Global Electric Motor Service 2024

Global Electric Motor Service 2024

The global electric motor service market is projected to experience significant growth, with a forecasted increase to USD 12,175 million by 2029, representing a compound annual growth rate (CAGR) of 4.3% from 2024 to 2029.

The market can be categorized by various types of services provided, including spares & consumables, maintenance, rewind & repair, installation & commissioning, retrofit & upgrade, replacements, and others.

Furthermore, the electric motor service market can be segmented by industry sectors, such as oil & gas, discrete manufacturing, petrochemical, power, food & beverage, mineral, water treatment, and others. In 2023, the oil & gas segment generated USD 2,183 million in revenue, and it is expected to reach USD 2,760 million by 2029, with a CAGR of 4.0% during the forecast period. The oil & gas industry encompasses activities such as exploration, pipeline operations, terminal distribution, and other processes involved in product shipment. It held the largest share of the market in 2023, and as investments in this industry continue to grow, there is an expected increase in motor utilization and motor service opportunities.

According to Tanalyze, Discrete manufacturing is another significant sector that will drive market growth, particularly due to the expansion of the global semiconductor and automotive industries, including electric vehicles. The revenue from electric motor service in the discrete manufacturing sector is projected to grow at a CAGR of 5.4% in 2029.

Geographically, Asia-Pacific emerged as the dominant player in the electric motor service market in 2023, followed closely by the Americas and EMEA (Europe, Middle East, and Africa). In the Americas, the market was valued at USD 3,135 million in 2023 and is projected to reach USD 4,050 million by 2029. The North American market is primarily driven by increasing investments in the chemical and automobile sectors. The United States, in particular, has a notable presence of local electric motor service providers. Intense competition in the region has led original equipment manufacturers (OEMs) to focus on establishing long-lasting relationships with customers. Service-based models are gaining prominence, and investments in smart and connected assets in industrial facilities are increasing in the United States, Canada, and Latin America. The growth of the electric motor service market in the United States and Canada is fueled by the rising energy demand in various industrial and commercial sectors.

In terms of competition, the top five competitors collectively held a revenue share of over 45% in 2022. Prominent players in the global electric motor service market include ABB, Ltd., Siemens AG, Nidec Corporation, Regal Rexnord Corporation, WEG SA, Wolong Electric Group Co., Ltd., Altra Industrial Motion Corporation, Teco Electric Company Limited, AMETEK, Inc., ebm-papst Mulfingen GmbH & Co. KG, General Electric Company (GE), Maxon Group, Rockwell Automation, Inc., Aireco Supply, Inc., Allient Inc., Applied Industrial Technologies, Inc., Bearing Distributors, Inc., Danaher Corporation, Evans Enterprises Inc., FAULHABER GROUP, Franklin Electric Co., Inc., Hamilton Electric Works, Inc., Hitachi, Ltd., Johnson Electric Holdings Limited, Koffler Electrical Mechanical Apparatus Repair, Inc., Legend Star Manufacturing LLC, Megapower LLC, Mitsubishi Electric Corporation, Motion Industries, Inc., OTP Industrial Solutions, among others.

This study aims to analyze the global market for various segments of electric motor service, including:

Type: Spares & Consumables, Maintenance, Rewind & Repair, Installation & Commissioning, Retrofit & Upgrade, Replacements, and Others.

End-User: Oil & Gas, Discrete Manufacturing, Petrochemical, Power, Food & Beverage, Mineral, Water Treatment, and Others.

Region: Americas, EMEA (Europe, Middle East, and Africa), and Asia-Pacific.