Dublin, July 09, 2021 (GLOBE NEWSWIRE) -- The "Industrial Motor Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global industrial motor market is evaluated at US$82.196 billion for the year 2019 and is projected to grow at a CAGR of 6.48% reaching the market size of US$127.596 billion by the year 2026.
The motor is a device that transfers power between electric power and mechanical power. Just as the name implies, industrial motors are motors used in various industries. Stringent energy standards and growing prices of electricity are further boosting the demand for energy-efficient industrial motors for various applications. Growing awareness regarding depletion of water resources and thus, rising need for water recycling globally will attribute to the growth of the industrial motors market in the forthcoming years. APAC industrial motors market is anticipated to grow at the fastest growth rate owing to rapid industrialization, infrastructure development in countries such as China and India, growing end-use industries such as automotive, food and beverage, and mining, and strict regulations in the wastewater management sector. Factors such as a high price of industrial motors than conventional motors coupled with high installation costs will hinder the growth of the global industrial motors market during the forecast period.
The growth of the market is due to the significant technological developments taking place in several industries to be on a path of more productivity and better efficiency. As an important device in various industries, the development of industrial motors has a close relationship with the development of manufacturing industries. The recent technological advancements and implementation of government policies, like Minimum Energy Performance Standards (MEPS), in several countries gave rise to energy-efficient motor systems, which increased the market share of industrial motors.
In the modern era, substantial advances in technology have opened up opportunities to develop and manufacture electric motors for a wide range of applications in industries, such as automotive, agriculture, construction, and other industrial sectors. A variety of barriers are hampering the adoption of energy-efficient motors. The most significant costs for most of the motors are the energy costs, followed by maintenance and the initial purchase costs. The growth of the market is substantially fuelled by the developing oil & gas sectors across various regions. The growth of industrial automation is expected to be split evenly among all the segments, which are supported by the discrete manufacturing growth and the growth of North America in the oil and gas sector. Hence, the growth of industrial automation leads to an increase in demand for the industrial motors market.
The motors commonly find applications in OEM-based products, pumps, conveyor systems, compressors, fans, and industrial machinery. AC and DC motors can be developed through the integration of electronic hardware and sensors that offers predictive maintenance and reduces downtime during maintenance.
The market for industrial motors has been signed by the industries' growing focus towards industry 4.0. Industrial automation drives the manufacturing sector towards more efficient products in several regions, which is expected to show strong growth during the forecast period.
The advent of COVID-19 harmed the global industrial motors market since the pandemic brought the activities in several end-use industries to a standstill globally which restricted the project construction, exploration and production, gas transportation, and storage activities. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the refinery will be operated with a lesser capacity which will require less labor to come in contact, and social distancing was required to be maintained in the premises as well. A significant shift was noticed in several industries using industrial motors for various applications. The manufacturing of the motors came to hold as it became difficult to obtain the components owing to the disrupted supply chain during the period. With the industries recovering after the pandemic gradually, businesses are expected to operate at full capacity starting from the third and fourth quarters of 2021. This will further help in the recovery of the industrial motors market.
The segmentation of the global Industrial Motors market has been done into motor type, voltage, industry vertical, and geography. By motor type, the classification of the market has been done into Direct Current, Alternating Current, Others. By voltage, the classification of the market has been done High, Medium, Low. By industry vertical, the classification of the market has been done into Oil And Gas, Mining, Food, And Beverage, Construction, Manufacturing, Pulp And Paper, Water And Wastewater, Others. Furthermore, based on geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Increasing initiatives by the government and other governing authorities at a global level will drive the market during the forecast period.
The growth of the industrial motors market is fuelled by the increasing initiatives that are being taken by governments across the world to encourage the adoption of a connected environment is expected to fuel the demand for industrial motors during the forecast period. The increasing initiatives by the government and the regulated authorities to boost the adoption of the connected environment across the various industries are expected to fuel the market growth over the forecast period. For instance, the 2018 Management Agenda and the Fiscal Year 2020 United States Budget Plan, called out automation as a tool for agencies to use and explore to address staffing and budgeting issues to deliver better services to the public. Such initiatives are expected to increase the demand for industrial motors. Furthermore, the recent technological advancements and implementation of government policies, like Minimum Energy Performance Standards (MEPS), in several countries gave rise to energy-efficient motor systems, which increased the market share of industrial motors.
Rising adoption by the oil & gas sectors will be a tailwind to the growth of the market during the forecast period.
The growth of the market of industrial motors will be further fuelled by its increasing adoption in the oil & gas sector. The oil & gas sector has been one of the fastest-growing sectors of the world with significant developments taking place rapidly. Industrial motors are an integral part of the oil and gas industry and are widely used in different parts of the processes across the drill rig and powering pumps in the refineries. These motors are made explosion-proof with improved efficiency to meet industry standards. With the increasing investment in oil and gas upstream and midstream sectors, the demand for the industrial motor is expected to witness significantly high growth. The oil and gas upstream companies are gradually investing in oil production activities, which, in turn, will boost the replacement rate of traditional motors. According to a report by the U.S. Energy Information Administration, the United States liquid fuels consumption will average 15.7 million barrels per day in the Q2 of 2020, which is down by 23% from the same period in the previous year. The declining result reflects travel restrictions and reduced economic activity related to the COVID-19 pandemic mitigation efforts. U.S. Energy Information Administration expects one of the most significant declines in the United States oil consumption that has already happened, and demand will generally rise in the next 18 months.
Competitive Insights
The players in the global industrial motors market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Industrial motor market Analysis, by Motor type
5.1. Introduction
5.2. Direct Current
5.3. Alternating current
5.4. Others
6. Industrial motor market Analysis, by Voltage
6.1. Introduction
6.2. High
6.3. Medium
6.4. Low
7. Industrial motor market Analysis, by Industrial vertical
7.1. Introduction
7.2. Oil And Gas
7.3. Mining
7.4. Food And Beverage
7.5. Construction
7.6. Manufacturing
7.7. Pulp And Paper
7.8. Water And Wastewater
7.9. Others
8. Industrial motor market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1. USA
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. UK
8.4.4. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. India
8.6.3. Japan
8.6.4. South Korea
8.6.5. Taiwan
8.6.6. Thailand
8.6.7. Indonesia
8.6.8. Others
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. General Electric Company
10.2. ABB Ltd
10.3. Allen - Bradly Co. LLC (Rockwell Automation Inc.)
10.4. Siemens AG
10.5. Amtek Inc.
10.6. Arc Systems Inc.
10.7. Johnson Electric
10.8. Emerson Electric Co.
10.9. Toshiba International Corporation
10.10. Nidec Motor Corporation
For more information about this report visit https://www.researchandmarkets.com/r/spxzyp