by Industrial motors are electric motors used in industrial machineries and equipment to provide motion and mechanical power. Various types of industrial motors including AC motors, DC motors, and servo motors are used to drive multitude of machineries used across different industries. Industrial motors provide durable operations, high torque capabilities, and the ability to withstand harsh environmental and operating conditions. The global industrial motors market comprises motors used across industries such as oil and gas, mining, power generation, marine, and food and beverage industries. With growing industrialization and manufacturing activities worldwide, demand for industrial equipment and machineries has been rising rapidly, fuelling the need for industrial motors.
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 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing environmental regulations regarding energy efficiency are prompting industries to replace aging motors with newer energy efficient models. Another notable trend is the rising adoption of servo and servo motors. Servo motors provide precision motion control and are well-suited for automation applications. Their use is growing across manufacturing industries as they help improve productivity and reduce production cycle times. wider industrial digitization initiatives are also driving opportunities for smart connected motors that can transmit operational data over networks for remote monitoring and predictive maintenance.
Porter’s Analysis
Threat of new entrants: Moderate threat as manufacturing industrial motors requires large capital investment, economies of scale and well established supply chain network.
Bargaining power of buyers: Moderate power due to fragmented and cost-sensitive buyer base compared to few large suppliers. However, different types of industrial motors are developed for different applications mitigating the impact.
Bargaining power of suppliers: Moderate power for raw material suppliers like steel and copper but high power for components suppliers owing to availability of limited component manufacturers globally.
Threat of new substitutes: Low threat as industrial motors find diverse utility across various industries and there are limited direct substitutes for various applications.
Competitive rivalry: High competition due to presence of numerous global and regional players. Players differentiate based on product quality, reliability, design innovation and value-added services.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth over the forecast period. 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 6.0% over the forecast period 2023 to 2030.
Regionally, Asia Pacific region will dominate the industrial motors market owing to rapid industrialization, and infrastructure development in the region. China, India and other Southeast Asian countries will drive the demand for industrial motors from 2023 to 2030. North America and Europe are also sizable markets for industrial motors. Growing manufacturing activities, especially in US, Germany, UK, Italy are fueling the regional demand. Focus on Factory Automation and adoption of Industry 4.0 trends will further augment the demand.
Key players: Key players operating in the Industrial Motors Market are Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab. Players are investing in expanding production capacities and capabilities to strengthen market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
