Industrial Motors Is Estimated To Witness High Growth Owing To Growing Industrial Automation
Market Dynamics:
Growing industrial automation driven by Industry 4.0 is driving the growth of the industrial motors market. Industry 4.0 uses advanced technologies like machine learning, Internet of Things, cloud computing etc. to automate processes and enhance productivity in industries. Industrial automation reduces human error and improves quality and consistency of production. It requires motors to power automated machinery and equipment. The growing adoption of industrial automation solutions across industries like manufacturing, chemical, oil & gas, mining etc. is fueling the demand for industrial motors. Furthermore, stringent regulations regarding energy efficiency is also boosting the replacement demand for energy-efficient premium efficiency motors. Government schemes and initiatives to promote made-in-country manufacturing is positively impacting the industrial motors market growth. However, availability of counterfeit products poses a major threat to the market.
SWOT Analysis
Strength: Industrial motors are highly durable and reliable. They can withstand demanding operating conditions for long periods of time without failure. In addition, industrial motors are energy efficient and help reduce production costs. Most industrial motors are also relatively inexpensive to maintain.
Weakness: Large industrial motors require high start-up costs. They also need proper ventilation and regular maintenance checkups to ensure optimum performance. Failure or breakdown of industrial motors can disrupt manufacturing operations.
Opportunity: Growth of industries such as oil and gas, mining, automotive, infrastructure will drive demand for industrial motors. There is also opportunity to develop new types of energy efficient and smart connected industrial motors. Use of industrial motors in emerging sectors can further boost the market.
Threats: Fluctuations in raw material prices may increase the overall costs. Stringent government regulations regarding energy efficiency and emissions can restrict growth. Development of alternative technologies for power transmission can replace industrial motors.
Key Takeaways
The Global Industrial Motors Market Size is expected to witness high growth. The market size was valued at US$ 3551.42 Mn in 2023 and is forecast to reach US$ 4999.99 Mn by 2030, expanding at a CAGR of 4.4% during the forecast period.
Regional analysis: Asia Pacific dominates the industrial motors market and accounted for over 35% of the global share in 2023. The rapid industrialization and growing manufacturing industry in countries such as China and India offer significant growth opportunities. Additionally, favorable government policies and initiatives to boost manufacturing will propel the regional market.
Key players: Key players operating in the industrial motors market are BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd. Fosroc, Don Construction Products Ltd., Cipy Polyurethanes Pvt Ltd., Viacor Polymer GmBH, Twintec, Acrylicon, Cornerstone Flooring, Applied Flooring, AVCON Technics Pvt. Ltd., 4m Europe, and East Coast Flooring Ltd. These companies have strong distribution channels and product portfolios catering to requirements across industries. Mergers and acquisitions remain key strategies by prominent players to expand market share.
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