Global Industrial Motors Market Is Estimated To Witness High Growth
The industrial motors market is estimated to be valued at US$ 3,430 million in 2022 and is expected to exhibit a CAGR of 3.54% over the forecast period from 2023 to 2030, according to a new report published by Coherent Market Insights.
Market Overview:
Industrial motors are used in various applications such as manufacturing, oil and gas, chemicals, automotive, and others. These motors are designed to provide power and control to a wide range of equipment and machinery. With increasing industrialization and infrastructure development, the demand for industrial motors is expected to escalate. Additionally, the deployment of energy-efficient motors and the adoption of automation advancements are driving the growth of the market. The rising focus on reducing energy consumption and achieving sustainable development goals has further fueled the demand for industrial motors.
Key Takeaways:
The global industrial motors market is expected to witness high growth, exhibiting a CAGR of 3.54% over the forecast period of 2023-2030. The increasing demand for industrial automation and the need for efficient motor systems are driving market growth. Asia Pacific is the fastest-growing and dominating region, fueled by the rapid industrialization and expanding manufacturing sector. Key players operating in the industrial motors market include Menzel Elektromotoren GmbH, General Electric Company, ABB Ltd., Siemens AG, and Fuji Electric Co. Ltd. These players offer diverse motor solutions and cater to various industrial applications.
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