Industrial Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Industrial Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global industrial motors market size reached US$ 22.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.52% during 2023-2028.

An industrial motor relies on alternating current (AC) resources, such as power grids or generators, to work efficiently and transform electrical energy into mechanical energy. It is highly efficient as it does not use fuel and requires engine-oil maintenance compared to other electrical devices. In addition, it is highly durable with a long lifespan as an industrial motor contains few moving parts that operate smoothly. As a result, it is used in blowers, industrial fans, machine tools, pumps, power tools, compressors, turbines, rolling mills, alternators, ships, movers, and paper mills.

Industrial Motors Market Trends:
The growing utilization of electric motors in industrial processes and auxiliary systems, such as compressed air generation, ventilation, and water pumping, represents one of the key factors driving the market. Moreover, there is a rise in the demand for alternating current (AC) motors as they are more reliable with low maintenance costs. This, along with the increasing utilization of AC motors in pumps, water heaters, ovens, and off-road motorized and garden equipment, is propelling the growth of the market. In addition, key market players are extensively investing in research and development (R&D) activities to introduce electric motors with a high power-to-weight ratio for reducing energy consumption and resolving portability issues. This, coupled with the growing number of smart manufacturing pilot projects by governments of several countries, is catalyzing the demand for industrial motors. Besides this, the escalating demand for industrial motors that can save energy and reduce operational costs in organizations is contributing to the growth of the market. Furthermore, the rising need for water recycling due to the depletion of water resources across the globe is expected to bolster the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial motors market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type of motor, voltage and end user.

Breakup by Type of Motor:

Alternating Current (AC) Motor
Direct Current (DC) Motor
Others

Breakup by Voltage:

Low Voltage
Medium Voltage
High Voltage

Breakup by End User:

Oil and Gas
Power Generation
Mining and Metals
Water and Wastewater Management
Chemicals and Petrochemicals
Discrete Manufacturing
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Brook Crompton, Hitachi Ltd., Johnson Electric Holdings Limited, Menzel Elektromotoren GmbH, Nidec Corporation, Regal Rexnord Corporation, Rockwell Automation Inc., Siemens AG and Toshiba Corporation.

Key Questions Answered in This Report
1. How big is the global industrial motors market?
2. What is the expected growth rate of the global industrial motors market during 2023-2028?
3. What are the key factors driving the global industrial motors market?
4. What has been the impact of COVID-19 on the global industrial motors market?
5. What is the breakup of the global industrial motors market based on the type of motor?
6. What is the breakup of the global industrial motors market based on the voltage?
7. What is the breakup of the global industrial motors market based on end user?
8. What are the key regions in the global industrial motors market?
9. Who are the key players/companies in the global industrial motors market?