The industrial motor market is expected to increase at a CAGR of 3.9% between 2022 and 2032, from an estimated value of USD 17.7 billion in 2022 to USD 25.9 billion by that time.
Due to recent company moves towards the use of technologically superior industrial motors that may conserve energy and lower operating costs, Fact.MR believes that the market for industrial motors will account for around 16% of the worldwide motors market in 2021.
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Key Companies Profiled
- ABB Limited
- Siemens Aktiengesellschaft.
- WEG SA
- TECO Electric & Machinery Co., Ltd.
- Toshiba Corporation
- Hyosung Corporation
- Nidec Corporation
- Regal Beloit Corporation
- CG Power and Industrial Solutions Limited
- Shandong Huali Electric Motor Group Co. Ltd.
Category-wise Insights
Why DC Brushless Motor to be the Highly Preferred Motor Type?
The forecast period is when the report predicts that sales of DC brushless motors will grow the fastest.
DC brushless motors are anticipated to become the most popular form of industrial motor when compared to other varieties. By 2032’s end, DC brushless is expected to generate more than USD 10.1 billion in revenue.
Different problems associated with the more prevalent brushed motors are alleviated by brushless motors. These motors also have a very straightforward design. Another benefit of brushless motors is their great efficiency, low maintenance requirements, and long lifespan. Where durability and dependability are needed, such as in compressors, pumps, and fans, these motors are widely used. Given the aforementioned considerations, the DC brushless motor segment of industrial motors is anticipated to increase at a CAGR of 3.7%.
Key Takeaways of Industrial Motor Market
Growing industrial automation: The industrial motor market is driven by the increasing adoption of automation in various industries. Industrial motors play a critical role in powering machinery and equipment used in manufacturing, processing, and production processes. With the advancement of technologies such as robotics, IoT (Internet of Things), and AI (Artificial Intelligence), there is a rising demand for efficient and high-performance motors that can support automated systems.
Energy efficiency and sustainability: The focus on energy efficiency and sustainability is a significant factor shaping the industrial motor market. Industries are increasingly seeking motors that consume less energy and comply with stringent energy efficiency regulations. Energy-efficient motors not only reduce operating costs for businesses but also contribute to environmental sustainability by reducing carbon emissions. This has led to the development and adoption of motor technologies with higher energy efficiency ratings, such as variable speed drives (VSDs) and permanent magnet motors.
Replacement and retrofitting of outdated motors: Many industries are replacing or retrofitting their outdated and less efficient motors with newer models. This is driven by the need to improve productivity, reduce energy consumption, and enhance operational reliability. Industrial motors have a long lifespan, but as technology advances and energy efficiency requirements evolve, companies are opting to upgrade their motor systems to stay competitive and comply with energy efficiency standards.
Demand from key industries: The industrial motor market is influenced by the demand from key industries such as manufacturing, oil and gas, power generation, and automotive. These industries heavily rely on motor-driven equipment and machinery for their operations. The growth in manufacturing activities, expansion of renewable energy sources, increasing exploration and production in the oil and gas sector, and advancements in electric vehicles are driving the demand for industrial motors in these industries.
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Global Industrial Motor Market Segments
- By Efficiency :
- IE1
- IE2
- IE3
- IE4
- DC and others
- By Application :
- Compressors
- Pumps & Fans
- Conveyors
- Crushers
- Extruders
- Other Applications
By Motor Type :
- DC Brushed motor
- DC Brushless motor
- Stepper motor
- Traction Motor
By End Use Vertical :
- Commercial HVAC
- F&B Manufacturing
- Mining
- Utilities
- Other Sectors
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Due to the presence of robust supply chains for industrial motor manufacturers in this region, the East Asian industrial motor industry is anticipated to provide its manufacturers the highest absolute dollar opportunity.
The past half-decade has seen a spectacular pace of growth for a variety of industrial motor end use industries, including mixers, HVAC, pumps, hydraulics, and fans. A similar trend is expected to continue in the following decade. Therefore, over the course of the projection period, this region is anticipated to serve as a consistent source of demand for producers of industrial motors and produce sizable financial gains for them.
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