PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532835
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532835
Industrial Motors Market size was valued at USD 22,287.98 million in 2023, expanding at a CAGR of 4.8% from 2024 to 2032.
The Industrial Motors Market refers to the segment focused on electric motors used in various industrial applications, including manufacturing, automation, and HVAC systems. Increasing industrial automation, a rising demand for energy-efficient solutions, and the growth of smart manufacturing technologies are driving this market. However, challenges such as high initial investment costs, fluctuating raw material prices, and the potential for technological obsolescence may hinder market growth. Advancements in motor technology, the expansion of renewable energy sources, and a growing emphasis on sustainability present significant opportunities that are expected to enhance the adoption of industrial motors across diverse sectors.
Industrial Motors Market-Market Dynamics
Rising Demand for Energy-Efficient Solutions Drives Growth in the Industrial Motors Market
Rising demand for energy-efficient solutions is significantly driving growth in the Industrial Motors Market. According to the U.S. Department of Energy, electric motors account for approximately 65% of industrial electricity consumption, highlighting the urgent need for efficiency improvements. The International Energy Agency (IEA) estimates that adopting more efficient motors could reduce energy consumption by up to 30%. Additionally, initiatives like the U.S. Energy Star program encourage the use of high-efficiency motors, leading to increased investments in innovative technologies. Major manufacturers are responding by developing variable frequency drives (VFDs) and smart motor systems that optimize performance and minimize energy use. As industries strive to reduce their carbon footprint and operational costs, the shift towards energy-efficient motors is expected to gain momentum, further propelling market growth.
Industrial Motors Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.8% over the forecast period (2024-2032)
Based on product type segmentation, AC Motors was predicted to show maximum market share in the year 2023
Based on Voltage segmentation, Low Voltage Motors was the leading type in 2023
Based on Application segmentation, Pumps was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Industrial Motors Market is segmented based on Product Type, Voltage, Application, End-User, and Region.
The market is divided into five categories based on product type: AC Motors, DC Motors, Gear Motors, Servo Motors, and Stepper Motors. AC motors dominating due to their widespread use in industrial applications requiring continuous operation and varying speeds. DC motors follow, favored for their precise speed control and suitability in battery-powered devices and automotive applications.
The market is divided into three categories based on Voltage: Low Voltage Motors, Medium Voltage Motors, and High Voltage Motors. Low voltage motors leading the market due to their extensive use in commercial and residential applications, including HVAC systems and appliances. Medium voltage motors are preferred in industrial settings for their reliability and efficiency, while high voltage motors cater to heavy industrial machinery and power generation applications.
Industrial Motors Market- Geographical Insights
North America, particularly the United States, benefits from advanced manufacturing sectors and a strong focus on energy efficiency, leading to increased adoption of high-performance motors. Europe follows closely, supported by stringent regulations promoting energy efficiency and sustainability, with countries like Germany and the UK at the forefront of innovation in motor technology. The Asia-Pacific region is witnessing rapid growth due to booming industrialization, urbanization, and a rising demand for automation in manufacturing processes, particularly in China and India. Additionally, emerging markets in Latin America and the Middle East are beginning to invest in modern industrial motor technologies, spurred by economic development and infrastructure projects.
Major companies such as Siemens, ABB, and Schneider Electric lead the industry, leveraging their extensive expertise in motor technology and automation solutions. These firms focus on research and development to enhance energy efficiency and introduce advanced features like smart connectivity and variable frequency drives. Additionally, regional players and emerging companies are gaining traction by offering cost-effective solutions tailored to local market needs. Strategic partnerships, mergers, and acquisitions are common as companies seek to expand their product portfolios and geographic reach. For instance, in April 2023, Exro Technologies announced a strategic partnership with Wolong Electric Group to develop next-generation industrial motors leveraging Exro's Coil Driver technology and Wolong's motor design and manufacturing capabilities. Moreover, the growing emphasis on sustainability and energy efficiency is prompting increased competition among manufacturers to develop eco-friendly motors.
In July 2023, Electrified Automation launched a new EA 193 Series permanent magnet electric motor range designed to support a variety of industrial applications through its automated manufacturing technology and patented motor architecture.
In May 2024, EVR Motors announced the launch of its new NANOMOTOR technology, a compact and lightweight electric motor designed for use in electric vehicles, industrial automation, and other applications requiring high power density and efficiency.
In April 2024, ABB India launched two new energy-efficient motor ranges: small frame cast iron IE4 super premium efficiency motors and IE3 Aluminum motors, enhancing its portfolio for sustainable industrial growth.
GLOBAL INDUSTRIAL MOTORS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ABB Ltd.
Allied Motion Technologies Inc.
Bosch Rexroth AG
Emerson Electric Co.
General Electric Company
Hitachi, Ltd.
Johnson Electric Holdings Limited
Nidec Corporation
Regal Beloit Corporation
Rockwell Automation, Inc.
Schneider Electric SE
SEW-Eurodrive GmbH & Co KG
Siemens AG
TECO Electric & Machinery Co., Ltd.
Toshiba Corporation
WEG S.A.
Others