High Voltage Induction Motors Market - Forecasts from 2024 to 2029

High Voltage Induction Motors Market - Forecasts from 2024 to 2029

The high-voltage induction motors market is projected to grow at a CAGR of 4.93% over the forecast period, from US$22.245 billion in 2024 to US$28.301 billion by 2029.

High-voltage induction motors are industrial workhorses that utilize large amounts of voltage power to produce rotational force or torque. They work based on electromagnetic induction, making a rotating magnetic field that induces vortex currents in the rotor cage, producing torque. Benefits incorporate high electricity handling, rugged construction, and a basic design, making them reasonable for demanding industrial situations and lower maintenance necessities.

This growth is ascribed to the rising industrialization and population in urban areas globally, which have increased the need for electric energy, leading to a rise in demand for high-voltage induction motors for working generators and turbines. Moreover, major market players are investing in producing high-voltage induction motors, observing their large demand in a wide range of industries. These manufacturers benefit from the diverse consumer base as it is decreasing dependence on one industry, providing them with stability and contributing to market growth in the years to come.

HIGH VOLTAGE INDUCTION MOTORS MARKET DRIVERS:

Rising demand from major end-use industries is anticipated to bolster the demand for high-voltage induction motors worldwide.

The high-voltage induction motors market is developing substantially due to increased requirements from major end-use industry businesses. This expansion is driven by an increasing offering of power and electricity to drive heavy-duty equipment in segments like oil & gas, manufacturing, and power generation, where high-voltage induction motors drive turbines, generators, and critical motor pumps, promoting market growth. As per Our World in Data, electricity generation in countries is witnessing a major rise in demand. Canada was the top producer of electricity, with a total per capita electricity generation of 16,371 kWh in 2023. It was followed by 15,676 kWh in Sweden, the United States with 12,497 kWh, Australia with 10,397 kWh, and Japan with 8,220 kWh.

Moreover, major companies are introducing new technological progressions in motor design and manufacturing equipment that drive the production of more effective, strong, and cost-effective high-voltage induction motors utilized in diverse industries. These innovations in materials and power control systems contribute to market expansion. For instance, in July 2023, ABB launched the AMI 5800 NEMA modular induction motor, providing high energy productivity and unwavering quality in diverse applications like pumps, compressors, conveyors, extruders, and crushers. With a power yield of up to 1750 HP, it offers measured quality and customization appropriate for new build and upgrade projects in different businesses like chemical oil and gas, cement and metals, conventional power generation, and mining.
The growing infrastructure investment in different sectors is expected to propel the global market of high-voltage induction motors.

Rising investment ventures in infrastructure improvement, incorporating transportation, power, and construction, are expanding the necessity for dependable and proficient motors. Renewable energy projects such as wind and solar power plants need high-voltage induction motors for power generation and dispersion. As per the Invest India report of May 2024, renewable energy sources in India, including large hydropower, have a combined installed capacity of 193.57 GW, with solar power accounting for most at 84.27 GW, while wind power was at 46.42 GW, and large hydro at 46.92 GW. The rising worldwide energy demand and the push for renewable energy sources require developing and upgrading power plants to promote the market.

High Voltage Induction Motors Market Geographical Outlook
The United States region is predicted to have a significant market share.

Developed economies such as the United States are anticipated to account for significant growth during the projected period in the high voltage induction motors market. The rising automotive vehicle demand in the country will propel the application of high-voltage induction motors for automotive manufacturing. Additionally, the growth of the transportation sector provides further impetus to the manufacturing of light and heavy vehicles in the long term. For instance, in 2023, according to data from the International Organization of Motor Vehicle Manufacturers, production increased by 6% annually, accounting for 17,45,171 units for cars and 88,66,384 units for commercial vehicles.

Additionally, the burgeoning steel industry in the United States highlights favorable prospects for induction motors in the coming years. This is because these high-voltage motors are used widely for manufacturing processes related to steel production and paper mills. For instance, as per the International Trade Administration, in 2024, from February to March, the import of steel mill products in the country increased by 1.8% and reached 2.3 metric tons in March from 2.2 metric tons in the previous month.

Moreover, as per estimates from the U.S Energy Information Administration, the total energy consumption is increasing year after year significantly, with petroleum as a major energy source at 36% in 2022, followed by Natural gas and coal, among others. Further, the country's top five energy use sectors included transportation at 27.47 quadrillion Btu, electric power at 37.75 quadrillion Btu, and industrial at 23.18 quadrillion Btu. Therefore, the growing demand for energy reflects lucrative prospects for applying high-voltage induction motors in several industries until the forecast period.

High Voltage Induction Motors Key Market Developments:

March 2023 - Siemens introduced Innomotics, a leading motors and large drives company, with its operational headquarters in Nuremberg, Germany. It has about 14,000 employees and a revenue of €3 billion. Innomotics combines Siemens' business operation in low - to high-voltage motors, geared motors, motor spindles, and medium-voltage converters, and was globally effective from October 2023.

High Voltage Induction Motors Key Market Players:

ABB - ABB, a leading industrial automation and power technology company, is known for its high-voltage induction motors, which are reliable, available, and efficient across various industries. The company, moreover, offers growing induced draft fan capacity for coal-fired power plants with their high-voltage motors, which leads to its gaining a competitive potential at the forefront over others.
Siemens - Siemens provides high-voltage induction motors under the SIMOTICS HV brand, known for their adaptability, efficiency, and longevity. These motors are utilized for numerous purposes with diverse power ranging from 150 kW to 100 MW.
Kirloskar Electric Company Limited – Established in 1946, this well-known Indian manufacturer of rotating electrical machines specializes in high-voltage induction motors under the Spectrum brand.

Market Segmentation:

High Voltage Induction Motors Market is segmented and analyzed as below:

By Type

Modular
Ribcooled
Flameproof

By Motor Frame Size

315
355
400
450

By Application

Oil & Gas
Cement
Chemical
Mining
Power
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
UAE
Israel
Saudi Arabia
Others
Asia Pacific
Japan
China
India
South Korea
Taiwan
Thailand
Indonesia
Others