by The industrial motors market encompasses a variety of electric motors that are used to drive industrial machinery and automation equipment. These motors provide efficient, reliable and durable powering solutions for various industrial applications such as pumps, compressors, fans, conveyors, machine tools and others.
The global Industrial Motors Market is estimated to be valued at US$ 3,551.42 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.
bIndustrial automation has been bringing changes to the manufacturing industry for better productivity, quality and efficiency gains. Increasingly complex manufacturing processes have propelled the demand for high-performance and robust industrial motors that can withstand tougher working conditions. Therefore, manufacturers are innovating in motor designs to deliver improved functionality suitable for modern automated equipment and machinery. They are developing motors with advanced features such as greater power density, better efficiency, integrated controls and networking capabilities. This expanding product landscape is expected to complement the growth of industrial motors market over the forecast period.
SWOT Analysis
Strength: Industrial motors are extensively used across industries like oil & gas, mining, automobile etc. Some of their key strengths include high efficiency, durability and reliability.
Weakness: High initial costs associated with industrial motors. Small industrial motors also have issues related to overheating.
Opportunity: Increasing investments in industries like power generation, oil & gas exploration are driving the growth of industrial motors market. Rapid industrialization in developing regions also presents opportunities.
Threats: Slowdown in global economy poses threats to industrial motors demand. Rising raw material prices and trade wars are also challenges.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth. The market was valued at US$ 3551.42 Mn in 2023 and is projected to reach US$ 4274.18 Mn by 2030, expanding at a CAGR of 3.5% during the forecast period.
Regional analysis
Asia Pacific dominates the global industrial motors market and is expected to continue its dominance during the forecast period. Rapid industrialization and growing manufacturing sector in China, India, Indonesia, Vietnam etc are driving the demand for industrial motors in the region. North America and Europe are other major markets driven by developed industrial and oil & gas sectors.
Key players
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. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
