by 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 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial motors are electromechanical devices that convert electrical energy to mechanical energy for various industrial applications. AC and DC motors are commonly used industrial motors that are suitable for a variety of industrial processes due to advantages like high efficiency, durability and low maintenance.
Market key trends:
The increasing adoption of energy-efficient motors across industries is one of the major trends in the industrial motors market. The growing concerns regarding greenhouse gas emissions have prompted industries to replace conventional motors with energy-efficient motors like IE3 and IE4 rated motors that have higher efficiency and consume less electricity. Industrialplants are widely replacing aging motors with high-efficiency models to reduce energy costs. The growing emphasis on sustainable manufacturing is expected to further drive the demand for energy-efficient industrial motors over the forecast period.
SWOT Analysis
Strength: Industrial motors are an integral part of various industrial machineries and have wide applications. The large scale manufacturing industries provide a steady demand.
Weakness: High initial investment and maintenance costs of industrial motors increase the operating costs of industries. Dependency on electricity supply makes the motor operations vulnerable.
Opportunity: Adoption of energy-efficient motors driven by government regulations provides growth opportunities. Emerging technologies such as sensorless motor control and smart motor systems are opening new areas.
Threats: Fluctuations in raw material prices and economic slowdowns affect the demand from end-use industries. Protectionist trade policies and import tariffs pose challenges.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing industrial automation and rising manufacturing output.
Regional analysis: North America dominated the market in 2023 with a share of around 25%, followed by Asia Pacific. Asia Pacific is expected to witness the fastest growth during the forecast period due to growth of industries and manufacturing sector in China and India. Countries like Germany, Italy, UK are some of the major markets in Europe.
Key players operating in the Industrial Motors market are Menzel Elektromotoren GmbH, General Electric Company, ATB Austria Antriebstechnik AG, ABB Ltd., Fuji Electric Co. Ltd., Allen-Bradly Co. LLC , Franklin Electric Co. Inc., Siemens AG, Maxon Motor AG, Amtek Inc., Nidec Corporation, Arc Systems Inc., Toshiba International Corporation, Johnson Electric Holdings Limited, and Emerson Electric Co. The players are focusing on new product launches, partnerships, and expansions to gain more market share.
*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.
