by Industrial motors are widely used in various manufacturing industries to drive production machinery and industrial equipment. Industrial motors are reliable, durable, and help enhance energy efficiency and productivity. They are used across industries such as oil and gas, mining, power generation, food processing, paper, plastic, cement, and metals among others. Industrial motors enable automation by powering conveyor belts, pumps, fans, compressors, HVAC equipment, and other mechanical devices essential for manufacturing processes. They provide the motive power needed by industries to carry out industrial operations smoothly and efficiently.
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:
Advent of smart motor technologies is one of the key trends shaping the industrial motors market. Smart motor technologies enable remote condition monitoring and predictive maintenance of motors. They collect operational data through sensors embedded in motors and transmit it to cloud or local servers for analysis. This helps in detecting potential motor failures at an early stage and scheduling timely repairs to avoid unplanned downtime. Smart motors also optimize energy consumption through variable speed operation. Their ability to self-diagnose issues and automatically adjust speed as per load requirements enhances productivity and energy efficiency of industrial operations. Integration of IoT and cloud computing with industrial motors is further expected to boost their smart capabilities and drive the adoption of smart motor technologies over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the industrial motors market requires significant investments and technological expertise. However, new players can enter the market by offering differentiated products.
Bargaining power of buyers: The bargaining power of buyers is high as industrial motors are commoditized products and buyers can easily switch between suppliers. Buyers look for energy efficient and high-quality motors at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have to compete intensely on factors like pricing, quality, service and innovation to attract buyers.
Threat of new substitutes: The threat of new substitutes is low as industrial motors do not have any close substitutes that can perform core functions. However, energy efficient alternatives can pose a potential threat.
Competitive rivalry: The competitive rivalry is high among existing players. Players compete based on product pricing, variety, quality, service and innovation.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth over the forecast period owing to rising industrial automation.
Regional analysis: North America dominated the global industrial motors market in 2023 due to high manufacturing sector output in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period led by China and India. The rising manufacturing activities and industrialization will drive the demand for industrial motors in the region.
Key players: Key players operating in the industrial motors market are BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd. Fosroc, Don Construction Products Ltd., Cipy Polyurethanes Pvt Ltd., Viacor Polymer GmBH. BASF SE and Sika AG are major suppliers of industrial motors globally. BASF SE offers an extensive range of low voltage and medium voltage motors for various industrial applications such as pumps, fans and compressors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
