New York, July 14, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Special Motors Market” published by Consegic Business Intelligence, the market was worth USD 70.90 Billion in 2022 and is predicted to reach over USD 119.16 Billion by the year 2030, growing at a CAGR of 6.9%.
A special motor is specifically designed and engineered for unique and specialized applications, distinct from general-purpose motors. The motors are tailored to meet specific requirements including high precision, high torque, specific environmental conditions, or integration with specialized systems. Additionally, special motors are deployed in various sectors including robotics, automotive, aerospace, and medical devices to provide customized performance and functionality.
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The rising demand of special motors for the efficient functioning of propulsion systems in electric vehicles (EVs) is driving the growth of the market. Additionally, the ability of special motors to function efficiently in an ambient range of temperatures is further contributing in accelerating market growth. Moreover, the emergence of digitally advanced special motors, enabling remote monitoring to detect potential asset disturbances along with offering reduced maintenance and extended longevity is also fueling the market growth. For instance, in January 2022, ABB launched a flameproof low-voltage motor for detecting potential threats in explosive atmospheres. The special motor functions effectively at temperatures between –20 °C and +45 °C and also offers real-time threat detection, thus contributing remarkably in boosting the market growth.
Moreover, the rising demand for special motors to offer high-precision control in industrial automation and robotics is expected to create opportunities for market growth. Specialized motors offer high-precision control, enabling robots and automated systems to execute complex movements with accuracy and repeatability. In addition, special motors are also customized to meet the specific needs of different applications including material handling, assembly, packaging, and inspection, creating potential opportunities for market growth. However, the high manufacturing cost associated with special motors is restraining the market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 119.16 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 6.9% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | ABB Ltd, Toshiba Corporation, Jiamusi Electric Machine Co., Ltd., Hyosung Corporation, Brook Crompton, Kollmorgen (Altra Industrial Motion Corp.), Nidec Corporation, Regal Beloit Corporation, Siemens, Valworx, Tsurumi (America), Inc. |
| By Type | Explosion Proof Motor, Crane and Metallurgical Motor, and Others |
| By Application | Petrochemical Industry, Coal Industry, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Special Motors Market Growth Drivers:
- Rising demand of special motors for the efficient functioning of propulsion systems in electric vehicles (EVs) is driving market growth.
- Expanding renewable energy sector is increasing the demand of special motors to maximize energy generation in wind and solar power plants is propelling the market growth.
- Integration of advanced features including robust enclosures to protect against dust, moisture, and mechanical stress, as well as advanced control systems for precise movement and positioning is boosting the market growth.
Restraints
- High manufacturing cost associated with special motors is restraining the market growth.
- Presence of standard motors with general-purpose functionalities is limiting the adoption of special motors
Opportunities
- Rising demand for special motors to offer high-precision control in industrial automation and robotics is expected to create opportunities for market growth.
Global Special Motors Market Segmentation Details:
Based on Type, the crane and metallurgical motors segment contributed the largest shares to the market growth in 2022 owing to the increasing application in various industries including manufacturing, construction, mining, and steel production. Additionally, crane and metallurgical motors are specifically designed to handle heavy loads and operate in demanding environments. The special motors are built to withstand the rigors of continuous operations to provide high torque, durability, and reliability for heavy-duty applications, thus contributing significantly in bolstering the market growth.
Based on Application, the petrochemical segment offers substantial shares to the global special motors market in the year 2022 as petrochemical industry encompasses a wide range of processes including refining, chemical production, polymer manufacturing, and oil and gas exploration. Each of the applications requires specialized motors to meet specific operational requirements, thereby spurring market growth. Additionally, petrochemical processes involve harsh environments, high temperatures, corrosive substances, and explosive atmospheres. Special motors designed for such challenging conditions are essential for the safe and efficient operation of petrochemical facilities, hence contributing significantly in promoting market growth.
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Based on Region, Asia Pacific has been a major contributor to the growth of the special motors market as the region is witnessing rapid industrialization. Additionally, the expansion of industries including automotive, electronics, energy, and construction is also driving the growth of the special motors market. Moreover, Asia Pacific has a strong emphasis on energy efficiency, sustainability, and reducing environmental impact and special motors play a crucial role in optimizing energy consumption and meeting sustainability goals. Subsequently, the region's focus on energy efficiency is driving the demand for high-performance, energy-efficient motors, further strengthening Asia Pacific’s position in the special motor market.
Key Market Highlights
- The global special motors market size is estimated to reach USD 119.16 Billion by 2030 and grow at a CAGR of 6.9% during the forecast period (2023-2030).
- Globally, special motors are divided based on the type into explosion-proof motor, crane and metallurgical motor, and others.
- The application segment is classified into petrochemical industry, coal industry, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific is estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in special motors.
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List of Major Global Special motors Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- ABB Ltd.
- Toshiba Corporation
- Jiamusi Electric Machine Co., Ltd.
- Hyosung Corporation
- Brook Crompton
- Kollmorgen (Altra Industrial Motion Corp.)
- Nidec Corporation
- Regal Beloit Corporation
- Siemens
- Valworx
- Tsurumi (America), Inc.
Global Special Motors Market Segmentation:
- By Type
- Explosion Proof Motor
- Crane and Metallurgical Motor
- Others
- By Application
- Petrochemical Industry
- Coal Industry
- Others
Recent Development:-
- In September 2022, Valworx launched explosion-proof electric actuators with a heavy-duty explosion-proof motor to provide 70% duty cycle and is extensively employed in applications to identify the presence of explosive gases and harmful chemicals.
- In October 2020, Tsurumi America Inc. launched AVANT Series with explosion-proof pumps to provide improved performance and increases cost-savings for wastewater applications. The explosion-proof pumps and motors have a closed-circuit cooling system to deliver high performance and also to withstand heavy-duty cycles.
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Key Questions Covered in the Special Motors Market Report
- What will be the potential market valuation for the special motors market by 2030?
- The market valuation for the special motors industry is expected to be approximately USD 119.16 Billion by 2030 owing to the rising demand of special motors for the efficient functioning of propulsion systems in electric vehicles (EVs).
- Based on current market trends and future predictions, which geographical region will have the largest impact on the special motors market's growth in the coming years?
- Asia Pacific is expected to witness the fastest CAGR during the forecast period as the region has a strong emphasis on energy efficiency, sustainability, and reducing environmental impact and special motors play a crucial role in optimizing energy consumption and meeting sustainability goals.
- What specific segmentation details are covered in the special motors market report, and how is the dominating segment impacting the market growth?
- Crane and metallurgical motors dominate the market in 2022 owing to the increasing application in various industries including manufacturing, construction, mining, and steel production. Additionally, crane and metallurgical motors are specifically designed to handle heavy loads and operate in demanding environments, further driving the growth of the market.
- What specific segmentation details are covered in the special motors market report, and how is the fastest segment anticipated to impact the market growth?
- The explosion-proof motors are anticipated to have the largest impact due to the increasing safety regulations that necessitate the use of explosion-proof equipment, including motors, to prevent the ignition of flammable substances and ensure the safety of personnel and assets.
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