The global industrial motor market is projected to witness a CAGR of 4.68% to grow to US$33.640 billion by 2027, from US$24.421 billion in 2020.
— Knowledge Sourcing Intelligence
NOIDA, UTTAR PRADESH, INDIA, July 27, 2023/EINPresswire.com/ — According to a new study published by Knowledge Sourcing Intelligence, the Global Industrial Motor Market is projected to grow at a CAGR of 4.68% between 2020 and 2027 to reach US$33.640 billion by 2027.
The prime factors propelling the global industrial motor market growth include technological advancements and increasing automation across industries coupled with the growing demand for energy-efficient solutions.
Industrial motors are electromechanical devices designed to convert electrical energy into mechanical energy. They are widely used in various industrial applications to drive machinery, equipment, and systems, These motors provide power and control to a wide range of industrial processes, including manufacturing, transportation, mining, and construction. They are known for their robustness, reliability, and high performance, enabling efficient operation and increased productivity in industrial settings.
The market is witnessing multiple collaborations and technological advancements, for instance in July 2023, Electrified Automation has launched the EA 193 Series permanent magnet electric motors, offering maximum performance in a compact package. The motors support various applications, from two-wheel-on-road to industrial, and leverages the company’s successful automated manufacturing technology. Electrified Automation aims to use its automation platform to bring its own motors directly to the market.
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Based on motor type the market is segmented into AC motors (induction motors, synchronous motors) and DC motors (brushed motors, brushless motors). DC motors are witnessing rapid growth in the industrial motor market due to their higher efficiency, lower maintenance requirements, and improved performance. They offer advantages such as longer lifespan, reduced noise, and better controllability. They are commonly used in industries requiring precise control, such as robotics, automation, aerospace, and electric vehicles.
By voltage the market is divided into high & medium, and low. Within these categories, the low voltage segment is witnessing rapid growth. Low voltage motors, typically operating at voltages below 1000 volts, are extensively used in a wide range of industries, including manufacturing, construction, and transportation. The rapid growth in the low voltage segment can be attributed to factors such as increasing industrial automation, demand for energy-efficient solutions, and advancements in motor technology.
Based on distribution channel the market is segmented into OEM and Distributor. The OEM segment is experiencing rapid growth among the two. OEMs directly supply industrial motors to manufacturers and end-users, offering them customized solutions and tailored motor specifications to meet specific industrial requirements. This direct relationship between OEMs and customers allows for streamlined communication, faster product delivery, and better technical support.
Based on industry vertical the market is split into oil & gas, mining, food and beverage, construction, railways, power generation, water & wastewater, and others. The power generation industry is experiencing rapid growth. The demand for industrial motors in power generation is driven by factors such as increasing electricity consumption, the need for renewable energy sources, and the upgrading of existing power plants. Industrial motors play a critical role in powering generators, turbines, pumps, and other equipment used in power generation facilities.
Based on Geography, Asia Pacific is expected to dominate the global industrial motor market owing to factors such as rapid industrialization, infrastructure development, favorable government initiatives, and the presence of major manufacturers. The region’s strong manufacturing sector, increasing demand for energy-efficient motors, and favorable market conditions contribute to its significant share in the global market.
As a part of the report, the major players operating in the global industrial motor market that have been covered are General Electric Company, ABB Ltd, Rockwell Automation Inc., Siemens AG, Amtek Inc., Arc Systems Inc., Johnson Electric, Emerson Electric Co., Toshiba International Corporation, and Nidec Motor Corporation among others.
The global industrial motor market research study segments the market as follows:
• By Motor Type
o Direct Current
o Alternating Current
• By Voltage
o High and Medium
• By Distribution Channel
• By Industry Vertical
o Oil And Gas
o Food And Beverage
o Power Generation
o Water And Wastewater
• By Geography
o North America
o South America
o Middle East and Africa
• Saudi Arabia
o Asia Pacific
• South Korea
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