Industrial motors are electromechanical devices that convert electrical energy into mechanical energy and are used to power industrial machinery and various equipment. Industrial motors find major applications in the manufacturing, oil & gas, mining, HVAC, and others industries to power pumps, fans, conveyors, compressors, and other industrial equipments. Rising investments in industrial development especially in emerging economies along with growing manufacturing sector globally is fueling the demand for industrial motors from major end-use industries.

The global industrial motors market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing demand from major end-use industries is one of the major drivers fueling the growth of the industrial motors market. Major end-use industries such as manufacturing, oil & gas, mining, and HVAC are witnessing significant growth globally owing to rapid industrialization and urbanization. This is increasing the demand for industrial motors from these end-use industries for driving various machines and equipment. According to the World Bank, the global manufacturing value added grew by 2.7% year-on-year (YOY) in 2021 reaching US$ 4.43 trillion. This growing manufacturing output is expected to increase the consumption of industrial motors during the forecast period.

In addition, advancement in technologies is also fueling the demand for industrial motors. Rising adoption of automation across industries is increasing the use of robotic machines which are powered by industrial motors. Developments in areas such as servo motors, variable speed drives, energy-efficient motors, and smart motors are supporting the automation trend and driving the adoption of industrial motors. These technological advancements are enabling industrial motors to offer improved efficiency, reliability, and precision.

SWOT Analysis

Strength: Industrial motors are essential components in various industries such as manufacturing, chemical, oil & gas, transportation, mining, and others. This wide market reach enables steady demand. In addition, technological advancements have improved motor efficiency and reduced maintenance requirements. Furthermore, the established supply chain of motor manufacturers ensures consistent supply.

Weakness: Volatility in raw material prices affects the production costs of industrial motors. In addition, longer replacement cycles lower the frequent need for new motor purchases.

Opportunity: Expanding manufacturing sector in Asia Pacific and Middle East & Africa will drive the need for industrial motors. Rapid industrialization in developing economies offers new markets. Furthermore, growing automation across industries presents opportunities for innovative motor designs with advanced features.

Threats: Trade restrictions and geopolitical tensions pose risks to global supply chains. In addition, growing support for renewable energy may reduce demand from conventional power industries in the long run.


Key Takeaways

The Global Industrial Motors Market Size is expected to witness high growth. The global industrial motors market is estimated to be valued at US$ 3551.42 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

The global industrial motors market is projected to witness the fastest growth in Asia Pacific region during the forecast period. The market in the region is expected to grow at a CAGR of over 7% during the forecast period. Factors such as rapid industrialization, rising power consumption, and growing manufacturing sector in emerging countries such as China and India will drive the demand for industrial motors in the region. China held the largest share of the Asia Pacific industrial motors market in 2022, accounting for more than 30% of the regional market share. The country has witnessed rapid growth in industries such as manufacturing, oil & gas, automotive, machinery, and chemicals, fuelling the need for robust industrial equipment including motors. Other emerging economies in the region including India, Indonesia, Thailand, and Malaysia are also expected to offer lucrative opportunities with rising foreign investments in manufacturing industries.

Key players operating in the industrial motors market are Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab.

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