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Industrial Electrification Market By Product, Integrated starter generator, By Application: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 399 Pages
  • October 2023
  • Region: Global
  • Allied Market Research
  • ID: 5916114
The industrial electrification market was valued at $83.5 billion in 2022 and is estimated to reach $182.5 billion by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032.

Industrial electrification refers to the process of replacing or augmenting traditional mechanical, pneumatic, or hydraulic systems with electrical and electronic systems in various industrial applications. It involves the use of electricity as the primary source of power for machines, equipment, and processes in manufacturing, production, and other industrial sectors. Industrial electrification offers several advantages, including improved energy efficiency, greater precision, reduced maintenance requirements, enhanced automation, and the potential for integrating data and analytics into industrial processes.

Industrial electrification is often chosen as it significantly improves energy efficiency. Electric motors and equipment are more efficient than their mechanical counterparts, leading to reduced energy consumption and lower operating costs. This factor may surge the utilization of industrial electrification process among several end use sectors: thus, fueling the market growth.

However, retrofitting existing industrial processes with electrification solutions be complex and require extensive modifications to existing systems. Integration challenges lead to downtime and additional costs during the transition. This factor restrains the growth of the industrial electrification market.

On the contrary, The trend toward automation and Industry 4.0 concepts in manufacturing and industrial processes relies heavily on electrification. Electric systems are easier to automate and integrate with digital technologies for improved productivity and efficiency. This factor boosts the utilization of industrial electrification process across several types of industries: thus, creating remunerative opportunities for the market.

The industrial electrification market is segmented on the basis of product, application, and region. On the basis of product, it is fragmented into starter motor & alternator, electric pumps, electric power steering (EPS), integrated starter generator (ISG), and others. By application, it is classified into automation & control, energy efficiency, data & analytics, and others. By region, it is classified into North America, Europe, Asia-Pacific, and LAMEA.

The major companies profiled in this report include BorgWarner Inc., DENSO CORPORATION, Johnson Electric Holdings Limited, AISIN CORPORATION, Bharat Bijlee Limited, Bonfiglioli Transmissions Private Limited, General Electric, Kirloskar Electric Company, and ABB, Continental AG. 

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial electrification market analysis from 2022 to 2032 to identify the prevailing industrial electrification market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the industrial electrification market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global industrial electrification market trends, key players, market segments, application areas, and market growth strategies.

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  • Market share analysis of players at global/region/country level
  • SWOT Analysis

Key Market Segments

By Product

  • Starter motor and alternator
  • Electric pumps
  • Electric power steering (EPS)
  • Integrated starter generator (ISG)
  • Others

By Application

  • Automation and Control
  • Energy Efficiency
  • Data and Analytics
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA
  • Key Market Players
  • BorgWarner Inc.
  • DENSO CORPORATION
  • Johnson Electric Holdings Limited
  • AISIN CORPORATION
  • Bharat Bijlee Limited
  • Bonfiglioli Transmissions Private Limited
  • General Electric
  • Kirloskar Electric Company
  • ABB
  • Continental AG

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.5. Regulatory Guidelines
3.6. Patent Landscape
CHAPTER 4: INDUSTRIAL ELECTRIFICATION MARKET, BY PRODUCT
4.1. Overview
4.2. Starter motor and alternator
4.3. Electric pumps
4.4. Electric power steering (EPS)
4.5. Integrated starter generator (ISG)
4.6. Others
CHAPTER 5: INDUSTRIAL ELECTRIFICATION MARKET, BY APPLICATION
5.1. Overview
5.2. Automation and Control
5.3. Energy Efficiency
5.4. Data and Analytics
5.5. Others
CHAPTER 6: INDUSTRIAL ELECTRIFICATION MARKET, BY REGION
6.1. Overview
6.2. North America
6.3. Europe
6.4. Asia-Pacific
6.5. LAMEA
CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. Introduction
7.2. Top winning strategies
7.3. Product mapping of top 10 player
7.4. Competitive dashboard
7.5. Competitive heatmap
7.6. Top player positioning, 2022
CHAPTER 8: COMPANY PROFILES
8.1. AISIN CORPORATION
8.2. Continental AG
8.3. BorgWarner Inc.
8.4. DENSO CORPORATION
8.5. Johnson Electric Holdings Limited
8.6. ABB
8.7. Bharat Bijlee Limited
8.8. Kirloskar Electric Company
8.9. General Electric
8.10. Bonfiglioli Transmissions Private Limited
List of Tables
Table 01. Global Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 02. Industrial Electrification Market for Starter Motor and Alternator, by Region, 2022-2032 ($ Million)
Table 03. Industrial Electrification Market for Electric Pumps, by Region, 2022-2032 ($ Million)
Table 04. Industrial Electrification Market for Electric Power Steering (Eps), by Region, 2022-2032 ($ Million)
Table 05. Industrial Electrification Market for Integrated Starter Generator (Isg), by Region, 2022-2032 ($ Million)
Table 06. Industrial Electrification Market for Others, by Region, 2022-2032 ($ Million)
Table 07. Global Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 08. Industrial Electrification Market for Automation and Control, by Region, 2022-2032 ($ Million)
Table 09. Industrial Electrification Market for Energy Efficiency, by Region, 2022-2032 ($ Million)
Table 10. Industrial Electrification Market for Data and Analytics, by Region, 2022-2032 ($ Million)
Table 11. Industrial Electrification Market for Others, by Region, 2022-2032 ($ Million)
Table 12. Industrial Electrification Market, by Region, 2022-2032 ($ Million)
Table 13. North America Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 14. North America Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 15. North America Industrial Electrification Market, by Country, 2022-2032 ($ Million)
Table 16. U.S. Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 17. U.S. Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 18. Canada Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 19. Canada Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 20. Mexico Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 21. Mexico Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 22. Europe Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 23. Europe Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 24. Europe Industrial Electrification Market, by Country, 2022-2032 ($ Million)
Table 25. Germany Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 26. Germany Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 27. UK Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 28. UK Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 29. France Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 30. France Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 31. Spain Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 32. Spain Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 33. Italy Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 34. Italy Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 35. Rest of Europe Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 36. Rest of Europe Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 37. Asia-Pacific Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 38. Asia-Pacific Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 39. Asia-Pacific Industrial Electrification Market, by Country, 2022-2032 ($ Million)
Table 40. China Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 41. China Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 42. India Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 43. India Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 44. Japan Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 45. Japan Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 46. South Korea Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 47. South Korea Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 48. Australia Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 49. Australia Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 50. Rest of Asia-Pacific Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 51. Rest of Asia-Pacific Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 52. LAMEA Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 53. LAMEA Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 54. LAMEA Industrial Electrification Market, by Country, 2022-2032 ($ Million)
Table 55. Brazil Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 56. Brazil Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 57. Saudi Arabia Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 58. Saudi Arabia Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 59. South Africa Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 60. South Africa Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 61. Rest of LAMEA Industrial Electrification Market, by Product, 2022-2032 ($ Million)
Table 62. Rest of LAMEA Industrial Electrification Market, by Application, 2022-2032 ($ Million)
Table 63. Aisin Corporation: Key Executives
Table 64. Aisin Corporation: Company Snapshot
Table 65. Aisin Corporation: Product Segments
Table 66. Aisin Corporation: Product Portfolio
Table 67. Aisin Corporation: Key Stratergies
Table 68. Continental Ag: Key Executives
Table 69. Continental Ag: Company Snapshot
Table 70. Continental Ag: Product Segments
Table 71. Continental Ag: Product Portfolio
Table 72. Continental Ag: Key Stratergies
Table 73. Borgwarner Inc.: Key Executives
Table 74. Borgwarner Inc.: Company Snapshot
Table 75. Borgwarner Inc.: Product Segments
Table 76. Borgwarner Inc.: Product Portfolio
Table 77. Borgwarner Inc.: Key Stratergies
Table 78. Denso Corporation: Key Executives
Table 79. Denso Corporation: Company Snapshot
Table 80. Denso Corporation: Product Segments
Table 81. Denso Corporation: Product Portfolio
Table 82. Denso Corporation: Key Stratergies
Table 83. Johnson Electric Holdings Limited: Key Executives
Table 84. Johnson Electric Holdings Limited: Company Snapshot
Table 85. Johnson Electric Holdings Limited: Product Segments
Table 86. Johnson Electric Holdings Limited: Product Portfolio
Table 87. Abb: Key Executives
Table 88. Abb: Company Snapshot
Table 89. Abb: Product Segments
Table 90. Abb: Product Portfolio
Table 91. Bharat Bijlee Limited: Key Executives
Table 92. Bharat Bijlee Limited: Company Snapshot
Table 93. Bharat Bijlee Limited: Product Segments
Table 94. Bharat Bijlee Limited: Product Portfolio
Table 95. Kirloskar Electric Company: Key Executives
Table 96. Kirloskar Electric Company: Company Snapshot
Table 97. Kirloskar Electric Company: Product Segments
Table 98. Kirloskar Electric Company: Product Portfolio
Table 99. General Electric: Key Executives
Table 100. General Electric: Company Snapshot
Table 101. General Electric: Product Segments
Table 102. General Electric: Product Portfolio
Table 103. Bonfiglioli Transmissions Private Limited: Key Executives
Table 104. Bonfiglioli Transmissions Private Limited: Company Snapshot
Table 105. Bonfiglioli Transmissions Private Limited: Product Segments
Table 106. Bonfiglioli Transmissions Private Limited: Product Portfolio
Table 107. Bonfiglioli Transmissions Private Limited: Key Stratergies
List of Figures
Figure 01. Industrial Electrification Market, 2022-2032
Figure 02. Segmentation of Industrial Electrification Market, 2022-2032
Figure 03. Top Impacting Factors in Industrial Electrification Market (2022 to 2032)
Figure 04. Top Investment Pockets in Industrial Electrification Market (2023-2032)
Figure 05. Moderate Bargaining Power of Suppliers
Figure 06. Moderate Threat of New Entrants
Figure 07. Moderate Threat of Substitutes
Figure 08. Moderate Intensity of Rivalry
Figure 09. Moderate Bargaining Power of Buyers
Figure 10. Global Industrial Electrification Market: Drivers, Restraints and Opportunities
Figure 11. Regulatory Guidelines: Industrial Electrification Market
Figure 12. Patent Analysis by Company
Figure 13. Patent Analysis by Country
Figure 14. Industrial Electrification Market, by Product, 2022 and 2032 (%)
Figure 15. Comparative Share Analysis of Industrial Electrification Market for Starter Motor and Alternator, by Country 2022 and 2032 (%)
Figure 16. Comparative Share Analysis of Industrial Electrification Market for Electric Pumps, by Country 2022 and 2032 (%)
Figure 17. Comparative Share Analysis of Industrial Electrification Market for Electric Power Steering (Eps), by Country 2022 and 2032 (%)
Figure 18. Comparative Share Analysis of Industrial Electrification Market for Integrated Starter Generator (Isg), by Country 2022 and 2032 (%)
Figure 19. Comparative Share Analysis of Industrial Electrification Market for Others, by Country 2022 and 2032 (%)
Figure 20. Industrial Electrification Market, by Application, 2022 and 2032 (%)
Figure 21. Comparative Share Analysis of Industrial Electrification Market for Automation and Control, by Country 2022 and 2032 (%)
Figure 22. Comparative Share Analysis of Industrial Electrification Market for Energy Efficiency, by Country 2022 and 2032 (%)
Figure 23. Comparative Share Analysis of Industrial Electrification Market for Data and Analytics, by Country 2022 and 2032 (%)
Figure 24. Comparative Share Analysis of Industrial Electrification Market for Others, by Country 2022 and 2032 (%)
Figure 25. Industrial Electrification Market by Region, 2022 and 2032 (%)
Figure 26. U.S. Industrial Electrification Market, 2022-2032 ($ Million)
Figure 27. Canada Industrial Electrification Market, 2022-2032 ($ Million)
Figure 28. Mexico Industrial Electrification Market, 2022-2032 ($ Million)
Figure 29. Germany Industrial Electrification Market, 2022-2032 ($ Million)
Figure 30. UK Industrial Electrification Market, 2022-2032 ($ Million)
Figure 31. France Industrial Electrification Market, 2022-2032 ($ Million)
Figure 32. Spain Industrial Electrification Market, 2022-2032 ($ Million)
Figure 33. Italy Industrial Electrification Market, 2022-2032 ($ Million)
Figure 34. Rest of Europe Industrial Electrification Market, 2022-2032 ($ Million)
Figure 35. China Industrial Electrification Market, 2022-2032 ($ Million)
Figure 36. India Industrial Electrification Market, 2022-2032 ($ Million)
Figure 37. Japan Industrial Electrification Market, 2022-2032 ($ Million)
Figure 38. South Korea Industrial Electrification Market, 2022-2032 ($ Million)
Figure 39. Australia Industrial Electrification Market, 2022-2032 ($ Million)
Figure 40. Rest of Asia-Pacific Industrial Electrification Market, 2022-2032 ($ Million)
Figure 41. Brazil Industrial Electrification Market, 2022-2032 ($ Million)
Figure 42. Saudi Arabia Industrial Electrification Market, 2022-2032 ($ Million)
Figure 43. South Africa Industrial Electrification Market, 2022-2032 ($ Million)
Figure 44. Rest of LAMEA Industrial Electrification Market, 2022-2032 ($ Million)
Figure 45. Product Mapping of Top 10 Players
Figure 46. Competitive Dashboard
Figure 47. Competitive Heatmap: Industrial Electrification Market
Figure 48. Top Player Positioning, 2022
Figure 49. Aisin Corporation: Net Revenue, 2020-2022 ($ Million)
Figure 50. Aisin Corporation: Revenue Share by Segment, 2022 (%)
Figure 51. Continental Ag: Net Sales, 2020-2022 ($ Million)
Figure 52. Continental Ag: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 53. Continental Ag: Revenue Share by Segment, 2022 (%)
Figure 54. Continental Ag: Revenue Share by Region, 2022 (%)
Figure 55. Borgwarner Inc.: Net Revenue, 2020-2022 ($ Million)
Figure 56. Borgwarner Inc.: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 57. Borgwarner Inc.: Revenue Share by Segment, 2022 (%)
Figure 58. Borgwarner Inc.: Revenue Share by Region, 2022 (%)
Figure 59. Denso Corporation: Net Revenue, 2020-2022 ($ Million)
Figure 60. Denso Corporation: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 61. Denso Corporation: Revenue Share by Segment, 2022 (%)
Figure 62. Denso Corporation: Revenue Share by Region, 2022 (%)
Figure 63. Johnson Electric Holdings Limited: Net Sales, 2020-2022 ($ Million)
Figure 64. Johnson Electric Holdings Limited: Revenue Share by Segment, 2022 (%)
Figure 65. Johnson Electric Holdings Limited: Revenue Share by Region, 2022 (%)
Figure 66. Abb: Net Revenue, 2020-2022 ($ Million)
Figure 67. Abb: Revenue Share by Region, 2022 (%)
Figure 68. Bharat Bijlee Limited: Net Revenue, 2020-2022 ($ Million)
Figure 69. Bharat Bijlee Limited: Revenue Share by Segment, 2022 (%)
Figure 70. Bharat Bijlee Limited: Revenue Share by Region, 2022 (%)
Figure 71. Kirloskar Electric Company: Net Revenue, 2020-2022 ($ Million)
Figure 72. Kirloskar Electric Company: Revenue Share by Segment, 2022 (%)
Figure 73. General Electric: Net Revenue, 2020-2022 ($ Million)
Figure 74. General Electric: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 75. General Electric: Revenue Share by Segment, 2022 (%)
Figure 76. General Electric: Revenue Share by Region, 2022 (%)
Figure 77. Bonfiglioli Transmissions Private Limited: Net Sales, 2020-2022 ($ Million)
Figure 78. Bonfiglioli Transmissions Private Limited: Revenue Share by Region, 2022 (%)

Executive Summary

According to the report, the industrial electrification market was valued at $83.5 billion in 2022, and is estimated to reach $182.5 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.

Industrial electrification refers to the process of replacing or augmenting traditional mechanical, pneumatic, or hydraulic systems with electrical and electronic systems in various industrial applications. It involves the use of electricity as the primary source of power for machines, equipment, and processes in manufacturing, production, and other industrial sectors. Industrial electrification offers several advantages, including improved energy efficiency, greater precision, reduced maintenance requirements, enhanced automation, and the potential for integrating data and analytics into industrial processes.

Industrial electrification is often chosen as it significantly improves energy efficiency. Electric motors and equipment are more efficient than their mechanical counterparts, leading to reduced energy consumption and lower operating costs. This factor may surge the utilization of industrial electrification process among several end use sectors: thus, fueling the market growth.

Furthermore, stringent environmental regulations and emissions standards are encouraging industries to transition to cleaner energy sources and technologies. Electrification help reduce greenhouse gas emissions and air pollution, aligning with environmental targets. This acts as one of the key drivers responsible for the growth of the industrial electrification market during the forecast period.

Additionally, many industries are setting sustainability goals and striving to reduce their carbon footprint. Industrial electrification, especially when powered by renewable energy sources, contributes to these sustainability objectives.

One of the most significant contributions of industrial electrification is the reduction in greenhouse gas emissions. Electrifying industrial processes that were previously powered by fossil fuels significantly lower carbon dioxide and other harmful emissions. This shift helps combat climate change and aligns with global efforts to reduce emissions. This factor further aids the growth of the industrial electrification market.

However, retrofitting existing industrial processes with electrification solutions be complex and require extensive modifications to existing systems. Integration challenges lead to downtime and additional costs during the transition. This factor restrains the growth of the industrial electrification market.

Also, transitioning to industrial electrification often requires a significant upfront investment in new electrical infrastructure, equipment, and technology. This is a barrier for some businesses, particularly smaller companies with limited capital. This factor hampers the growth of the industrial electrification market during the forecast period.

On the contrary, ongoing advancements in electric motor and control technology, as well as the development of smart grid infrastructure, make industrial electrification more attractive and feasible for various applications. This is anticipated to create lucrative opportunities for the industrial electrification market during the forecast period.

In addition to this, the trend toward automation and Industry 4.0 concepts in manufacturing and industrial processes relies heavily on electrification. Electric systems are easier to automate and integrate with digital technologies for improved productivity and efficiency. This factor boosts the utilization of industrial electrification process across several types of industries: thus, creating remunerative opportunities for the market.

The industrial electrification market is segmented on the basis of product, application, and region. On the basis of product, it is fragmented into starter motor & alternator, electric pumps, electric power steering (EPS), integrated starter generator (ISG), and others. By application, it is classified into automation & control, energy efficiency, data & analytics, and others. By region, it is classified into North America, Europe, Asia-Pacific, and LAMEA.

The major companies profiled in this report include BorgWarner Inc., DENSO CORPORATION, Johnson Electric Holdings Limited, AISIN CORPORATION, Bharat Bijlee Limited, Bonfiglioli Transmissions Private Limited, General Electric, Kirloskar Electric Company, and ABB, Continental AG.

The motor and alternator segment dominated the global market, in terms of revenue in 2022. Modern vehicles are equipped with advanced electrical systems, including sophisticated infotainment systems, safety features, and telematics. These systems require a stable and reliable source of electrical power, which is provided by alternators. These factors altogether may surge the demand for starter motors and alternators; thus, fueling the growth of the industrial electrification market.

By application, the market is divided into automation & control, energy efficiency, data & analytics, and others. The automation and control application segment dominated the global market, in terms of revenue in 2022 with 37.6% share in the global market. Industrial electrification offers high energy efficiency. Electric motors, devices, and control systems can be designed to operate with precision, reducing energy consumption. This aligns with global efforts to minimize energy use and reduce operational costs. Furthermore, the demand for greener and more sustainable industrial practices has grown. Electrification allows for the integration of renewable energy sources, like solar and wind, into industrial processes. This supports environmental objectives by reducing greenhouse gas emissions and decreasing the reliance on fossil fuels. These factors altogether may augment the growth of the industrial electrification market for automation and control applications.

Region wise, the industrial electrification market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific industrial electrification market size is projected to grow at the highest CAGR during the forecast period and accounted for a major market share in 2022. Asia-Pacific has experienced rapid economic growth and urbanization. This growth is driving increased industrialization and energy demand, which, in turn, is boosting the market for industrial electrification.

Moreover, many countries in Asia-Pacific are investing in modernizing their manufacturing sectors by adopting electric machinery and automation technologies. This is aimed at improving productivity and energy efficiency. In addition, the region is increasingly investing in renewable energy sources such as solar, wind, and hydropower. This is driven by a combination of environmental concerns and a desire to reduce reliance on fossil fuels. Furthermore, electric vehicles (EVs) and charging infrastructure have become more prevalent in Asia-Pacific. Industrial logistics and transportation companies are transitioning to electric and hybrid vehicles to reduce emissions. Altogether these factors may augment the growth of the industrial electrification market in Asia-Pacific.

Key Market Insights

By product, the starter motor and alternator segment is the fastest growing segment, registering a CAGR of 8.7% from 2023 to 2032.

By application, energy efficiency is the fastest growing segment, registering a CAGR of 8.6% from 2023 to 2032.

By region, Asia-Pacific registered the highest share of more than 35% in 2022, in terms of revenue, growing at a CAGR of 8.7% during the forecast period.

Companies Mentioned

  • BorgWarner Inc.
  • DENSO CORPORATION
  • Johnson Electric Holdings Limited
  • AISIN CORPORATION
  • Bharat Bijlee Limited
  • Bonfiglioli Transmissions Private Limited
  • General Electric
  • Kirloskar Electric Company
  • ABB
  • Continental AG

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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