Industrial Motor Market Size is forecasted to reach $42.19 Billion by 2027, growing at CAGR 4.20% during the forecast period 2022-2027. Increasing demand for energy efficient and environmental friendly industrial motors due to rising environmental concerns is analysed to be a major driving factor for the growth of Industrial Motors Market. Industrial Motors are one of the major components used in wide range of applications such as industrial fans, pumps, machine tools, compressors and others across various end use industries such as Chemicals, Oil & Gas, Power Generation Chemical, Food and Beverage and other industrial verticals. The recent trends in the production of high efficient and compatible centrifuges, agitators and mixers for chemical & petrochemical industry is analyzed to be major driving factor for the growth of Industrial Motors in global market. Moreover, increasing investments towards the expansion of oil and gas production, establishment of power generation plants and many others coupled with the industrial automation is creating opportunities for the growth of the Industrial Motors market across various industries. In November 2021, The Abu Dhabi National Oil Company (ADNOC) announced to invest almost $6 billion (AED22 billion) to allow drilling growth as it boost crude oil production capacity to 5 million barrels per day by 2030 and drives gas self-sufficiency for the United Arab Emirates (UAE). These factors pave the way for the use of industrial motor in industries. Moreover, a rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is expected drive the market growth. Hence all these factors assist the market growth during the forecast period 2022-2027.

With the advancement in plastic & packaging industry, plastic manufacturing facilities deploy electric motors in a wide range of processes and they account for a large share of electricity expenses. Some examples include extruders, winding machines, rotational molding machines, and circular looms. Motors are also found in process cooling equipment and ventilation systems. The importance of energy saving to the plastics industry is critical. Most manufacturers have signed up to the European-wide Climate Change Agreement (CCA), and are incentivised to achieve energy targets and earn credits. As technology advances, synchronous reluctance motor and drive (SynRM) package are being used instead of conventional induction motors to offers up to 40 percent more power density and can be up to two frame sizes smaller than a conventional induction motor. For packaging in many food and beverage industries, a BISSC (Baking Industry Sanitation Standards Committee) standard details requirements needed for motors to be used in bakery operations and other food installations. These special wash-down type motors require a smooth radius at all joints and seams so food won’t be trapped in any pockets. BISSC motors also include many of the special construction features included on wash-down motors. The United Nations Food and Agriculture Organization has stated that the packaging industry is projected to witness steady growth by 2030, hence creating more opportunities for the electric motors used in this arena.

APAC Industrial Motor Market is expected to be the fastest growing region and will grow at CAGR of 5.59% during the forecast period 2022-2027. The increasing adoption of industrial motors in Manufacturing, Iron & Steel, Textiles, Ceramics, Paper, Petrochemical and oil & gas industries is analyzed to expand Industrial Motor Market in this region. China is the top contributor in the growth of the Industrial Motor Market. According to World Bank data, China’s manufacturing sector contributes approximately 26.17% of the national GDP in 2020, which an impeccable in comparison to other sectors, thus increasing the chances of adoption of industrial motors in manufacturing sector. Apart from China, India, South Korea and Japan are the top contributors in the growth of the Industrial Motor Market in this region. The presence of major number of industrial motor manufacturer such as Igarashi Electric, Nidec Corporation, Hitachi Ltd and others to expand their business related to industrial motors in Japan is set to boost the growth of the market in this region. This growth is seen through multiple strategic initiatives such product development, investments, acquisitions taken by the top manufacturing players. Hitachi, Ltd., a Japanese multinational company is one of the largest manufacturers of industrial motors that produces motors such as gear motors, three phase motors and submersible motors of all efficiency standards for various applications. In April 2018, Nidec Corporation, a Japan based leading global manufacturer of electric motors, announced the successful development of a new fully integrated traction motor system (e-axle) comprising an electric motor, reduction gear box and inverter. This new system is the latest and most advanced iteration of the company's e-axle developed to respond to the growing demand for automobile electrification. Hence, these factors emphasize strongly to boost the market growth.

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Industrial Motor Market Growth Drivers:

Growth of Chemicals & Petrochemicals industries leading to the adoption of industrial motors is analyzed to drive the market growth in the forecast period

Growing demand for industrial motors in chemical & petrochemical industries is set to be one of the major factors analyzed to drive the market during the forecast period. The Chemical & Petrochemical Industries have transformed tremendously at evolving several new technologies for processing chemicals along with automating these processes. The current challenge for the industries include to expand their market while maintaining optimum levels of profit. This has led to the rapid automation of the sector, particularly in the process automation segments which creates demand for industrial motors in the industry. The Chemical industry comprises of the facilities to process the raw materials derived from minerals, oil and natural gas, minerals and several other sources into industrial chemicals. This sector will be most influential in terms of growth prospects for LV and MV Industrial Motors in the forecast period as the chemicals are at the core of every demand either in industrial or consumer perspective. Moreover, induction motors are the major type of industrial motors that are used in wide variety of applications such as pumps, Compressors, Fans and blowers, centrifuges machines and mixers in chemical industry. The demand for pumps, compressors, fans and blowers, centrifuges machines and mixers in these industries are always high, owing to usage in handling toxic and aggressive acids, as well as highly flammable and explosive liquid. For instance, the chemical industry is a major sector that contributes towards the Spain’s GDP. In 2020, Spain's chemical sector accounted for 5.5% of their national gross domestic product (GDP) and 13.4% of the industrial GDP. The total revenue of the chemical sector was 64.519 billion euros, from which 36.57 billion were exported in 2020. This increasing growth was mostly due to rising local demand for chemicals coupled with engage in R&D cooperation with customers and institutes. These factors play significant role to develop higher demands for Industrial Motors in these industries resulting into the market growth.

The Major Players in this Market Include

Major players in Industrial Motor Market include ABB Ltd, Siemens AG, Nidec Corporation, Brook Crompton UK, Emerson Electric, WEG S.A, Rockwell Automation among others. In August 2020, Nidec’s U.S Motor, the promising brand of the Nidec Corporation launched the Energy-saving Neptune Variable Speed Pool Pump Motors. The Neptune variable speed motor line of products are designed to denote energy and cost-savings solution for high-end programming application and timer to control pumping times.

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