and regulations.Along with this, they are emphasizing quality control and adherence to international standards to ensure that the motors meet stringent quality benchmarks. In addition, companies are providing comprehensive after-sales support, including maintenance, repair, and technical guidance, which aids in maintaining long-term relationships with customers and ensuring product longevity.
The report has provided a comprehensive analysis of the competitive landscape in the global industrial motors market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- 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
Recent Developments:
- In August 2021, ABB Ltd. announced its plan to expand its low-voltage motor facility in Faridabad, India.
- In October 2022, Hitachi Ltd. announced its plan to expand its electrification business and provide inverters and motors to JATCO Ltd.
- In February 2022, Menzel Elektromotoren GmbH signed a contract to begin the construction of a new and larger motor plant in Hennigsdorf, near Berlin.
Key Questions Answered in This Report
1. How big is the global industrial motors market?2. What is the expected growth rate of the global industrial motors market during 2024-2032?
3. What are the key factors driving the global industrial motors market?
4. What has been the impact of COVID-19 on the global industrial motors market?
5. What is the breakup of the global industrial motors market based on the type of motor?
6. What is the breakup of the global industrial motors market based on the voltage?
7. What is the breakup of the global industrial motors market based on end user?
8. What are the key regions in the global industrial motors market?
9. Who are the key players/companies in the global industrial motors market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Industrial Motors Market
6 Market Breakup by Type of Motor
7 Market Breakup by Voltage
8 Market Breakup by End User
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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 etc.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 139 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 23.5 Billion |
| Forecasted Market Value ( USD | $ 32.8 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
