From $19.70 billion in 2020, the global Industrial Motors market is projected to reach $29.10 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 5.0% from 2020 - 2028 timeframe. Some of the prominent trends that the market is witnessing include, rising electricity prices, growing shift towards smart motors and growing demand for energy efficiency.
Global Industrial Motors Market: Market Dynamics
Stringent regulations on energy conservation and rising prices of electricity are the factors driving the industrial motor market. The increasing government initiatives to encourage the adoption of connected environment will fuel market growth. Companies are moving towards using technically advanced industrial motors that can save energy as well as reduce operational costs is driving the market growth.
For instance, the 2018 Management Agenda and the Fiscal Year 2020 United States Budget Plan, called out automation as a tool for agencies to use and explore to address staffing and budgeting issues to deliver better services to the public. Such initiatives are expected to increase the demand for industrial motors.
On the other hand, the growing awareness regarding the depletion of water resources and thus, the rising need for water recycling globally will attribute to the growth of industrial motors.
Impact of COVID-19 on Industrial Motors
The outbreak of Covid-19 has a negative impact on industrial motor market. A significant shift was noticed in several industries using industrial motors for various applications. The manufacturing of the motors came to hold as it became difficult to obtain the components owing to the disrupted supply chain during the period. The advent of COVID-19 harmed the global industrial motors market since the pandemic brought the activities in several end-use industries to a standstill globally which restricted the project construction, exploration and production, gas transportation, and storage activities. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the refinery will be operated with a lesser capacity which will require less labor to come in contact due to the travel restrictions, and social distancing was required to be maintained in the premises as well.
By Motor Type
Alternating Current (AC) Motors Segment Dominate the Market in 2020
The alternating current (AC) motors segment made huge revenue in 2020 and growing its prominence during the forecast period as it gained more importance in various industries. AC motors are generally more reliable with low maintenance requirements. Various applications of AC motors are rolling stand motors, large machines, and other special applications.
Some of the advantages are their varied structure depending upon the usage and industrial requirement, adjustable speed motors, and availability of different types.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period. Due to the rapid industrialization, infrastructure development in countries such as China and India, growing end-use industries in the region. Manufacturing is one of the pillars of the Chinese economy and is undergoing a rapid transformation. This large-scale transformation has put the country in a leading position in the market. The country has evolved in its capabilities, from producing low-cost goods to make more advanced products.
List of the Key Players profiled in the market Include:
• ABB Ltd • Allen - Bradly Co. LLC (Rockwell Automation Inc.) • Ametek Inc. • Arc Systems Inc. • ATB Austria Antriebstechnik AG • Emerson Electric Co. • Franklin Electric Co. Inc. • Fuji Electric Co. Ltd • General Electric Company • Johnson Electric Holdings Limited • Maxon Motor AG • Menzel Elektromotoren GmbH • Nidec Corporation • Siemens AG • Toshiba International Corporation
List of the regions/countries profiled in the market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
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