The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Industrial motors are essential components used in various industries such as manufacturing, automotive, and energy. These motors are widely used to provide mechanical power to drive industrial machinery and equipment. They offer advantages such as high efficiency, reliability, and cost-effectiveness. The need for industrial motors is associated with the increasing demand for energy-efficient solutions and the rise in automation across industries.
Market Key Trends:
One of the key trends in the industrial motors market is the growing adoption of electric motors. Electric motors are gaining popularity due to their high energy-efficiency and low maintenance requirements. They are widely used in applications such as pumps, compressors, fans, and conveyors. The demand for electric motors is driven by the increasing focus on reducing energy consumption and carbon emissions. Moreover, advancements in motor technologies and the development of smart motors with IoT capabilities are further fueling market growth.
Threat of New Entrants: The industrial motors market is characterized by high entry barriers such as high capital requirements and significant technological expertise. Therefore, the threat of new entrants is expected to be low. Existing players have established strong brand recognition and a wide distribution network, making it difficult for new entrants to gain market share.
Bargaining Power of Buyers: Buyers in the industrial motors market have high bargaining power due to the availability of a wide range of products and multiple suppliers. Buyers can easily switch between suppliers to get the best price and quality. Moreover, the presence of numerous substitute products further enhances buyer power.
Bargaining Power of Suppliers: Suppliers in the industrial motors market have moderate bargaining power. While there are many suppliers available, some key suppliers hold significant market share, giving them some leverage in negotiations. However, the availability of alternative suppliers and the ability of buyers to switch suppliers limit the supplier power to some extent.
Threat of New Substitutes: The threat of new substitutes is low in the industrial motors market. Industrial motors are an essential component in various industries and there are limited alternatives available that can perform similar functions. The high cost of developing and implementing new substitute technologies also acts as a barrier to new substitutes entering the market.
Competitive Rivalry: The industrial motors market is highly competitive with a large number of global and regional players. Key players in the market focus on product innovation, mergers and acquisitions, and partnerships to gain a competitive edge. The competitive rivalry is intense, leading to price competition and technological advancements among players.
The industrial motors market is expected to witness high growth, exhibiting a CAGR of 3.54% over the forecast period of 2023-2030. This growth can be attributed to increasing industrialization and automation across various industries such as manufacturing, oil and gas, and automotive. The demand for energy-efficient motors and the adoption of electric vehicles are also driving market growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the industrial motors market. The region is witnessing rapid industrialization, particularly in countries like China and India. The increasing demand for electric vehicles and the growing need for automation in various industries are fueling the demand for industrial motors in this region.
Key players operating in the industrial motors market include Menzel Elektromotoren GmbH, General Electric Company, ATB Austria Antriebstechnik AG, ABB Ltd., Fuji Electric Co. Ltd., Allen-Bradly Co. LLC (Rockwell Automation Inc.), Franklin Electric Co. Inc., Siemens AG, Maxon Motor AG, Amtek Inc., Nidec Corporation, Arc Systems Inc., Toshiba International Corporation, Johnson Electric Holdings Limited, and Emerson Electric Co. These players are focusing on product development, strategic partnerships, and mergers and acquisitions to strengthen their market position and gain a competitive advantage.
Overall, the industrial motors market is poised for significant growth in the coming years, driven by increasing industrialization, the adoption of energy-efficient motors, and technological advancements in automation.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it