The global industrial motors market is embarking on a journey of steady growth, setting the stage for a transformative decade ahead. As of 2022, the market boasted a valuation of US$ 653.0 million, and the forecast paints a picture of gradual expansion with a Compound Annual Growth Rate (CAGR) of 3.5%. By 2032, this trajectory is anticipated to elevate the market's overall worth to an impressive US$ 917.3 million. This decade-long odyssey promises to be defined by innovation, sustainability, and an unwavering focus on enhancing efficiency.
The resilience and persistence of the industrial motors market underscore their indispensable role in powering a diverse array of industrial processes and machinery on a global scale. As industries continue to advance, modernize, and adapt to the evolving demands of the market, the demand for efficient, adaptable, and technologically advanced industrial motors remains a driving force. This demand, in turn, contributes to the envisaged expansion of this market in the years to come.
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Key Takeaways from Market Study:
- By product type, AC motors are projected to hold a market share of 71% in 2032.
- By end use, the energy segment is anticipated to boost the demand for industrial motors globally, and demand from it is expected to grow at 4.1% from 2022 to 2032.
- By power output, the 15 to 20 MW segment is expected to accelerate and create incremental opportunity of US$ 70.5 million between 2022 and 2032.
- By 2032, Europe is expected to have the largest share of the global market, accounting for around 28.7%.
“The market for industrial motors is predicted to expand rapidly due to increasing demand for innovative and energy-efficient products across industries. Rising automation and digitalization in a variety of end-use sectors are driving demand. Industry participants are investing in strategic alliances, expansions, and cost-effective solutions to obtain a competitive advantage.” Says an FMI analyst.
Who is Winning?
Among the industry’s key players are ABB Group, Siemens AG, Hyundai Electric Co. Ltd., Toshiba Corporation, Nidec Corporation, Hitachi, Ltd., WEG S.A., General Electric Co., Bonfiglioli Riduttori S.p.A., Hyosung Corporation, Menzel Elektromotoren GmbH, Kirloskar Electric Company Ltd., and Regal Beloit Corporation.
Globally, the key market players are focused on developing and extending production technologies and expansion capacities to meet the industry demands.
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About Future Market Insights – Industrial Automation
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Global Industrial Motors Market by Category:
By Power Output:
- 1 to 5 MW
- 5 to 10 MW
- 10 to 15 MW
- 15 to 20 MW
- 20 to 25 MW
By Product Type:
- AC Motors
- Induction Motor
- Synchronous Motor
- DC Motors
- Brushed DC
- Brushless DC
By End Use:
- Oil & Gas
- Energy
- Mining
- Cement
- Metal and Steel
- Pulp and Paper
- Chemical
- Water and Wastewater
- Marine
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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