Industrial motors are crucial for various industrial operations as they provide efficient power transmission and motion control for different machines and equipment used across industries like oil & gas, mining, power generation, construction and manufacturing. Efficient industrial motors allow saving energy, reducing carbon footprint and maintenance costs. They find applications in conveyor belts, centrifugal pumps, fans, blowers, compressors and other industrial machinery.
The global Industrial Motors Market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising automation in various industries has been a key trend driving growth of the industrial motors market. With increasing focus on automation to improve productivity and product quality, demand for motion control equipment like motors has risen substantially. Industrial automation allows round-the-clock operations with minimal human intervention thus increasing efficiency. This has necessitated installation of more motors in automated machinery across sectors. Growing adoption of industrial internet of things (IIoT) has further accelerated automation enhancing connectivity between machines. Increased automation is thereby expected to boost replacement demand and new installations of high-efficiency industrial motors during the forecast period.
Segment Analysis
The global industrial motors market is segmented by type into AC motors, DC motors, and hermetic motors. AC motors dominated the market in 2022 accounting for over 60% share due to extensive usage in various industrial machinery and equipment owing to their high efficiency, robustness, and low maintenance. AC motors find applications in pumps, fans, conveyors and other general industrial equipment and machinery across industries such as oil & gas, mining, food & beverage, metals & mining, and pulp & paper among others.
Key Takeaways
The Global Industrial Motors Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region is anticipated to witness the fastest growth in the industrial motors market during the forecast period owing to growth of end use industries such as oil & gas, mining, metals & mining, food & beverage, paper & pulp in the region. China dominated the Asia Pacific industrial motors market in 2023 holding over 30% market share driven by high demand from manufacturing sector in the country.
Key players operating in the industrial motors market are BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd. Fosroc, Don Construction Products Ltd., Cipy Polyurethanes Pvt Ltd., Viacor Polymer GmBH, Twintec, Acrylicon, Cornerstone Flooring, Applied Flooring, AVCON Technics Pvt. Ltd., 4m Europe, and East Coast Flooring Ltd. BASF SE is one of the leading suppliers of industrial motors to various industries globally.
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