The "Industrial Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global industrial motors market reached a value of US$ 21.11 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 28.45 Billion by 2027, exhibiting a CAGR of 5.1% during 2021-2027.
- ABB Ltd.
- Brook Crompton
- Hitachi Ltd.
- Johnson Electric Holdings Limited
- Menzel Elektromotoren GmbH
- Nidec Corporation
- Regal Rexnord Corporation
- Rockwell Automation Inc.
- Siemens AG
- Toshiba Corporation
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
An industrial motor relies on alternating current (AC) resources, such as power grids or generators, to work efficiently and transform electrical energy into mechanical energy. It is highly efficient as it does not use fuel and requires engine-oil maintenance compared to other electrical devices.
In addition, it is highly durable with a long lifespan as an industrial motor contains few moving parts that operate smoothly. As a result, it is used in blowers, industrial fans, machine tools, pumps, power tools, compressors, turbines, rolling mills, alternators, ships, movers, and paper mills.
The growing utilization of electric motors in industrial processes and auxiliary systems, such as compressed air generation, ventilation, and water pumping, represents one of the key factors driving the market. Moreover, there is a rise in the demand for alternating current (AC) motors as they are more reliable with low maintenance costs.
This, along with the increasing utilization of AC motors in pumps, water heaters, ovens, and off-road motorized and garden equipment, is propelling the growth of the market. In addition, key market players are extensively investing in research and development (R&D) activities to introduce electric motors with a high power-to-weight ratio for reducing energy consumption and resolving portability issues.
This, coupled with the growing number of smart manufacturing pilot projects by governments of several countries, is catalyzing the demand for industrial motors. Besides this, the escalating demand for industrial motors that can save energy and reduce operational costs in organizations is contributing to the growth of the market. Furthermore, the rising need for water recycling due to the depletion of water resources across the globe is expected to bolster the growth of the market.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global industrial motors market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type of motor, voltage and end user.
Breakup by Type of Motor:
- Alternating Current (AC) Motor
- Direct Current (DC) Motor
Breakup by Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Breakup by End User:
- Oil and Gas
- Power Generation
- Mining and Metals
- Water and Wastewater Management
- Chemicals and Petrochemicals
- Discrete Manufacturing
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key Questions Answered in This Report:
- How has the global industrial motors market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global industrial motors market?
- What are the key regional markets?
- What is the breakup of the market based on the type of motor?
- What is the breakup of the market based on the voltage?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global industrial motors market and who are the key players?
- What is the degree of competition in the industry?
For more information about this report visit https://www.researchandmarkets.com/r/6thzgc-motors?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20230127005194/en/
Laura Wood, Senior Press Manager
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