by Industrial motors are devices that convert electrical energy into mechanical energy and are widely used in various industrial manufacturing processes. Industrial motors provide reliable power for fans, conveyors, compressors, pumps and other industrial equipment. With increasing industrial automation and stringent energy efficiency standards, there is growing demand for advanced industrial motors that offer high performance, energy efficiency and reliability.
The global Industrial Motors Market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the industrial motors market is increased industrial automation. There is growing adoption of industrial automation technologies such as robotics, programmable logic controllers, distributed control systems, machine vision systems, and human machine interfaces (HMIs) across various industries including automotive, food & beverage, chemical, oil & gas, and others. Automation improves production efficiency and reduces operational costs. Advanced industrial motors with features such as variable frequency drives play an important role in enabling precision automation. They provide flexible speed control, energy efficiency, and optimal performance. Hence, the rising demand for industrial automation from small and medium enterprises is fueling the demand for innovative industrial motors.
SWOT Analysis
Strength: Industrial motors have high efficiency and provide more power output with minimal energy consumption. They are also highly durable and require low maintenance.
Weakness: High initial investment is required for installing industrial motors. They also have complex design which increases the servicing cost.
Opportunity: Growing industrial automation across various sectors such as food & beverage, oil & gas, mining etc is creating new opportunities. Also, increasing demand for energy-efficient motors offers growth prospects.
Threats: Availability of cheaper alternatives like permanent magnet motors poses threat. Stringent environmental regulations regarding carbon emissions also act as a challenge.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth. The global Industrial Motors Market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the global industrial motors market and is expected to continue its dominance during the forecast period. Factors such as rapid industrialization, growing manufacturing sector and presence of emerging economies such as China and India are driving the growth of industrial motors market in Asia Pacific. North America is another major region for industrial motors market owing to well-established manufacturing and automotive industries in US and Canada.
Key players related content comprises
Key players operating in the Industrial Motors market are Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab. These players are focusing on new product launches, mergers & acquisitions and expansions to increase their market share. For instance, in 2022 Eastman Chemical acquired Santos Brasil for expanding its business in Latin America.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
