Industrial Electrification Market By Product (Starter motor and alternator, Electric pumps, Electric power steering (EPS), Integrated starter generator (ISG), Others), By Application (Automation and Control, Energy Efficiency, Data and Analytics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The industrial electrification market was valued at $83.5 billion in 2022 and is estimated to reach $182.5 billion by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032.
Industrial electrification refers to the process of replacing or augmenting traditional mechanical, pneumatic, or hydraulic systems with electrical and electronic systems in various industrial applications. It involves the use of electricity as the primary source of power for machines, equipment, and processes in manufacturing, production, and other industrial sectors. Industrial electrification offers several advantages, including improved energy efficiency, greater precision, reduced maintenance requirements, enhanced automation, and the potential for integrating data and analytics into industrial processes.
Industrial electrification is often chosen as it significantly improves energy efficiency. Electric motors and equipment are more efficient than their mechanical counterparts, leading to reduced energy consumption and lower operating costs. This factor may surge the utilization of industrial electrification process among several end use sectors: thus, fueling the market growth.
However, retrofitting existing industrial processes with electrification solutions be complex and require extensive modifications to existing systems. Integration challenges lead to downtime and additional costs during the transition. This factor restrains the growth of the industrial electrification market.
On the contrary, The trend toward automation and Industry 4.0 concepts in manufacturing and industrial processes relies heavily on electrification. Electric systems are easier to automate and integrate with digital technologies for improved productivity and efficiency. This factor boosts the utilization of industrial electrification process across several types of industries: thus, creating remunerative opportunities for the market.
The industrial electrification market is segmented on the basis of product, application, and region. On the basis of product, it is fragmented into starter motor & alternator, electric pumps, electric power steering (EPS), integrated starter generator (ISG), and others. By application, it is classified into automation & control, energy efficiency, data & analytics, and others. By region, it is classified into North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include BorgWarner Inc., DENSO CORPORATION, Johnson Electric Holdings Limited, AISIN CORPORATION, Bharat Bijlee Limited, Bonfiglioli Transmissions Private Limited, General Electric, Kirloskar Electric Company, and ABB, Continental AG.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial electrification market analysis from 2022 to 2032 to identify the prevailing industrial electrification market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the industrial electrification market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global industrial electrification market trends, key players, market segments, application areas, and market growth strategies.
Capital Investment breakdown
Technology Trend Analysis
Consumer Preference and Product Specifications
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Brands Share Analysis
Criss-cross segment analysis- market size and forecast
Expanded list for Company Profiles
Historic market data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
SWOT Analysis
Key Market SegmentsBy ProductStarter motor and alternator
Electric pumps
Electric power steering (EPS)
Integrated starter generator (ISG)
Others
By ApplicationAutomation and Control
Energy Efficiency
Data and Analytics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market PlayersBorgWarner Inc.
DENSO CORPORATION
Johnson Electric Holdings Limited
AISIN CORPORATION
Bharat Bijlee Limited
Bonfiglioli Transmissions Private Limited
General Electric
Kirloskar Electric Company
ABB
Continental AG
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