Industrial Motors Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

The global Industrial Motors market reached a value of about USD 54.92 billion in 2021. The industry is projected to grow at a CAGR of around 4.5% in the forecast period of 2022-2027 to reach a value of about USD 71.52 billion by 2027.

The global Industrial Motors industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing demand for the commodity in industrial applications is primarily driving the market growth. The Asia Pacific is the highest category spender by region, driving the need for the Industrial Motors industry.

Industry Definition and Segmentation

Industrial motors are powered by DC or AC sources such as batteries, motor vehicles, rectifiers, the power grid, inverters, or generators. They may be found in various applications, including industrial fans, machine tools, domestic appliances, and power tools. The Industrial Motors industry report comprises segments by type (AC motors and DC motors) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America).

The Asia Pacific Region is Driving the Growth of the Industry

The Asia Pacific holds the largest share in the industry due to the growing end-use industries in the area due to fast industrialisation and infrastructural development in nations like China and India. Manufacturing is one of China's major sectors, and it is undergoing rapid transformation. The countries have progressed from producing low-cost goods to making more advanced products. Innovative manufacturing activities are also likely to increase the usage of industrial motors in the nation.

The market is being driven by the application of motors in the industrial sector. The machines offer efficiency in time and money with improved safety driving the market growth. Furthermore, rising oil prices are likely to result in a considerable resurgence in demand for LV motors in the oil and gas industry, propelling the industry's development. The global market for industrial motors is predicted to be driven by rising demand from industrial users in developing and established nations and increased investment in infrastructure development. In addition, the expansion of industrial motors will be attributed to a growing awareness of the depletion of water supplies and, as a result, an increasing necessity for water recycling internationally, thus augmenting the industry's growth. Also, with significant advancements in electric vehicle (EV) technology, the global automotive industry is shifting to electric mobility creating growth opportunities.

Best Procurement Practices

The global Industrial Motors industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Industrial Motors regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

Oil and gas, chemical, power generation, metal processing, paper and pulp, food and beverage, textile, maritime, agricultural, packaging, and other sectors use industrial motors. Drilling, working machinery, vehicles, conveyors, mills and crushers, fans and compressors, separations, and valuable equipment all employ motors in most sectors. Diagnostic devices, centrifuge pumps, insulin and medication pumps, hospital beds, and electric wheelchairs employ motors.

Advancements in the Technology, Further Propelling the Procurement of Industrial Motors

The industry is being propelled by the increased emphasis on industry 4.0, driving the demand for industrial motors. Modern infrastructure includes heating, ventilation, and air conditioning (HVAC) systems, which are especially important in shopping malls and significant office buildings. Electric DC motors are widely used in HVAC systems because they improve the efficiency of airflow systems while also reducing energy consumption and extending their service life. These factors will likely boost the demand in the sector. Furthermore, New electric motors are being developed, which will increase their use in new applications. To differentiate their products from rivals, significant firms are raising their R&D investment. In addition, regulations controlling the replacement of current motors with higher-efficiency motors are likely to boost demand for industrial motors, particularly in developed regions.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Industrial Motors Industry Report

• ABB Ltd.
• Siemens AG
• General Electric Company
• WEG Industries SA
• Hyundai Electric & Energy Systems Co., Ltd.

Market Landscape

Because there are so many local and regional competitors, the global industrial motor market is highly fragmented and competitive. Due to the existence of large-scale enterprises, the degree of fierce competition in the industrial motors industry is substantial. Innovation may provide a long-term economic edge, but it is becoming increasingly difficult for businesses to separate themselves from competitors. Leading organisations also use new product creation as a strategic way to expand their market presence among customers. Key players use various marketing techniques, including mergers & acquisitions, expansions, collaborations, and partnerships.

Key Initiatives by Companies

• GE successfully delivered a variable-speed drive system (VSDS) and an e-house to Shell Nederland Chemie BV's petrochemical facility in February 2020. The VSDS from GE, consisting of a high-speed induction motor and a variable speed drive, can consistently achieve over 90% energy efficiency in the compressor train.
• ABB's AXW 315 and 400 IEC water-cooled motors, which deliver more watts per kilogramme than traditional totally-enclosed fan-cooled (TEFC) motors, were released in June 2020. Compared to conventional fan-cooled designs, these motors provide 40% greater power on average. With the growing need for energy-efficient motors in the industry, these goods provide a competitive advantage.