Industrial Motors Market Size to Reach Revenues over USD 88 Billion by 2026 - Arizton

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Jan 27, 2021, 12:00 ET

CHICAGO, Jan. 27, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global industrial motors market report.

The industrial motors market is expected to grow at a CAGR of over 8% during the period 2020−2026.

Key Highlights Offered in the Report:

The global industrial motor market is expected to grow significantly at a CAGR of over 8% by value and 11% by volume during the forecast period. Regions such as APAC and Europe are expected to dominate the demand in the market due to increased opportunities with upcoming industrial development in HVAC, F&B, oil & gas, and other industries.
The AC motor market is expected to grow at a CAGR of over 8% and DC at 4% by revenue during the forecast period.
The rapidly changing technological environment is expected to adversely affect vendors as continual innovations and upgrades as per schemes and government policies are the characteristics of this market.
The market is highly fragmented with various vendors that operate and sell industrial motors across the world and there is intense competition among vendors for market share.
The demand for industrial motors is anticipated to grow due to increased industrial production and replacement of old motors with energy-efficient motors.
China, the Middle East, and the US are the most competitive regions with increased industrial initiatives.
Supply chain pressure will lead to increased direct sales from manufacturers, thus disrupting sales channel through distributors.
The trend toward green economies is encouraging the industrial sector to adopt energy-efficient motors, so the demand will grow, particularly in the IE3 and IE4 industrial motor market.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by product, voltage, efficiency, end-user, sales channel, power output, and geography
Competitive Landscape – 9 key vendors and 10 other vendors

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Industrial Motors Market – Segmentation

High-efficiency DC motors are expected to gain importance due to long-lasting operational life, low maintenance, and low energy consumption. A large-scale adoption in forklift chemical injection pumps and HVAC applications is estimated to drive the market growth by 2026.
IE2 low-voltage motors are anticipated to grow during the forecast period as several customers have replaced IE1 with IE2 ones. Changes in government energy-efficiency regulations are influencing growth across the world. However, the growth of the IE2 motors market is likely to be affected due to the adoption of efficient IE3 and IE4 motors.
Low-voltage industrial motors are expected to grow substantially during the forecast period. The growth in the manufacturing sector worldwide and the application of several technological products such as smart sensors are likely to increase the demand. Low-voltage motors are characterized by high reliability, ruggedness, and efficiency, hence their adoption in industrial or commercial environments, building management systems, shipbuilding, and infrastructure is high.

Industrial Motors Market by Product

Industrial Motors Market by Voltage

Low
Medium
High

Industrial Motors Market by Efficiency

Industrial Motors Market by End-user

HVAC
F&B
Power Generation
Mining
Machine Tools
Elevators and Escalators
Warehousing
Paper & Paperboard
Oil & Gas
Metal Processing
Pharmaceutical
Chemical
Packaging
Others

Industrial Motors Market by Power Output

Integral Horsepower
Fractional Horsepower

Industrial Motors Market by Sales Channel

Direct to End-user
Direct to OEM
Direct to System Integrator
Distributor to End-user
Distributor to OEM
Distributor to System Integrator

Industrial Motors Market – Dynamics

In the past few years, Variable Frequency Drive (VFD) is being increasingly used with motors to increase their efficiency as well as to make them cost-effective. Several IE2 and IE3 motors are used along with VFD, which, in turn, enables these motors to meet the specifications of higher efficiency of IE4 motors. Moreover, many countries in Europe such as Switzerland and others have passed regulations on the use of VFD with motors. Installation of IE2 motors is only allowed if they are used with VFD. Also, several end-user industries across the globe are using VFD with IE3 motors to deliver the same results as IE4 motors and beat the high costs associated with IE4 motors. Since motors consume a lot of energy and generate significant costs, many vendors are increasingly using VFDs with their motors. This is enabling end-users to incorporate motors in their operations without being worried about cost. APAC and Latin America are expected to witness promising growth in terms of VFD sales owing to stringent regulations and law enforcement on the use of energy-efficient motors.

Key Drivers and Trends fueling Market Growth:

Demand for IE4 Efficiency Low Voltage Motors
Increasing Infrastructural Development in the Middle East Region
Growth in Warehouses in the APAC Region
Increase in Automation Expenditure

Industrial Motors Market – Geography

APAC is considered to have the highest growth in terms of industrial development, digital & technological transformations, as well as the economy. Asia's rise has been one of the most rapid innovations in the last 30 years due to increasing consumption and production in several sectors and industries. It is expected that in the coming 10-20 years, Asia's industrial sector will be leading in the global market, starting from the internet to trade, from luxury goods to energy, and many others. This reflects the huge potential of industrial motors supported by a rapidly growing economy and industrialization.

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Industrial Motors Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Italy
Spain

Asia Pacific

China
India
Japan
South Korea
Australia

Latin America

Mexico
Brazil
Chile
Argentina

Middle East & Africa

Saudi Arabia
Turkey
Rest of Middle East & Africa

Major Vendors

ABB
Allied Motion Technologies
CG Power and Industrial Solutions
Eaton
Johnson Electric
Nidec
Regal Beloit Corporation
Siemens
WEG

Other Prominent Vendors

ARC Systems
Ametek
Bonfiglioli
Brook Crompton
Dana Brevini Power Transmission
Fuji Electric
Maxon
Rockwell Automation
Sew- Eurodrive
TECO-Westinghouse

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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SOURCE Arizton Advisory & Intelligence