The global industrial motor market is projected to witness a compound annual growth rate of 4.68% to grow to US$33.640 billion by 2027, from US$24.421 billion in 2020.
Motors are the engines that propel industrial output forward. Time and money are saved, and safety is improved with new techniques for motor monitoring, alignment, testing, and connections. Simultaneously, energy-efficient motors and intelligent drives improve efficiency and performance while making troubleshooting easier.
The increased focus on Industry 4.0 is anticipated to stimulate the demand for industrial motors during the forecast period. The rising focus of governments around the world on energy efficiency and the consequent stringent regulations have led to increased adoption of energy-efficient industrial motors, which is anticipated to propel the growth of the industrial motor market during the forecast period. Furthermore, the growth of the oil and gas industries is leading to increased use of industrial motors which is projected to boost the market growth of industrial motors. The demand for oil and gas has been increasing at a substantial rate in developing countries, such as India. According to the IEA (India Energy Outlook 2021), primary energy demand is expected to nearly double to 1,123 million tonnes of oil equivalent in India. By 2040, the gross domestic product (GDP) is predicted to reach USD 8.6 trillion. According to the International Energy Agency, world oil demand will increase by 5.7 million barrels per day (mb/d) at a rate of 950 kb/d from 2020 to 25. According to the International Energy Agency, world oil demand will increase by 5.7 million barrels per day (mb/d) at a rate of 950 kb/d from 2020 to 25. Moreover, the growing demand for commercial HVAC systems is further anticipated to propel the market growth of industrial motors during the forecast period.
The COVID–19 pandemic led to a decline in the industrial motor market in 2020. Owing to the lockdown and strict COVID-19 measures, the manufacturing facilities were shut down, leading to a decline in the demand for industrial motors. The plans for the installation of industrial motors were halted during the pandemic. Moreover, the travel restrictions led to supply chain disruptions in various end-use industries for industrial motors, which further harmed the industrial motor market in 2020.
ADOPTION OF ENERGY-EFFICIENT MOTORS IS INCREASING
The industrial motor market is expected to surge over the next five years owing to the increasing adoption of industrial motors with high energy efficiency as the awareness of low-energy consuming motors has been increasing over the years. The growing need to reduce greenhouse gas emissions is driving the demand for energy-efficient solutions, which will propel the energy-efficient motor industry forward. As knowledge about energy conservation grows, companies are choosing eco-friendly alternatives for their processes and technologies. Switching to energy-efficient solutions is one of the most important factors in lowering greenhouse gas emissions from fossil-fuel-generated electricity.
According to the IEA, electric motor systems use 53% of all electrical energy, or 10,500 TWh per year, which emits nearly 6,800 Mt of carbon dioxide (CO2) emissions. Electric motors in the industry sector accounted for around 57% of the global electricity consumption by electric motor systems. As the focus on energy efficiency in industries has gained prominence, the demand for energy-efficient motors is expected to grow in the coming years. U4E states, after assessments of 150 developing and emerging economies, that energy savings from motors in these countries could reach 300 TWh per annum in 2030, with a savings of 200 Mt of CO2 emissions. It also claims that switching to energy-efficient motor systems will reduce global electricity demand for motor systems by 20 to 30% by 2030. The U4E Policy Guide Series estimates that more than 72 percent of motors sold globally have efficiency levels higher than IE2 (high efficiency), including 29 percent at IE3 (premium efficiency) and 2 percent at IE4 (super premium efficiency). The share of the mentioned higher efficiency motors is projected to grow further in the coming years, hence leading to a boost in the industrial motor market.
ASIA PACIFIC DOMINATES THE MARKET
The Asia-Pacific industrial motor market is estimated to grow at a steady CAGR during the forecast period. The Asia Pacific industrial motor market has been segmented into China, Japan, India, South Korea, Taiwan, Thailand, Indonesia, and others. Due to the rapidly increasing population and rapid industrialization in the country, China is expected to dominate the market. India and Japan are estimated to have notable market shares owing to their flourishing industries such as automotives, mining, food and beverage, and others, in the countries. South Korea and Indonesia are further projected to grow during the forecast period owing to the increasing industrialization in the countries. Furthermore, the presence of significant market competitors in the region will support the growth over the anticipated period.
|Market size value in 2020||US$24.421 billion|
|Market size value in 2027||US$33.640 billion|
|Growth Rate||CAGR of 4.68% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Motor Type, Voltage, Distribution Channel, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||General Electric Company, ABB Ltd, Allen - Bradly Co. LLC (Rockwell Automation Inc.), Siemens AG, Amtek Inc., Arc Systems Inc., Johnson Electric, Emerson Electric Co., Toshiba International Corporation, Nidec Motor Corporation|
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Frequently Asked Questions (FAQs)
Q1. What is the size of the global industrial motor market?
A1. Industrial Motors Market was valued at US$24.421 billion in 2020.
Q2. What will be the industrial motor market size by 2027?
A2. The global industrial motor market is projected to reach a market size of US$33.640 billion by 2027.
Q3. What are the growth prospects for the industrial motor market?
A3. The industrial motor market is projected to grow at a CAGR of 4.68% over the forecast period.
Q4. What factors are anticipated to drive the industrial motor market growth?
A4. The rising focus of governments around the world on energy efficiency and the consequent stringent regulations has led to increased adoption of energy-efficient industrial motors which is anticipated to propel the industrial motors market growth.
Q5. Who are the major players in the industrial motor market?
A5. Prominent key market players in the global industrial motor market include General Electric Company, ABB Ltd, Allen - Bradly Co. LLC (Rockwell Automation Inc.), Siemens AG, Amtek Inc., and Arc Systems Inc., among others.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Buyers
4.3.2. Bargaining Power of Suppliers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. INDUSTRIAL MOTOR MARKET BY MOTOR TYPE
5.2. Direct Current
5.3. Alternating Current
6. INDUSTRIAL MOTOR MARKET BY VOLTAGE
6.2. High and Medium
7. INDUSTRIAL MOTOR MARKET BY DISTRIBUTION CHANNEL
8. INDUSTRIAL MOTOR MARKET BY INDUSTRY VERTICAL
8.2. Oil And Gas
8.4. Food And Beverage
8.7. Power Generation
8.8. Water And Wastewater
9. INDUSTRIAL MOTOR MARKET BY GEOGRAPHY
9.2. North America
9.3. South America
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.4. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
11. COMPANY PROFILES
11.1. General Electric Company
11.2. ABB Ltd
11.3. Allen - Bradly Co. LLC (Rockwell Automation Inc.)
11.4. Siemens AG
11.5. Amtek Inc.
11.6. Arc Systems Inc.
11.7. Johnson Electric
11.8. Emerson Electric Co.
11.9. Toshiba International Corporation
11.10. Nidec Motor Corporation
General Electric Company
Allen - Bradly Co. LLC (Rockwell Automation Inc.)
Arc Systems Inc.
Emerson Electric Co.
Toshiba International Corporation
Nidec Motor Corporation
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