Industrial Motor Market Size, Share & Industry Analysis, By Motor Type (Direct Current (DC) Motors , Alternating current (AC) Motors , Others), By Voltage (High, Medium, Low), By End-user (Oil & Gas, Mining & Metals , Food & Beverage, Discrete Manufacturing, Chemicals & Petrochemicals , Water & Wastewater , Others) And Regional Forecast, 2024-2032

The motor is a device used to transfer power between mechanical power and electric power. Industrial motors are motors used in various industries. These motors have major applications in OEM-based products, pumps, conveyor systems, compressors, fans, and industrial machinery. Rising prices of electricity and stringent energy standards are positively boosting the demand for energy-efficient industrial motors for different applications. The increasing awareness regarding the depletion of water resources and, thus, the rising need for water recycling worldwide will act as a driver for the industrial motors market in the coming years.

Based on the motor type, the market is segmented into direct current (DC) motors, alternating current (AC) motors, and others. The alternating current (AC) motors segment dominates the market and is expected to grow significantly during the forecast period, owing to their reliability with low maintenance requirements as compared to other conventional motors.  Also, these motors do not need commutators, brushes, or slip rings; they don't have parts to wear out regularly, which makes them ideal for applications where the motor should be continuously available to operate, is not easily accessible, or will operate without supervision for long. These factors significantly boost the market growth for AC motors.

Based on voltage, the market is segmented into high, medium, and low voltage. The low voltage segment dominates the market and is expected to hold a major share in the market, owing to their wide range of applications across multiple industries as compared to other motors in the market. The low voltage motors have primary applications in the midstream and downstream oil and gas industry, food and beverage industry, water, wastewater industry, etc. In addition, the rising oil prices are expected to create a strong impact on the demand for low voltage motors from the oil and gas sector during the forecast period.

Based on the end-user, the market is classified into oil & gas, mining & metals, food & beverage, discrete manufacturing, chemicals & petrochemicals, water & wastewater, and others. The oil & gas segment is expected to dominate the market and hold a significant share in the market, owing to the increasing adoption of these motors in the oil & gas sector. Industrial motors are a major part of the oil & gas industry and are broadly used in various parts of the drilling rig and powering pumps in the refineries. For instance, In October 209, the Oil Ministry's in India announced the spending of around USD 118 billion in the oil and gas exploration sector and setting up of natural gas

infrastructure in the country over the next few years; such factors positively boost the demand for industrial motors.

The major market driver for the industrial motor market is the rising demand from downstream industries. Furthermore, the technological advancements and implementation of government policies, including Minimum Energy Performance Standards (MEPS), in several countries gave rise to energy-efficient motor systems, which boost the market growth for these motors. In addition, the global automotive sector is turning to electric mobility, which will positively enhance the market growth.

The factor that is expected to inhibit the market's growth is the high price of industrial motors than conventional motors coupled with high installation costs. The high competition among industrial motor manufacturers leads to low-profit margins for the industry, which hampers the market growth for these motors. In addition, fluctuating prices of raw materials such as permanent magnets, copper wires, and steel bars which are required for electric motors, further hinder the market growth.

Key Market Driver -

Rising demand from downstream industries

Key Market Restraint -

High installation costs

Key Players Covered:

Some of the major companies that are present in the industrial motor market are ABB, Eaton, Nidec Motor Corporation, Johnson Electric Inc., CG Power and Industrial Solutions Limited, Allied Motion Technologies Inc., Siemens, Regal Beloit Corporation, WEG, ARC Systems, Inc., Ametek, Bonfiglioli, Fuji Electric, and Maxon.    

Regional Analysis:

The industrial motor market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific dominates the market and is expected to grow significantly during the forecast period, owing to rapidly increasing urbanization and industrialization in the region. The presence of several developed countries, which are witnessing high demand for industrial motors in several end-user applications, is expected to boost the market growth for the region. China holds a major share and dominates the market for the region. China is one of the global manufacturing centers, with access to low labor costs, highly skilled workers, and an abundance of raw materials. Furthermore, countries such as Japan, South Korea, and Australia are increasingly unlocking the potential of leading-edge services and connected technologies, which propel the demand for industrial motors in the region.

Europe is another major market for industrial motors, owing to the favorable government initiatives in the manufacturing sector. Also, the expansion of major industries in the region is expected to create a demand for these motors. Major countries contributing to the European market are UK, Germany, France, Italy, and Spain. Europe accounts for the second-highest share in the global industrial motors market and is projected to grow at a significant rate during the forecast period. The North American market is expected to grow in an analyzed time frame, owing to the presence of several key players in the region. The rapid technological advancements in the automotive sector are expected to create growth opportunities for these motors in the region.  

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Segmentation

Key Industry Developments

• In April 2020, Maxon Motor AG enlarged its range of configurable drives with brushless DC motors, encoders, and gearheads from the ECX series. The ECX series is expanding with the addition of the Maxon ECX Speed 4, and is designed for use in medical technology. The brushless DC motors are available in 2 variants include M (medium) and L (long) versions.


• In June 2020, ABB introduced its AXW 315 and 400 IEC water-cooled motors, offering more watts per kilogram than conventional totally-enclosed fan-cooled motors. The motor delivers an average of 40% more power than conventional fan-cooled designs. The growing requirement for energy-efficient motors positively enhance these products in the market.