April 18, 2024
Industrial Motors Market

Industrial Motors Market is Estimated to Witness High Growth Owing to Motor Efficiency Improvements

Improvements

The industrial motors market refers to electric motors that are purpose-built to operate machinery and equipment in industrial environments. Some common types of industrial motors include AC motors, DC motors, hermetic motors, and fractional horsepower motors. Industrial motors provide reliable and cost-effective means of powering various industrial equipment and machinery used across several sectors such as oil & gas, mining, manufacturing, and construction. They offer advantages like high power density, energy efficiency, low maintenance, and operability in harsh conditions. With industries increasingly adopting automation to optimize operations and reduce costs, demand for industrial motors has surged over the years. The Global industrial motors market is estimated to be valued at US$ 4091.24 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2030.

Key Takeaways

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. These companies have strong distribution networks across major countries and offer customized product and service offerings to address diverse industrial motor requirements.

The industrial motors market is expected to witness several lucrative opportunities such as increased adoption of energy-efficient motors to reduce energy costs, growing demand from wastewater treatment plants and power utilities, and expansion of the food & beverages industry across developing nations.

Advancements in motor efficiency technologies such as premium efficient motors, electronic commutation motors, and permanent magnet synchronous motors are helping drive higher power density with lower energy consumption. Improved capabilities of variable frequency drives to optimally control motor speed based on load variations are also benefiting the industrial motors market.

Market Drivers

A key driver for the Global Industrial Motors Market Size is rapid industrialization in developing economies and the resultant growth in manufacturing and process industries. There is increased investment in sectors like oil & gas, mining, automotive, and construction which utilizes several motor-driven equipment and machinery. Stringent regulations regarding energy efficiency and carbon emissions are also driving replacement of aging motor fleets with premium efficient models. Growing focus on automation, Industry 4.0 initiatives are augmenting demand for servo motors and variable speed drives in industries. These factors are expected to propel the industrial motors market during the forecast period.

Current challenges in the Industrial Motors Market

One of the major challenges is that industrial motors are electricity intensive. With rising electricity costs, it increases operational costs for end-users. Further, aging infrastructure and developing needs from industries like oil & gas, power generation, mining are creating demand for reliable and efficient industrial motors. However, high initial costs of installation and maintenance of industrial motors pose a barrier, especially for small and medium enterprises. A lot of maintenance is also required to ensure smooth operations which increases the total cost of ownership.

SWOT Analysis

Strength: Industrial motors offer high durability and reliability. They are designed to perform in tough industrial environments and offer years of uninterrupted operations.
Weakness: Industrial motors have high initial costs and require specialized installation processes. Their maintenance and repair also involves significant costs.
Opportunity: Growing industrialization and automation across sectors offers huge opportunities for industrial motor manufacturers. Also, shift towards energy-efficient motors presents a major market opportunity.
Threats: Stiff competition from local and regional players poses threat. Moreover, availability of motor substitutes like variable speed drives also threatens demand.

Geographical regions of concentration

North America holds the largest share in the industrial motors market, both in terms of production and consumption. This is owing to a well-established manufacturing sector in the US and Canada. The Asia Pacific region is also a major market supported by rapid industrialization in China, India, and Southeast Asian countries.

Fastest growing region

The Asia Pacific region is poised to be the fastest growing market for industrial motors during the forecast period. This is due to ongoing infrastructural developments, capacity expansion of process industries, and government initiatives to promote local manufacturing in the region. Countries like China and India are majorly driving the growth in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it