Industrial motors drive critical machinery in various industries such as oil and gas, mining, power generation, food processing, and automotive. These motors are utilized in fans, pumps, compressors, material handling equipment, and other industrial machinery to convert electrical energy into mechanical energy. Industrial motors offer advantages such as high reliability, excellent energy efficiency, low maintenance, compact design, flexible installation, and proven technology. 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 key trends:
Energy efficiency has been one of the major trends boosting the growth of the industrial motors market. Strict government regulations regarding energy efficiency and greenhouse gas emissions from industries have accelerated the demand for energy-efficient industrial motors. Motors account for nearly 50-70% of total industrial electricity consumption. Thus, transitioning to premium efficiency industrial motors can help industries reduce energy costs substantially. Premium efficiency motors comply with international efficiency standards and provide energy savings around 5-10% compared to standard efficiency motors. Growing focus toward sustainable manufacturing and reducing carbon footprint will continue directing market growth toward more efficient industrial motor technologies in the coming years.
Segment Analysis
The global industrial motors market is dominated by the AC motor segment which holds around 85% share of the total market. Within AC motors, induction or asynchronous motors account for the largest share due to their low cost, robust construction and maintenance-free operations compared to synchronous motors. Specialty motors such as servo motors and stepper motors have been gaining traction in industrial automation applications given their high accuracy and precision required for positioning.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that Asia Pacific region currently dominates the market with a share of over 35% owing to large manufacturing activities in countries like China, Japan and India. Europe and North America are other major markets for industrial motors driven by high adoption of industrial automation in sectors like automotive, oil & gas, mining etc.
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., Allen-Bradly Co. LLC (Rockwell Automation Inc.), Franklin Electric Co. Inc., Siemens AG, Maxon Motor AG, Amtek Inc., Nidec Corporation, Arc Systems Inc., Toshiba International Corporation, Johnson Electric Holdings Limited, and Emerson Electric Co.
The global Industrial Motors Market is witnessing increasing investments by key players to develop application-specific motors with higher efficiency and durability. Strategic partnerships are helping players expand geographic footprint and offering capabilities.
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