 of 4.52% during 2023-2028.){kind=link}
The “Industrial Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report by IMARC Group offers a detailed analysis of the industry, including industrial motors market growth, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is The Industrial Motors Market?
The global industrial motors market size reached US$ 22.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.52% during 2023-2028.
What are Industrial Motors?
An industrial motor depends on alternating current (AC) resources, including power grids or generators, to work efficiently and converts electrical energy into mechanical. It is highly effective as it does not use fuel and requires engine-oil maintenance as compared to other mechanical devices. In addition, the industrial motor is incredibly durable with a long lifespan as it contains few moving parts that operate effortlessly. As a result, it is utilized in blowers, power tools, turbines, rolling mills, alternators, ships, movers, paper factories, etc.
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What Are The Growth Prospects And Trends In The Industrial Motors Industry?
The widespread adoption of electric machines in commercial processes and auxiliary systems, such as ventilation, compressed air generation, and water pumping, is primarily augmenting the industrial motors market. Furthermore, the escalating demand for alternating current engines, which are more reliable with low maintenance costs, is positively influencing the global market. Apart from this, the increasing utilization of AC machines in pumps, water heaters, ovens, and off-road motorized and garden equipment is acting as another significant growth-inducing factor.
Moreover, the rising requirement for commercial motors that can save energy and decrease operational expenditure in organizations is also bolstering the market growth. Besides this, the growing need for water recycling, owing to the depletion of resources across the globe, is further catalyzing the global market. Additionally, extensive research and development (R&D) activities conducted by key market players to launch electric machines with a high power-to-weight ratio for minimizing energy consumption and resolving portability issues are also driving the market growth. In addition to this, the inflating investments by government bodies of numerous countries for smart manufacturing pilot projects are expected to drive the industrial motors market in the coming years.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Type of Motor:
- Alternating Current (AC) Motor
- Direct Current (DC) Motor
- Others
Breakup by Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Breakup by End User:
- Oil and Gas
- Power Generation
- Mining and Metals
- Water and Wastewater Management
- Chemicals and Petrochemicals
- Discrete Manufacturing
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd.
- Brook Crompton
- Hitachi Ltd.
- Johnson Electric Holdings Limited
- Menzel Elektromotoren GmbH
- Nidec Corporation
- Regal Rexnord Corporation
- Rockwell Automation Inc.
- Siemens AG
- and Toshiba Corporation.
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