The industrial motors market refers to electric motors that are designed to fulfill specific requirements of industrial operations and processes. These motors are rugged and dependable to withstand a variety of environmental conditions in manufacturing units and harsh industrial applications. Some key types of industrial motors include AC motors, DC motors, hermetic motors, and explosion-proof motors. Industrial motors offer advantages like high efficiency, low maintenance, durability, and reliability as compared to standard motors. They are an integral part of industrial production lines, machine tools, packaging equipment, agricultural machinery, and more. The Global industrial motors market is estimated to be valued at US$ 4091.24 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the industrial motors market include 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 are focusing on new product development and expanding their global footprint to strengthen their market position.

The growing demand for industrial automation across various sectors is a major factor driving the need for industrial motors. Industrial automation improves productivity and reduces production costs. This has led to an increase in the installation of automated machineries and equipment that require robust industrial motors.

The Global Industrial Motors Market Size is also witnessing significant growth opportunities in emerging economies due to rapidly growing industrialization. Countries like China, India, Brazil, and others are investing heavily in industrial development through infrastructure projects, expansion of manufacturing capacities, and setting up of new production plants. This is augmenting the demand for various industrial equipment that use industrial motors.

Market drivers

Increasing demand from the oil and gas industry is one of the key drivers of the industrial motors market. Industrial motors are extensively used in oil and gas extraction, transportation, and processing equipment such as drilling rigs, pumps, compressors, and turbines. Oil and gas companies are making large investments in exploration and production activities across the world, which is fueling the need for industrial motors.

Impact of geopolitical situation on Industrial Motors market growth

The current geopolitical turmoil and relations between major countries is impacting the growth of the industrial motors market. Rising tensions between the US and China due to the ongoing trade war has disrupted global supply chains. This has made key components and raw materials more expensive for industrial motor manufacturers. Additionally, the ongoing conflict between Russia and Ukraine has exacerbated global energy crisis. With wide scale sanctions imposed on Russia, the supply of crucial raw materials like nickel, aluminum and palladium used in industrial motors has been constrained. This is negatively impacting production volumes and margins for motor companies.

To deal with these challenges, motor manufacturers will need to diversify their supply chains and source critical materials from multiple regions to reduce over-reliance on any single country. Companies may explore local sourcing and forming strategic partnerships within regions to cater to local demand. Additionally, motor producers will have to focus on cost reduction through process optimization and material substitution to offset rising input costs. Adopting a decentralized manufacturing footprint will help companies better serve multiple localities and hedge risks from geopolitical uncertainties in key regions.

Regions contributing most to Industrial Motors market value

Currently, Asia Pacific accounts for the largest share of the global industrial motors market in terms of value. China, Japan and India have emerged as major industrial hubs and account for over 50% of the worldwide demand for motors used across diverse industries. North America is the second largest regional market led by the US, benefitting from demand across sectors such as oil & gas, mining, chemicals and automotive. Europe is another substantial revenue generator for motor companies despite recent economic challenges.

Fastest growing region in the Industrial Motors market

Africa is expected to be the fastest growing regional market for industrial motors during the forecast period from 2024 to 2030. After years of relatively slow economic growth, many African countries are witnessing a resurgence in infrastructure development, industrialization and urbanization. International organizations and global investors are increasingly focusing on the African continent for its abundant natural resources and growing consumer markets. This widespread economic development across Africa will be a major driver of increasing demand and investments into industrial sectors, propelling the requirement for industrial motors to power various machinery and plants across the region.

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