Industrial Motors Market Predicted to Hit US$ 29.8 Billion by 2028

IMARC Group, a leading market research company, has recently releases report titled “Industrial Motors Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global industrial motors market share, size, growth, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What is Industrial Motors?

An industrial motor is a mechanical apparatus that transforms electrical energy into mechanical energy. Engineered for durability, it is constructed to endure challenging industrial conditions, boasting an extended lifespan that enhances overall productivity. Its reliability makes it suitable for a diverse array of industrial processes. In the manufacturing sector, industrial motors power machinery involved in cutting, shaping, and assembling products. Furthermore, these motors find applications in varied industries such as mining, agriculture, and transportation, where they drive different equipment like conveyor belts and agricultural machinery.

How Big Is The Industrial Motors Market?

The global industrial motors market size reached US$ 22.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.52% during 2023-2028.

What Are The Growth Prospects And Trends In The Industrial Motors Industry?

The demand for robust and efficient industrial motors is being fueled by rapid urbanization and the expansion of numerous industries. The surge in automation and the adoption of Industry 4.0 practices further amplify the need for advanced, energy-efficient motors that can seamlessly integrate with modern manufacturing technologies. Governments worldwide are enforcing strict regulations on energy consumption, promoting the replacement of conventional motors with more energy-efficient alternatives, thereby contributing to market growth. The market is also benefiting from the increasing use of industrial motors in electric vehicles. Additionally, the integration of the Internet of Things (IoT) in motor management for predictive maintenance and the emergence of smart factories are driving further growth in the market.

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Breakup by Type of Motor:

• Alternating Current (AC) Motor
• Direct Current (DC) Motor
• Others

Breakup by Voltage:

• Low Voltage
• Medium Voltage
• High Voltage

Breakup by End User:

• Oil and Gas
• Power Generation
• Mining and Metals
• Water and Wastewater Management
• Chemicals and Petrochemicals
• Discrete Manufacturing
• Others

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

• ABB Ltd.
• Brook Crompton
• Hitachi Ltd.
• Johnson Electric Holdings Limited
• Menzel Elektromotoren GmbH
• Nidec Corporation
• Regal Rexnord Corporation
• Rockwell Automation Inc.
• Siemens AG
• and Toshiba Corporation.