May 27, 2024
Industrial Motors Market

Industrial Motors Market Set For Robust Growth Trends By Rising Industrial Automation Demand

Industrial motors are electromechanical devices that convert electrical energy into mechanical energy and are used for industrial applications such as machine tools, conveyor systems, compressors, production machinery, and material handling equipment. Different types of industrial motors include AC motors, DC motors, and servo motors with AC motors representing the largest segment owing to advantages such as reliability, efficiency, and low maintenance. Industrial motors play a critical role in factory automation by powering automated production lines and processes. Increasing adoption of advanced manufacturing technologies and industry 4.0 is driving the demand for high-performance and energy-efficient industrial motors from various end-use industries.

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 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. The increasing adoption of automation across industries such as food and beverage, oil and gas, and automotive is driving the demand for industrial motors. Industrial robots, conveyors, and automated assembly lines require significant power transmission through industrial motors fueling the market growth.

The industrial motors market is witnessing robust growth in Asia Pacific region led by China, Japan and India due to rising industrialization, increasing manufacturing activities, and growing foreign direct investments in manufacturing sector. Countries such as India, Vietnam, Thailand, and Indonesia are witnessing strong growth in industrial output and industrial development plans such as ‘Make in India’ is boosting the industrial motors demand.

Market key trends

One of the key trends witnessed in the Global Industrial Motors Market Size is the growing demand for energy-efficient motors owing to stringent government regulations and environmental policies promoting sustainability. Manufacturers are developing high-efficiency motors with innovative designs, advanced materials, and technologies to reduce energy consumption and lower operating costs for end-users. Due to benefits such as low carbon footprint and operational savings, the demand for premium efficiency industrial motors is expected to rise significantly over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry but established brands dominate market share. Requires large investment in R&D, manufacturing and distribution to compete effectively.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, switching costs incurred limits bargaining power.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated materials and components required. Supplier concentration is moderate to high in some niche segments.

Threat of new substitutes: Threat of substitutes is low as motors have well-established applications. However renewable energy sources pose long-term threat.

Competitive rivalry: Industry faces intense competition due to maturity. Players compete based on efficiency, reliability and pricing.

Geographical regions with highest market share: Asia Pacific region accounts for around 45% of global industrial motors market share in terms of value led by China, India, Japan and South Korea. This is attributed to large manufacturing industry and presence of key players in the region.

Fastest growing region: Africa region is expected to witness highest CAGR of around 6.5% during forecast period driven by infrastructural development projects across power, mining, oil & gas industries and growing industrialization. Initiatives like Made in Africa boost industrial motors demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it