The global industrial motors market achieved a valuation of US$ 653.0 million in 2022, laying the foundation for gradual yet consistent expansion in the coming decade. Projections for the period spanning 2022 to 2032 indicate a compound annual growth rate (CAGR) of 3.5%, which is expected to elevate the market’s value to a notable US$ 917.3 million by the year 2032.
Industrial motors play a pivotal role in various industries, serving as electrically powered devices that convert electrical energy into mechanical energy. Typically, these motors rely on alternating current (AC) as their operational power source, commonly sourced from generators and power grids. However, it’s noteworthy that some industrial motors are intentionally designed to be compatible with direct current (DC), providing versatility in their applications.
The steadfast growth of the industrial motors market underscores their indispensable role in powering diverse industrial processes and machinery globally. As industries continue to advance and modernize, the demand for efficient and adaptable industrial motors remains a driving force, contributing to the envisaged expansion of this market in the years ahead.
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Companies are forming strategic alliances to expand their reach into emerging and untapped markets. In the coming years, Future Market Insights (FMI) expects the United States, India, and China to emerge as the most dominant markets for industrial motors.
Key Takeaways from Market Study:
- By product type, AC motors are projected to hold a market share of 71% in 2032.
- By end use, the energy segment is anticipated to boost the demand for industrial motors globally, and demand from it is expected to grow at 4.1% from 2022 to 2032.
- By power output, the 15 to 20 MW segment is expected to accelerate and create incremental opportunity of US$ 70.5 million between 2022 and 2032.
- By 2032, Europe is expected to have the largest share of the global market, accounting for around 28.7%.
“The market for industrial motors is predicted to expand rapidly due to increasing demand for innovative and energy-efficient products across industries. Rising automation and digitalization in a variety of end-use sectors are driving demand. Industry participants are investing in strategic alliances, expansions, and cost-effective solutions to obtain a competitive advantage.” Says an FMI analyst.
Who is Winning?
Among the industry’s key players are ABB Group, Siemens AG, Hyundai Electric Co. Ltd., Toshiba Corporation, Nidec Corporation, Hitachi, Ltd., WEG S.A., General Electric Co., Bonfiglioli Riduttori S.p.A., Hyosung Corporation, Menzel Elektromotoren GmbH, Kirloskar Electric Company Ltd., and Regal Beloit Corporation.
Globally, the key market players are focused on developing and extending production technologies and expansion capacities to meet the industry demands.
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About Future Market Insights – Industrial Automation:
The industrial automation division of Future Market Insights offers a novel approach and innovative perspective in analysing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, grow and identify new revenue prospects.
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Global Industrial Motors Market by Category:
By Power Output:
- 1 to 5 MW
- 5 to 10 MW
- 10 to 15 MW
- 15 to 20 MW
- 20 to 25 MW
By Product Type:
- AC Motors
- Induction Motor
- Synchronous Motor
- DC Motors
- Brushed DC
- Brushless DC
By End Use:
- Oil & Gas
- Energy
- Mining
- Cement
- Metal and Steel
- Pulp and Paper
- Chemical
- Water and Wastewater
- Marine
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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