The development of industrial motor is a result of the expansion of industries with rising production levels globally. Additionally, the price of power is growing, which is driving up demand for industrial motors that are both economical and efficient in terms of energy use. Because of this, manufacturers are concentrating on creating industrial motors with a fresh design and reduced weight to make them simple to utilise in a variety of industries. The industrial motor industry is expanding as a result of rising awareness of water resource depletion and the expanding necessity for water recycling. In order to decrease downtime, increase lifetime, and maintain industrial motor’s low energy consumption, manufacturers are also leaning toward embedding smart sensors in them. The control system for industrial motors, which aids in minimising energy usage, is another area of interest for manufacturers.
The global industrial motor market is anticipated to grow slowly, according to the Fact.MR analysis. During the projected period of 2017–2026, the market is anticipated to grow at a 3.4% CAGR. The industrial motor market is anticipated to generate US$14,959.1 million in revenue by the end of 2026. Industrial motors, which transform electrical energy into mechanical energy, are utilised in production facilities. Manufacturers are developing and designing new industrial motors that can lower energy consumption and offer efficiency as a result of improving standards in design and efficiency. The following information provides forecasts for the performance of the industrial motor market worldwide.
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6 Highlights of the Global Industrial Motor Market Forecast
- Asia Pacific Excluding Japan (APEJ) is expected to be the largest region in the global industrial motor market during the forecast period 2017-2026. Owing to the rapid infrastructure development and industrialization in the countries such as India and China, APEJ is anticipated to witness the growth.
- North America and Europe are also expected to witness the growth in the global industrial motor market. New oil reserves in North America is driving the demand for industrial motor in oil and gas industry. Also, stringent government regulation in the region for saving energy and electricity is driving the demand for energy-efficient industrial motor.
- IE2 industrial motor is expected to witness the highest growth in the global industrial motor market. By the end of 2026, IE2 is estimated to surpass US$ 4,800 million revenue.
- Pumps and Fans are expected to account for nearly half of the revenue share by the end of 2017. Pumps and fans are estimated to surpass US$ 7,600 million revenue by the end of 2026.
- Among various motors, DC Brushless is expected to be the largest type of industrial motor. Between 2017 and 2026, DC Brushless motor is estimated to surpass US$ 1,900 million incremental opportunity.
- Commercial HVAC is expected to emerge as the biggest end user in the global industrial motor market. Commercial HVAC is anticipated to surpass US$ 4,400 million revenue towards the end of 2026.
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Competitive Landscape: Top Companies in Industrial Motor Market
The global industrial motor market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced industrial motor.
Fact.MR has provided detailed information about price points of top manufacturers of industrial motor positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
Global Industrial Motor Market Segments
By Efficiency :
- DC and others
By Application :
- Pumps & Fans
- Other Applications
By Motor Type :
- DC Brushed motor
- DC Brushless motor
- Stepper motor
- Traction Motor
By End Use Vertical :
- Commercial HVAC
- F&B Manufacturing
- Other Sectors
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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