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The Global Industrial Motor Market size is predicted to reach $33 billion by 2030, growing at a CAGR of 4.2% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Growing demand for industrial motors in the automotive and oil and gas industries and growth of chemicals & petrochemicals industries leading to the adoption of industrial motors are poised to propel the market growth, finds IndustryARC in its recent report, titled “Industrial Motor Market Size, Share & Trends Analysis Report By Product Type [AC Motors (Induction Motor, Synchronous Motor, Servo Motor, Stepper Motor), DC Motors (Brushed DC Motor, Brushless DC Motor, Servo Motor, Series Motor, Stepper Motor, Compound Motor)], By Product Category (Permanent Magnet, Non-Permanent Magnet), By Phase (Single Phase, Three Phase), By Power Rating (Below 0.5W, 0.5W-1W, 1W to 100W, 100W to 1KW, 1KW to 10KW, 10KW and Above), By Voltage (Low Voltage, Medium Voltage, High Voltage), By Efficiency (IE1, IE2, IE3, IE4), By Application [Oil & Gas (Upstream, Midstream, Downstream), Aerospace (Actuation, Ventilating, Air Conditioning), Automotive, HVAC (Heating, Ventilating, Air Conditioning), Paper & Pulp (Feed & Conveyor Systems, Fans & Blowers, Reeling & Rolling Machines, Mixers, Others), Food & Beverage (Milling, Grinding & Mixers, Conveyor Systems, Pumping Systems, Packaging, Others), Textile (Mixing & Beating Machines, Carding Machines, Winding Machines, Washers & Pumps, Blowers, Others), Transportation (Logistics & Warehousing, Railways), Power Generation (Coal, Gas and Oil-Fired Plants, Nuclear Power Plants, Geothermal Power Plants, Hydro Power Plants, Wind Mills, Others), Agriculture (Pumping Systems, Grain Handling and Conveyor System, Aeration and Conditioning, Feed Delivery Systems, Others), Chemical (Pumps, Fans, Blowers and Compressors , Centrifuges, Agitators and Mixers, Others), Industrial Machinery (Machine Tools, Assembly Line and Conveyor Systems, Others), Plastics and Packaging, Industrial Automation, Others], By Region and Segment Forecasts, 2024–2030”
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North America to Register Highest Growth:
The increasing adoption of industrial motors in power generation, aerospace, automotive and chemical industries is analyzed to expand Industrial Motor Market in this region. USA, Canada and Mexico are the top contributors in industrial motor market growth in this region. Moreover, a rising number of government incentives to encourage use of energy efficient industrial motors for safeguarding the environment from carbon emissions is expected to drive the market growth. For instance, USA has planned to increase carbon-free power generation from 27% to 35% of total by 2024, thus increasing the scope of adoption of energy efficient motors among industries.
Industrial Motor Market 2024-2030: Segmentation
Industrial Motor Market Report – Key Takeaways:
·
Three Phase Motors Dominating the Market
The three-phase segment held a major
market share of 78% in 2023. Emphasis on energy efficiency, rising demand for
environment-friendly motors, advancements in high-speed motor technology, and
increasing applications in diverse industries like construction, manufacturing,
and infrastructure are notable trends driving growth.
·
Low Voltage Motors to Register Highest Growth
Low voltage motor segment is analyzed
to grow with the highest CAGR of 4.9% during the forecast period. Rapid
industrialization, infrastructure expansion, and escalating demand for
energy-efficient solutions have catalyzed market expansion. These developments
are fueled by a surge in the adoption of low voltage motors in diverse
industries, driven by the quest for enhanced operational efficiency and
sustainability. Manufacturers are innovating to meet stringent energy
standards, paving the way for a transformative era in the industrial motor
landscape.
·
Asia Pacific is Leading the Market
Asia Pacific region held a major
market share of 37% in 2023. With escalating industrialization and
infrastructure development, this region has emerged as a pivotal hub for
industrial motor demand, especially in the low voltage segment. In January
2022, the Electric Business Licence (EBL) from the Ministry of Trade, Industry
and Energy of the Republic of Korea granted a capacity of 870MW to the project
resulting in the promising growth opportunity for the market. Notably, the
Asia-Pacific region is driving technological advancements and eco-friendly
motor designs, aligning with stringent regulatory frameworks. This leadership
position highlights the region's pivotal role in shaping the global industrial
motor landscape.
·
Rising Government Regulations Towards the Growth Industrial Motors
Is an Opportunity for The Market
Increasing government regulations governing industrial motors present an opportunity for market growth. Stringent standards addressing energy efficiency, emission reduction, and safety drive innovation and demand. These regulations push manufacturers to develop eco-friendly, high-performance motors, enhancing market competitiveness. Compliance fosters trust among consumers and industries, promoting adoption. Moreover, regulatory encouragement for sustainable practices stimulates R&D investments, fostering technological advancements. Industries aligning with these norms secure a competitive edge, unlocking growth avenues and expanding market potential in the evolving landscape of industrial motors. In October 2022, Indian government announced that it was opening up 42 oil gas blocks to worldwide competitive bidding for exploration and development.
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Key Opportunity Analysis:
Rising Smart Motor Sales
The
surge in smart motor sales represents a pivotal opportunity for the industrial
motor market. Smart motors, with their advanced features like IoT integration
and energy efficiency, are reshaping industrial operations. This uptrend in
adoption fosters technological advancements and innovation, driving synergy
between smart motor functionalities and industrial applications. As industries
increasingly prioritize smart solutions for enhanced performance and
automation, the industrial motor market stands to benefit from this rising
demand, expanding its scope within a tech-driven landscape.
Emergence of
Energy-Efficient Motors
The
growing emphasis on energy efficiency propels the demand for energy-conserving
motors. Manufacturers strive to craft motors that align with stringent
efficiency standards, fostering market expansion. This surge in demand arises
from a global push for sustainable practices, prompting innovations in motor
technology. Companies now prioritize developing motors that not only meet but
exceed efficiency benchmarks, creating an opportune landscape for market
growth. The drive towards energy-efficient motors not only fulfills regulatory
mandates but also aligns with environmentally conscious consumer preferences,
paving the way for enhanced market competitiveness and sustainability.
Integration of Industry
4.0 Technologies
The infusion of Industry
4.0 tech, notably IoT and AI, into motor systems revolutionizes manufacturing.
Smart factories, reliant on interconnected systems, necessitate motors
compatible with automation and predictive maintenance. This surge in demand
paves the way for innovative advancements in smart motor solutions, marking a
pivotal shift in manufacturing processes. The convergence of cutting-edge
technologies in motors is reshaping industry landscapes, fostering efficiency
and propelling futuristic advancements in production systems.
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The Report also Covers the Following Areas:
- Industrial Motor Market Size and Forecast
- Industrial Motor Market Trends
- Industrial Motor Market Analysis by Product Type
Industrial Motor Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Industrial Motor Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Industrial Motor Market
Covid and Ukrainian Crisis Impact:
The
COVID-19 pandemic significantly impacted the Industrial Motors Market,
catalyzing a shift toward Industry 4.0 and enhancing manufacturing
productivity. This crisis accelerated changes in logistics, emphasizing the
importance of resilient supply chains and driving the adoption of advanced AC
motors.
The
Russia-Ukraine war significantly disrupted the Industrial Motors Market due to
supply chain interruptions, heightened geopolitical tensions, and trade
restrictions. Increased uncertainty led to fluctuating prices, limited access
to raw materials, and challenges in manufacturing, impacting the market's
stability and growth prospects.
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List of Key Market Players in Industrial Motor Market:
The Global Industrial Motor Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- ABB Ltd
- Bosch Electric
- Nidec Corporation
- Regal Rexnord
- Franklin Electric Company Inc.
- Teco electric & machinery co. ltd.
- Johnson Electric
- Woolong (General Electric Company)
- Vybronics
- Mabuchi Motor Co., Ltd.
- Bonfiglioli Group
- Siemens AG
Related Reports:
Induction Motor Market - Induction Motor Market Size is
forecast to reach $54.2 billion by 2026, at a CAGR of 6.5% during 2024-2030. The
growth of the induction motor market is mainly attributed to its robust
structure of motor and rise in production of electric vehicles.
Permanent Magnet Industrial Motors
Market - Permanent
Magnet Industrial Motors Market size is estimated to reach $5.25 billion by
2030, growing at a CAGR of 4.51% during the forecast period 2024-2030. Permanent
Magnet Industrial Motors (PMM) are seeing a significant increase in demand
owing to their exceptional efficiency and throughput.
Automotive Motors Market - Automotive Motors Market is
projected to grow at a CAGR of 8.6% from 2024 to 2030. Owing to the fact that
increase production of vehicles propels the demand in the global automotive
motor market, opportunities will increment at a notable compound annual growth.
Servo Motors and Drives in Factory
Automation Market - The
global Servo Motors and Drives in Factory Automation Market size is estimated
to grow at a CAGR of 5.9% during forecast period i.e. 2018-2024. This increase
in deployment of automated systems in factories is anticipated to create a need
for Servo Motors and Drives in Factory Automation which are used in the
production of automation systems, thereby driving the market growth.
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