by The global Industrial Motors Market consists of electric motors that are specially designed to be used in industrial and commercial applications. Industrial motors facilitate various industrial processes by providing power to machines and equipment used in sectors like manufacturing, mining, construction, oil & gas, energy, and others. They offer advantages like high efficiency, durability, low maintenance, and can handle harsh operating environments.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising industrialization has been a key trend propelling growth of the Industrial Motors Market. Developing regions worldwide are witnessing rapid industrialization as countries focus on bolstering their manufacturing capabilities. This has significantly augmented demand for industrial machinery and equipment that require industrial motors to function. For instance, industries like automotive, food processing, textiles are experiencing sharp rises in production volumes. Consequently, the need for reliable and durable industrial motors to power conveyor belts, assembly lines, and other machinery has risen substantially. The proliferation of industrial motors designed for variable speed applications has also enhanced their adoption across diverse industrial verticals.
SWOT Analysis
Strength: Industrial motors are highly efficient and durable. They offer low maintenance costs compared to alternative technologies.
Weakness: Implementation of stringent emission norms globally may impact demand for conventional industrial motors. High initial costs also restrict market adoption.
Opportunity: Rising automation in various industries opens up opportunities for industrial motor suppliers. Increasing demand for energy-efficient motors from industries also presents an attractive option.
Threats: Substitution threat from alternative technologies like electric vehicles poses challenges. Trade restrictions and geopolitical tensions among major economies increase supply chain risks.
Key Takeaways
The Global Industrial Motors Market Growth is expected to witness high over the forecast period.
Regionally, Asia Pacific dominates the market currently owing to rapid industrialization in major countries. Led by China, India, Japan, and South Korea, the region accounts for over 50% of global industrial motors demand. Key players operating in the market include BASF SE, Sika AG, and RPM International Inc., among others.
Key players: Key players operating in the industrial motors market include BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd., Fosroc, Don Construction Products Ltd., Cipy Polyurethanes Pvt Ltd., Viacor Polymer GmBH, Twintec, Acrylicon, Cornerstone Flooring, Applied Flooring, AVCON Technics Pvt. Ltd., 4m Europe, and East Coast Flooring Ltd. These players adopt strategies like new product launches, partnerships, and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
