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Industrial Motors Market to Grow at Highest Pace Owing to Rising Industrialization

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Industrial motors are the backbone of any industrial process, playing a crucial role in transmitting power from driver to load in industrial equipment and machinery. Commonly used industrial motors are general purpose AC or DC electric motors, or special purpose motors such as servo & stepper motors. They find widespread applicability across various industry verticals such as oil & gas, mining, manufacturing, power, chemicals, cement & food processing. Key features that make industrial motors suitable for use in harsh industrial environments include high reliability, durability, efficiency, low maintenance and rugged all-weather designs.

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. Rapid industrialization across developing economies and replacing aging infrastructure with energy efficient motors are the major factors fueling demand.

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. Rapid urbanization and growth of manufacturing sector is leading to higher demand for industrial motors from end use industries like oil & gas, automotive, food processing etc. Technological advancements are leading to development of smart industrial motors with sensor integration, remote monitoring capabilities and energy optimizing features.

Market Trends

The increasing emphasis on energy efficiency and sustainability is a key trend in the Global Industrial Motors Market Size. Stakeholders are developing high-efficiency motors that comply with international energy efficiency regulations. Another notable trend is growing adoption of permanent magnet motors which are more efficient compared to conventional induction motors.

Market Opportunities

Supportive regulatory framework promoting use of energy efficient equipment across countries presents lucrative opportunities. Also, the trend towards industry 4.0 and industrial internet of things is opening up opportunities for smart integrated motors with advanced connectivity & analytics capabilities. Replacement of obsolete motors installed decades ago with modern high-efficiency ones also provides opportunities.

Impact of COVID-19 on Industrial Motors Market

The COVID-19 pandemic led to widespread lockdowns and supply chain disruptions which negatively impacted the industrial motors market in the short term. Factory shutdowns and halted construction activities reduced demand for industrial motors from end-use industries like manufacturing, mining, power generation, oil & gas and others. Assembly lines came to a grinding halt which lowered procurement of new industrial motors. Migration of workers also disrupted on-site installations and servicing of existing motors.

However, post lockdowns some key trends have emerged. Demand is recovering faster in Asia Pacific regions where lockdowns ended earlier. China in particular has seen a rebound led by government stimulus measures for infrastructure projects. Increased focus on healthcare, pharmaceuticals and essential goods manufacturing is boosting demand too. Remote monitoring and predictive maintenance using IoT sensors are gaining more importance to minimize on-site servicing. More companies are shifting to solar and biomass based power generation which use industrial motors, benefiting the market in the long run. Emphasis on supply chain resilience and inventory management will ensure steady demand going forward.

Europe presently accounts for the largest share of the global industrial motors market in terms of value. Stringent energy efficiency norms supported local motor manufacturing. Presence of major automobile, machinery and chemical industries drives motor consumption. However, the region was severely impacted initially due to lengthy lockdowns imposed.

The Asia Pacific region excluding Japan is poised to be the fastest growing market during the forecast period. Countries like China and India are increasingly focusing on manufacturing, infrastructure development, renewable energy and mining which spur demand. Low cost of labour attracts shifting of production bases from developed nations as well. Government initiatives for ‘Make in India' and ‘China Manufacturer 2025' present lucrative opportunities. As economic activities resume stronger in Asia, the region is set to play a key role in the market's recovery and future growth trajectory.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/industrial-motors-market-forecast-outlook-trend-2023-2030/

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