The global industrial motors market was valued at USD 653.0 million in 2022. From 2022 to 2032, the market is projected to expand slowly at a CAGR of 3.5%. This is likely to propel the market’s valuation to USD 917.3 million in 2032.
Industrial motors are electric motors that are used for deriving mechanical energy from electicity. Most industrial motors are powered by sources of alternating current (AC) such as generators and power grids. However, certain industrial motors are designed to be compatible with direct current (DC).
These motors can draw power from batteries. Both AC and DC industrial motors are critical across all industries for their usefulness in powering machine and power tools, pumps, industrial fans, rolling mills, turbines, compressors, and more. In recent years, players in the industrial motors market have launched universal motors as well, which are compatible with both AC and DC sources.
AC motors are categorized into synchronous and asynchronous motors. Synchronous motors are dependent on the connection between mechanics and electricity. They are typically used in electrical generators as they are adept at maintaining electrical efficiency and managing power losses.
Asynchronous motors are reliant on electromagnetic induction, which turns the motors’ rotors. Also known as induction motors, these motors are common across industrial plants where heavy-duty lifting equipment use is necessary.
DC motors are categorized into brushed and brushless motors. Brushed motors need enhanced power sources for operations, and their use is prevalent in industrial cranes and hoists. Brushless motors, as their name suggests, can operate without brushes. These motors are finding more favor across industrial plants, especially the ones with presses, as they are safer than brushed motors.
Every industrial motor consists of five critical components. The rotor or armature is the motor’s moving part. It facilitates shaft rotation, which results in the generation of mechanical power. Right in the middle of the electromagnetic circuit lies the stator, which has the ability of decreasing energy use. Between the stator and rotor, there should be an air gap. Without an air gap, the motor’s performance is likely to be hampered. However, the air gap should be minimal. Industrial motors also consist of insulated wires known as coils or windings. These wires are typically made of copper. Aluminum wires are also becoming increasingly popular. The final critical component is the commutator, which is responsible for the switching process.
| Attribute | Key Insights |
|---|---|
| Estimated Industrial Motors Market Value (2022) | USD 653.0 million |
| Projected Market Value (2032) | USD 917.3 million |
| Value-based CAGR (2022 to 2032) | 3.5% |
| Top Players Share in 2021 | 43.0% |
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From 2017 to 2021, the global industrial motors market was observed to expand at an extremely sluggish CAGR of around 1.7%. This sluggish rate of expansion came as a result of the impact of the COVID-19 pandemic. During the pandemic’s worst phases where lockdowns had to be enforced, industrial activities came to a grinding halt and the manufacturing industry took the biggest hit.
Compared to the CAGR registered by the market between 2017 and 2021, the 3.5% CAGR anticipated from 2022 to 2032 reflects a more positive market environment. The increasing emphasis on Industry 4.0 is set to drive market acceleration in the coming years. Across several regions, industrial automation is driving the manufacturing industry toward greater productivity.
According to the Industrial Energy Accelerator, millions of electrical motors installed worldwide utilize roughly 70% of all electrical energy consumed by various companies. Motors are essential in practically every sector, as they power basic industrial processes and auxiliary systems including ventilation, compressed air generation, and water pumping.
Europe is anticipated to hold a prominent share of the market due to the growing end use industry in the region which is anticipated to boost the market from 2022 to 2032. According to Future Market Insights (FMI) estimates, Europe is likely to have a 30% share in the global market in 2032.
Rising Awareness of Smart Motors to Fuel Sales of Automation-driven Industrial Motors
Trends in the market for industrial motors are fast changing. Traditional motor designs and installation specifications have changed drastically since the introduction of smart technology. Motors have become more capable and versatile as a result of the incorporation of digital technologies.
Motors with sophisticated controllers and advanced communication capabilities can be leveraged by manufacturers to increase performance and achieve operational efficiencies. Smart motors allow for predictive machine diagnosis, which reduces downtime and increases process efficiency.
The industrial internet of things (IIoT), which provides a higher ROI than traditional motors, has resulted in the replacement of conventional machinery with smart, modern variants. Due to technical advancements, manufacturers can now create smart motors that use less energy and provide more efficiency at a cheaper cost. Smart motor manufacturers claim that their products can reduce energy consumption by 40%. As a result of these factors, the sales of industrial motors are increasing.
Principal Consultant
Research & Development the Only Way Forward for Market Players to Innovate and Capitalize on Opportunities
With exponential advancements in the energy and utility sectors, the industrial motors market is transforming in line with growing industry 4.0 trends. Simultaneously, policies aimed at reducing energy consumption, cutting CO2 emissions, and maintaining reliable power supply systems are driving demand for modern industrial motors. Efficient motors help to reduce energy expenses and CO2 emissions.
According to ABB, electric motors utilize around 65% of the electricity used in industrial applications. As a result, the industry's potential for energy savings is enormous. Due to the growing application of the Industrial Internet of Things (IIoT), users of manufacturing equipment have shifted their focus to a life cycle strategy, which involves investing in critical equipment to get the best returns on investment (ROI). As a result, rigorous research and the implementation of industry standards in products are likely to create attractive opportunities for established players to build a comprehensive product portfolio and attain worldwide market domination.
Full-swing Industrial Operations in the United States to Fuel Demand for Industrial Motors
In 2022, the United States industrial motors market was estimated to register 2.8% year on year growth by volume. Due to increased exploitation of shale reserves and oil & gas projects expected in the coming years, the United States is predicted to lead the industrial motors market between 2022 and 2032.
Strict wastewater treatment policies in all industries, recovery in the oil & gas and mining industries, developments in the construction industry, and expansion of industrial infrastructure are the prominent factors driving the market. The study projects that the United States market is likely to surpass a valuation of USD 167.2 million in 2032.
Chinese Government’s Initiatives to Transform Industry Operations to Spur Market Acceleration
From 2022 to 2032, China market for industrial motors is estimated to grow at a CAGR of 4.1%. In China, smart manufacturing activities are promoting the usage of industrial motors. The country has launched several smart manufacturing pilot projects, according to the Ministry of Industry and Information Technology.
According to the 14th smart manufacturing five year plan, the government also plans to improve its intelligent manufacturing systems and transform the country’s primary industries by 2025. A valuation of USD 166.7 million is anticipated for China market for industrial motors in 2032.
Government’s Drive to Make India Self-Sufficient to Accelerate Country’s Industrial Motors Market
India is a market to watch out for from 2022 to 2032 due to its status as a rapidly-growing economy. In an update shared by the Government of India in 2022, 42 oil & gas blocks had been put up for development via competitive international bidding. The Government has suggested that it is open to doubling the area to be developed for reducing the country’s reliance on foreign countries for its fuel.
FMI expects India market for industrial motors to register a steady 5.4% CAGR between 2022 and 2032. As industrial activities in the country continue to expand, the coming years are anticipated to be ripe for both local and international players.
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Emission Reduction Priorities to Push Demand for Industrial Motors in Oil & Gas Sector
The global oil & gas industry was estimated to have reached a value of USD 112.7 million in 2022 and it is projected to reach USD 164.6 million by 2032, registering a CAGR of 3.9% from 2022 to 2032. With growing awareness of rapid climate change and the need to reduce CO2 emissions, the oil & gas market is increasingly recognizing the importance of energy efficient motors.
Technological advancements and innovations are essential drivers of industry growth. Growing demand for industrial motors that can withstand even the most demanding applications while providing high efficiency and low maintenance is also driving market growth. As oil & gas production and consumption grow, the demand for efficient machinery is set to boost the sales of industrial motors in the oil & gas industry.
AC Motor Sales to Skyrocket Owing to Benefits Such as Low Maintenance Needs and Reliability
By product type, the AC Motors type is projected to create an absolute dollar opportunity of more than USD 196.4 million between 2022 and 2032. The AC motors segment dominates the market and is predicted to increase significantly in the coming years due to the reliability and low maintenance requirements of AC motors compared to DC motors.
Besides this, these motors do not require commutators, brushes, or slip rings. They do not have parts that wear out on a regular basis, making them ideal for applications where the motor must be continuously available to operate without supervision.
Globally, leading organizations are strategizing to generate profits by delivering industrial motors under integrated units. Incorporation of controlling solutions, monitoring systems, integrated controllers, and other auxiliary components are resulting in increased brand visibility.
Key manufacturers are focusing on expanding their regional markets and establishing a direct presence in local markets through mergers and acquisitions with local suppliers. They are also increasing their investments in technologically enhanced products to fulfil demand from end use industries.
For instance:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 653.0 million |
| Projected Market Size (2032) | USD 917.3 million |
| Anticipated Growth Rate (2022 to 2032) | 3.5% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia Pacific, and Middle East and Africa |
| Key Countries Covered | The United States., Canada, Mexico, Brazil, Germany, Italy, France, The United Kingdom., Spain, BENELUX, Russia, Turkey, South Africa, Gulf Co-operation Council Countries, Northern Africa, Japan, China, South Korea, India, ASEAN, Australia, New Zealand. |
| Key Segments Covered | Power Output, Product Type, End Use, Region |
| Key Companies Profiled | General Electric Rotronic AG; Hitachi Ltd.; Nidec Corporation; WEG SA; Siemens AG; ABB Ltd.; Regal Rexnord Corporation; Toshiba Corporation; Hyosung Corporation; Bonfiglioli Riduttori S.p.A.; Kirloskar Electric Company; Hyundai Electric & Energy Systems Co., Ltd.; Menzel Elektromotoren GmbH |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities, and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiative |
The global market for industrial motors was estimated to have a valuation of USD 653.0 million in 2022.
The demand for industrial motors is projected to increase by 3.5% from 2022 to 2032.
The demand in India is projected to grow at 5.4% CAGR from 2022 to 2032.
ABB Group, Siemens AG, Hyundai Electric Co. Ltd., Toshiba Corporation, Nidec Corporation, Hitachi, Ltd., WEG S.A., General Electric Co., Bonfiglioli Riduttori S.p.A. and Hyosung Corporation are the top players holding 70% to 80% of the global market share.
The market for industrial motors by volume in China is expected to surge at 4.1% CAGR between 2022 and 2032.
1. Executive Summary | Industrial Motors Market 2. Market Overview 3. Key Market Trend 4. Key Success Factors 5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6. Global Market - Pricing Analysis 7. Global Market Demand (in Value or Size in USD million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Market Background 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 9.1. AC Motors 9.1.1. Induction Motor 9.1.2. Synchronous Motor 9.2. DC Motors 9.2.1. Brushed DC 9.2.2. Brushless DC 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Power Output 10.1. 1-5 MW 10.2. 5-10 MW 10.3. 10-15 MW 10.4. 15-20 MW 10.5. 20-25 MW 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End Use 11.1. Oil & Gas 11.2. Energy 11.3. Mining 11.4. Cement 11.5. Metal and Steel 11.6. Pulp and Paper 11.7. Chemical 11.8. Water and Wastewater 11.9. Marine 11.10. Other Industrial 12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia and the Pacific 12.6. The Middle East and Africa (MEA) 13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. South Asia and Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Key Countries Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. General Electric 21.2. Hitachi Ltd. 21.3. Nidec Corporation 21.4. WEG SA 21.5. Siemens AG 21.6. ABB Ltd. 21.7. Regal Rexnord Corporation 21.8. Toshiba Corporation 21.9. Hyosung Corporation 21.10. Bonfiglioli Riduttori S.p.A. 21.11. Kirloskar Electric Company 21.12. Hyundai Electric & Energy Systems Co., Ltd. 21.13. Menzel Elektromotoren GmbH 22. Assumptions and Acronyms Used 23. Research Methodology
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Industrial Motors Market
