by Industrial motors are used in a wide range applications across industries such as oil and gas, mining, construction, manufacturing, and others. Motors found applications in conveyor systems, material handling equipment, cranes, mixers, pumps and compressors. The most common types of industrial motors include DC motors, AC motors, hermetic motors and other specialty purpose motors. The global Industrial motors market is driven by increasing deployment of automation technologies across industries for reducing operational costs and improving productivity. Motors play an important role Industrial IoT solutions for remote monitoring, predictive maintenance and controlling industrial equipments.
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 Dynamics:
Growing adoption of motors in automation of industrial processes is one of the key drivers for industrial motors market growth over the forecast period. There is rising focus on implementing industrial automation solutions for minimizing human errors and improving production quality. Motors are crucial components of automated assembly lines, packaging equipments, pick and place machines and conveyor belts. IoT-enabled smart motors with remote monitoring capabilities are gaining popularity. In addition, growing investments towards capacity expansion and process optimization across industries such as oil & gas, mining, manufacturing is fueling the demand for high precision industrial motors. Government initiatives towards development of manufacturing sector and Make in India program is also boosting the adoption of automated systems incorporating motors.
Improving operational efficiency through predictive maintenance of aging motors installed on production floors or in field equipment is another driver. Motor current signature analysis and vibration monitoring techniques helps in determining motor health condition and prevents unplanned downtime. However, availability of motor replacement components due to long product life cycle and repair over replacement trend could hinder the market growth.
Segment Analysis
The industrial motors market can be segmented into AC motors and DC motors. AC motors accounted for the largest market share in 2022 owing to their high efficiency, low maintenance, and suitability for a wide range of applications. They provide smooth motion as compared to DC motors and hence find wide usage in applications such as fans, pumps, compressors, machine tools etc.
PEST Analysis
Political: Favorable government policies supporting the adoption of energy-efficient equipment and motors are driving the market. Various countries have set stricter regulations on energy consumption which is increasing replacement demand.
Economic: Growth of end-use industries such as oil & gas, mining, automotive, food & beverage is fueling demand for robust and efficient industrial motors. The market is projected to grow at a steady pace with stable global economic expansion.
Social: Rising awareness about conservation of energy and the need to reduce carbon footprint is positively influencing the replacement of older motors with new energy-efficient ones.
Technological: Advancements in power electronics and motor materials are leading to the development of better motors with improved efficiencies. Wireless connectivity and remote monitoring capabilities are also being incorporated.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth owing to rapid industrialization and increasing replacement demand for energy-efficient motors.
Regional analysis – Asia Pacific dominates the global market and is expected to continue its leading position over the forecast period supported by robust industrial activities and manufacturing expansion in China, India.
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. Key players are focusing on new product launches to capitalize on the replacement and retrofit opportunities.
*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, chemical and materials, defense and aerospace, consumer goods, etc.
