Industrial Motors Market Size, Share, Growth, and Industry Analysis, By Type (High Voltage Motor and Low Voltage Motor), By Application (Oil & Gas, Power Generation Mining & Meta, Industrial Machinery and Others), Regional Insights, and Forecast To 2032

Updated On: 01 April 2024

Industrial Motors Market Report Overview

• 
• Request a Free Sample to learn more about this report 

The global industrial motors market size was USD 53750 million in 2021 and market is projected to touch USD 73660 million by 2032, exhibiting a CAGR of 3.2% during the forecast period.

The motor is a tool for converting mechanical energy into electrical energy. Motors used in a variety of industries are called industrial motors. These motors are widely used in industrial machinery, pumps, conveyor systems, compressors, fans, and OEM-based goods. The demand for energy-efficient industrial motors for various applications is positively impacted by rising electricity prices and stricter energy requirements. The market for these motors will be driven in the next years by the expanding global awareness of the depletion of water resources and the resulting rise in the demand for water recycling.

COVID-19 Impact: Complete Shutdowns to Increase Demand for Sex and Plunge Market Growth

The COVID-19 outbreak's measures and economic setbacks have, on the supply side, slowed down worldwide output and mobility, which has led to a sharp fall in global oil consumption. The market was down, according to the International Energy Agency (IEA).

Oil demand started to decline as lockdowns went into place, and OPEC+ eventually decided to reduce output. Such incidents represented a fall in the use the market as oil and gas producing facilities were shut down. India experienced the greatest monthly production loss of any nation in the world during the decline. Thus, the COVID-19 pandemic's erratic demand and supply sides hindered the expansion of the market.

Latest Trends

"Rising Trend to Smart Motors to Uplift the Market Growth"

The industry has undergone amazing evolution since its inception. Since the development of smart technology, traditional motor designs and installations have undergone significant change. The growth of the industrial motors market share is fueled by this characteristic. Digital technology has been incorporated into motors to increase their capability and adaptability. To enhance performance and achieve operational efficiencies, motors can be linked with sophisticated motor controllers and cutting-edge communication capabilities. Predictive machine diagnostics are made possible by smart motors, which decrease downtime and increase process effectiveness.

Smart machinery has replaced traditional machinery as a result of the industrial internet of things (IIoT), which delivers a higher return on investment than conventional motors. This feature promotes the use of smart motors.

Industrial Motors Market Segmentation

• 
• Request a Free Sample to learn more about this report

• By Type Analysis

According to type, the Industrial Motors market can be segmented into High Voltage Motor and Low Voltage Motor.

In terms of product, High voltage motor is the largest segment.

• By Application Analysis

Based on application, the Industrial Motors market can be divided into Oil & Gas, Power Generation Mining & Meta, Industrial Machinery and Others.  

In terms of application, oil and gas are the largest segment.

Driving Factors

"Increasing demand for downstream Industries to Enhance Market Growth"

The increasing demand from downstream industries is the main market driver for the industrial motor market. In addition, the development of energy-efficient motor systems and the introduction of governmental regulations, such as Minimum Energy Performance Standards (MEPS), in a number of nations have contributed to the market expansion of these motors. The global automotive industry is also moving toward electric mobility, which will help the market flourish.

"Increased Demand for the Motors in the Automotive to Augment Market Growth"

The automotive and oil and gas industries' rising need for these motors will positively affect the market expansion. Industrial motors are more widely used in the oil and gas business since they are utilized in a variety of equipment such offshore cranes, compressors, gas pumps, winches, and many other things. These motors are also essential in the upstream portion of this business for drilling, moving oil and natural gas resources to the surface, and other purposes.

Restraining Factors

"High Raw Material Costs in the Industrial Motor Led to Hinder Market Growth"

The high cost of raw materials used to make industrial motors can be a significant barrier to the market's expansion. Metals like steel, aluminum, and insulating materials are among the more expensive raw materials. Additionally, the increased electricity consumption of these industrial motors raises the cost per unit. Additionally, the availability of low-quality industrial motors is another element that may restrain market expansion. Leading industrial motor producers are up against fierce competition from regional motor producers who offer cheap, subpar AC and DC Motors to enter local markets and fierce competition from international suppliers in those sectors. The considerations will have a substantial impact on the use of energy-efficient industrial motor market.

Industrial Motors Market Regional Insights

• 
• Request a Free Sample to learn more about this report

"Asia Pacific to Dominate the Market Due to industrialization in the Region"

Asia Pacific has seen research on the industrial motors market. Due to the rapidly accelerating urbanization and industrialization in the region, the Asia Pacific currently has a dominant position in the market and is anticipated to expand significantly throughout the projected period. The existence of numerous developed nations, where there is a significant demand for industrial motors across a range of end-user applications, is anticipated to fuel market expansion in the area. China dominates the regional market and has an industrial motors market growth rate high. China is one of the world's major industrial hubs, offering low labor prices, access to highly skilled personnel, and an abundance of raw materials.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

This study on industrial motors market offers details on the rivals' competitive environment. Information contains a summary of the business, financial data from leading corporations, revenue earned, and investments made in the exploration of new markets. Additionally, it describes the company's advantages and disadvantages. These facts do not specifically address how businesses are focusing on the market. Launches of new technologies, acquisitions and mergers, and R&D are important strategies in the adult sex toy sector.

List of Market Players Profiled

• Siemens (Germany)
• Mitsubishi (Japan)
• GE (U.S.)
• HITACHI (Japan)
• Nidec (Japan)
• Toshiba (Japan)
• Regal Beloit (U.S)
• WEG (Brazil)
• Teco (U.S.)
• Emerson (U.S.)
• MEIDENSHA(Japan)
• Wolong Electric (China)
• Rockwell Automation (U.S.)
• Franklin Electric (U.S.)
• Zhongda Motor (China)
• XIZI FORVORDA (China)
• Ametek (U.S.)
• Allied Motion (U.S.)
• JEUMONT(France)

Report Coverage

This research profiles a report on industrial motors market with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.