Thursday, 02 March 2023 07:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / March 2, 2023 / The global industrial motors market size is set to experience steady growth over the next several years, according to a new report by Future Market Insights. The report projects a compound annual growth rate (CAGR) of 3.5% from 2022 to 2032, driven by increased demand for industrial automation and the growing need for energy-efficient motors.
The report indicates that the Asia-Pacific region will see the highest growth rate during this period, due to the expanding manufacturing sector and increasing infrastructure investments in the region. The increasing demand for electric vehicles motor and renewable energy sources is also expected to drive market growth.
One of the key drivers for the industrial motors market is the increasing demand for automation in the manufacturing sector. Industrial motors are used extensively in various applications such as conveyor belts, pumps, fans, compressors, and others. These motors help in optimizing the manufacturing processes and improving operational efficiency, which results in reduced costs and increased productivity.
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https://www.futuremarketinsights.com/reports/sample/rep-gb-5117
Another factor driving the growth of the industrial motors market is the increasing demand for energy-efficient motors. Energy-efficient motors are designed to operate at higher efficiencies and require less power, reducing energy consumption and lower carbon emissions. This is particularly important in industries where energy costs are a significant portion of the operating costs, such as manufacturing, oil and gas, and mining.
Key Takeaways from Market Study
- By product type, AC motors are projected to hold a market share of 71% in 2032.
- By end use, the energy segment is anticipated to boost the demand for industrial motors globally and demand from it is expected to grow at 1% from 2022 to 2032.
- By power output, the 15 to 20 MW segment is expected to accelerate and create and incremental opportunity of US$ 70.5 million in between 2022 to 2032.
- By 2032, Europe is expected to have the largest share of the global market, accounting for around 7%.
"The market for industrial motors is predicted to expand rapidly due to increasing demand for innovative and energy efficient products across industries. Rising automation and digitalization in a variety of end use sectors are driving demand. Industry participants are investing in strategic alliances, expansions, and cost effective solutions to obtain a competitive advantage." Says an FMI analyst.
Who is Winning?
Some of the key players in the industrial motors market identified by the report include ABB Ltd., Siemens AG, Nidec Corporation, WEG SA, and General Electric Company. These companies are focusing on research and development activities to develop advanced and energy-efficient motors to cater to the growing demand from various industries.
Overall, the report suggests that the industrial motors market is set to experience steady growth over the next several years, driven by increasing demand for automation and energy-efficient solutions in various industries. The Asia-Pacific region is expected to see the highest growth rate during this period, due to the expanding manufacturing sector and increasing infrastructure investments.
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https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-5117
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global industrial motors market, presenting historical demand data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study divulges compelling insights on the industrial motors market based on product type (AC Motors, DC Motors), power output (1 to 5 MW, 5 to 10 MW, 10 to 15 MW, 15 to 20 MW, 20 to 25 MW), and end use (oil & gas, energy, mining, cement, metal and steel, pulp and paper, chemical, water and wastewater, marine) across seven key regions.
Global Industrial Motors Market by Category
By Power Output:
- 1 to 5 MW
- 5 to 10 MW
- 10 to 15 MW
- 15 to 20 MW
- 20 to 25 MW
By Product Type:
- AC Motors
- Induction Motor
- Synchronous Motor
- DC Motors
- Brushed DC
- Brushless DC
By End Use:
- Oil & Gas
- Energy
- Mining
- Cement
- Metal and Steel
- Pulp and Paper
- Chemical
- Water and Wastewater
- Marine
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
Get More Information on this Report @
https://www.futuremarketinsights.com/reports/industrial-motors-market
Table of Content
1. Executive Summary | Industrial Motors Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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SOURCE: Future Market Insights Inc.