Industrial Motors Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 21.29 Billion |
| Market Size (2029) | USD 28.17 Billion |
| CAGR (2024 - 2029) | 4.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Motors Market Analysis
The Industrial Motors Market size is estimated at USD 21.29 billion in 2024, and is expected to reach USD 28.17 billion by 2029, growing at a CAGR of 4.80% during the forecast period (2024-2029).
- The growth of the market is supported by the increasing industrial footprint in developing regions, as well as a rising number of modern machinery and automation installations. The primary source of industrial production is motors. Factors such as alignment, motor monitoring, connection, testing, and time savings are part of new and advanced approaches for developing industrial motors to improve safety and security. Efficiency and performance are also enhanced by energy-saving motors and intelligent drives, which help with troubleshooting.
- The market for industrial motors is primarily driven by the increasing focus on Industry 4.0. In some regions, industrial automation is driving the production sector toward a higher level of productivity to meet the demand. According to the Industrial Energy Accelerator, several sectors using millions of electric motors worldwide consume nearly 70% of all electrical energy. As a result, the need for innovation in industrial motor technology to increase energy efficiency is growing.
- The AC motor is usually more reliable with fewer maintenance requirements, and its service life tends to be restricted mainly by the lifetime of the bearings. It does not have parts that wear out on a regular basis because it does not need commutators, brushes, or slip rings. Therefore, it is suitable for applications where the motor is always available, cannot be easily accessed, or requires a prolonged period of continuous operation without being checked.
- However, factors such as the higher installation and maintenance costs of industrial motors challenge the growth of the market, especially in developing markets, wherein price sensitivity is higher.
- As investments in the industrial sector are primarily influenced by factors such as the need for manufactured products, the general economic situation of the region, and the geopolitical situation, the impact of macroeconomic factors is also higher in the market. Consequently, these factors are anticipated to continue playing an influential role in defining the growth trajectory of this market during the forecast period.
- In April 2023, Euler Motors launched an updated version of its HiLoad E3W, with the most extensive battery pack and highest range. This version has a bigger battery pack, 12.96 kWh, in comparison to the earlier 12.4 kWh battery pack.
Industrial Motors Market Trends
The Oil and Gas Segment is Expected to Witness Growth
- The industrial safety landscape continues to experience the increasing utilization of motors in conjunction with other solutions in a network that simultaneously ensures the safety of the workers and equipment. Continued rapid innovation is required to monitor and adapt to recent trends, particularly new developments in wireless connectivity, accuracy, etc.
- Due to the significant use of AC induction motors in pumps, compressors, and turbines, as well as their application for extraction, processing, and transport of oil and gas from drilling sites into refineries, which are sold to consumers, it is estimated that these motors will be trendy within the oil and gas industry. In addition, low-voltage induction motors are used in refineries for drive pumps, compressors, and agitators to convert crude oil into multiple products such as gasoline, diesel, and jet fuel.
- Rapid urbanization in developing nations is accompanied by a considerable increase in energy demand. Consequently, the consumption of liquid fuels and natural gas rises. For instance, according to BP, natural gas production amounted to 4.08 trillion cubic meters in 2023. The escalating worldwide need for electricity and fuel has increased the demand for oil and natural gas.
- Electric motors have been vital components of the drilling industry for decades. They provide the means to drill a well, power the draw works, pump fluids down the wellbore, and separate cuttings upon return. When the industry started building jack-ups, electric motors made it possible to lower the legs on the seabed and raise a platform over the waves.
- With rising oil and gas demand, the market for E&P machines, equipment, and components is growing. As a result, the need for AC motors used in different capacities within the downstream and upstream segments of the oil and gas industry is also increasing.
Asia-Pacific to Witness Significant Growth
- One of the principal supports of several Asian countries, especially China, is manufacturing, which has been transformed rapidly. The country has become a leader in this large-scale transformation. Over the last two decades, China's manufacturers have grown their capability to produce products at a lower cost and develop more advanced products, which they have retained an essential role due to the availability of industrial machinery and motors.
- Smart manufacturing endeavors are anticipated to drive the adoption of industrial motors in the country. The Ministry of Industry and Information Technology stated that the Chinese government launched several pilot projects for smart manufacturing.
- In line with the Thirteenth Five-Year Plan, the country aims to establish a smart manufacturing system and achieve critical industry transformation by 2025. As a result of these initiatives, the automotive industry in China expanded its manufacturing capacity, which is expected to lead to increased demand for industrial engines over the forecast period.
- Due to the development of the Indian textile industry, the region is experiencing a significant increase in demand for various types of motors, including steppers, induction motors, and others. Induction motors are extensively applied in textile machinery, such as cutting machines, winders, and dryers. They are also used to power fans, pumps, compressors, and other devices in the textile industry.
- In addition, the textile industry, which is the largest industry in the country and one of the largest in the world, has a prominent position in India. The market is projected to be driven by improved investment in the industry, contributing substantially to total output.
Industrial Motors Industry Overview
- The growing focus on Industry 4.0 primarily drives the market for industrial motors. Industrial automation drives the manufacturing sector toward more efficient productivity in various regions, and it is expected to show strong growth during the forecast period. According to a report by ABB Ltd on 鈥淭he Future Is Energy Efficient,鈥� global energy usage is expected to grow by 50% by 2050, and the energy consumed due to electric motor usage is expected to grow by around 70%. The report also stated that there were more than 300 million industrial motor-driven systems in operation.
- Governments worldwide are implementing stringent regulations and standards to reduce energy consumption and minimize environmental impact. These regulations often require industrial facilities to adopt more energy-efficient technologies and equipment, including industrial motors. Compliance with these regulations drives the demand for energy-efficient motors in various industries.
- Many developed and developing nations need help with energy efficiency due to the increasing economic activities, which have substantially increased energy consumption rates. In a global survey by the American Council for an Energy-efficient Economy, 16 countries, which account for more than 71% of the worldwide energy consumption, were ranked at less than 70.
- According to EASE, the European Union will need 187 gigawatts of energy storage capacity to meet its renewable energy targets by 2030. By 2050, the region's energy storage requirements should reach 600 gigawatts. In addition, the deployment of renewable energy sources, such as wind and solar, is expected to grow considerably in the coming decades as the European Union races to decarbonize its energy supply by 2050. These developments related to energy storage capacity will also drive the market鈥檚 growth.
- The Industrial Motors Market is fragmented owing to the presence of many companies, such as the ABB Group, Siemens AG, Emerson Electric Co. Inc., and Johnson Electric. Through innovation, sustainable competitive advantage can be attained, but it has become increasingly challenging for firms to differentiate themselves from market competition. As the concentration of suppliers is high, buyers can choose among different vendors. Although the market comprises various players, a handful are still prominent for their high standards, excellent quality, and global reach.
Industrial Motors Market Leaders
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ABB Ltd.
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Emerson Electric Co.
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Nidec Industrial Solutions
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Johnson Electric Holdings Limited
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Siemens AG
*Disclaimer: Major Players sorted in no particular order
Industrial Motors Market News
- May 2024: ABB announced the launch of an innovative new package, consisting of an AMXE250 motor and HES580 inverter, tailored for electric buses. The new propulsion package, designed to work harmoniously for a more efficient, reliable, and readily available solution for the industry, marked a significant leap forward in cleaner, more sustainable transportation options.
- April 2024: Rockwell Automation Inc., the world鈥檚 largest company dedicated to industrial automation and digital transformation, launched the FLEXLINE 3500, a new low-voltage motor control center (MCC) for IEC markets globally.
- April 2024: WEG launched its most efficient industrial motor, driving the energy transition. The W23 Sync+Ultra significantly avoids carbon emissions and moves the energy transition.
Industrial Motors Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Demand for Energy Efficiency Owing to Government Regulations
5.1.2 Growing Shift towards Smart Motors
5.2 Market Challenges
5.2.1 Portability Issues
5.2.2 High Initial Investment for Procuring New Equipment and Upgrading Existing Equipment
6. MARKET SEGMENTATION
6.1 By Type of Motor
6.1.1 Alternating Current (AC) Motors
6.1.2 Direct Current (DC) Motor
6.1.3 Other Types of Motors (Servo and Electronically Commutated Motors (EC))
6.2 By Voltage
6.2.1 High Voltage
6.2.2 Medium Voltage
6.2.3 Low Voltage
6.3 By End User
6.3.1 Oil & Gas
6.3.2 Power Generation
6.3.3 Mining & Metals
6.3.4 Water & Wastewater Management
6.3.5 Chemicals & Petrochemicals
6.3.6 Discrete Manufacturing
6.3.7 Other End Users
6.4 By Geography***
6.4.1 North America
6.4.2 Europe
6.4.3 Asia
6.4.4 Australia and New Zealand
6.4.5 Latin America
6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 ABB Ltd.
7.1.2 Emerson Electric Co.
7.1.3 Siemens AG
7.1.4 Nidec Industrial Solutions
7.1.5 Johnson Electric Holdings Limited
7.1.6 Arc Systems Inc.
7.1.7 Ametek Inc.
7.1.8 Toshiba Electronic Devices and Storage Corporation
7.1.9 Wolong Industrial Motors
7.1.10 Allen - Bradly Co. LLC (Rockwell Automation Inc.)
7.1.11 Maxon Motor AG
7.1.12 Franklin Electric Co. Inc.
7.1.13 Fuji Electric Co. Ltd
7.1.14 ATB Austria Antriebstechnik AG
7.1.15 Menzel Elektromotoren GmbH
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Industrial Motors Industry Segmentation
An industrial motor is an electric motor that converts electricity into mechanical energy. These motors produce rotary or linear forces and are typically powered by alternating current (AC) resources such as power grids or generators. However, some may be supplied by direct current (DC) resources like batteries.
The industrial motors market is segmented by type of motor (alternating current (AC) motors, direct current (DC) motors, and other types of motors), voltage (high voltage, medium voltage, and low voltage), end user (oil and gas, power generation, mining and metals, water and wastewater management, chemicals and petrochemicals, discrete manufacturing, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The report offers the market size and forecasts for all the above segments in value (USD).
| By Type of Motor | |
| Alternating Current (AC) Motors | |
| Direct Current (DC) Motor | |
| Other Types of Motors (Servo and Electronically Commutated Motors (EC)) |
| By Voltage | |
| High Voltage | |
| Medium Voltage | |
| Low Voltage |
| By End User | |
| Oil & Gas | |
| Power Generation | |
| Mining & Metals | |
| Water & Wastewater Management | |
| Chemicals & Petrochemicals | |
| Discrete Manufacturing | |
| Other End Users |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Industrial Motors Market Research FAQs
How big is the Industrial Motors Market?
The Industrial Motors Market size is expected to reach USD 21.29 billion in 2024 and grow at a CAGR of 4.80% to reach USD 28.17 billion by 2029.
What is the current Industrial Motors Market size?
In 2024, the Industrial Motors Market size is expected to reach USD 21.29 billion.
Who are the key players in Industrial Motors Market?
ABB Ltd., Emerson Electric Co., Nidec Industrial Solutions, Johnson Electric Holdings Limited and Siemens AG are the major companies operating in the Industrial Motors Market.
Which is the fastest growing region in Industrial Motors Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Motors Market?
In 2024, the Asia Pacific accounts for the largest market share in Industrial Motors Market.
What years does this Industrial Motors Market cover, and what was the market size in 2023?
In 2023, the Industrial Motors Market size was estimated at USD 20.27 billion. The report covers the Industrial Motors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Motors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Motors Industry Report
Statistics for the 2024 Industrial Motors market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Industrial Motors analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
