Industrial Motors Market at a CAGR of 8.2% during the forecast period

The Market Statsville Group (MSG) publishes the new report on the "Industrial Motors Market by Product (AC Motor and DC Motor), by Efficiency (IE1, IE2, IE3, and IE4), by Voltage (Low, Medium, and High), by Sales Channel (Direct Sales and Indirect Sales), by Power Output (Integral Horsepower and Fractional Horsepower), by Region - Global Share and Forecast to 2027". The global industrial motors market size is expected to grow USD 87.9 billion by 2027 from USD 54.8 billion in 2020, at a CAGR of 8.2% during the forecast period. The global industrial motor market is growing continuously as the demand for integrated and scalable products is at an all-time high. This rise is seen in highly industrialized economies, and developing countries as companies bypass old technologies and jump directly into the latest trends. Also, as conventional IT principles continue to combine with manufacturing technology, companies are using the concept of "digital manufacturing works or factory," which provides a distinctive competitive advantage to companies in their respective industries. Various industries have used a high level of automation to quicken processes along with precision. Hence, motors that provide higher frequency and accuracy and are automated after reset have increased demand; such motors include servo motors, electric motors, and others.

Global Industrial Motors Market Segmentation

The overall industrial motors market has been segmented into components, waste type, method, application, and region.

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By Product (AC Motor and DC Motor)
By Efficiency (IE1, IE2, IE3, and IE4)
By Voltage (Low, Medium, and High)
By Sales Channel (Direct Sales and Indirect Sales)
By Power Output (Integral Horsepower and Fractional Horsepower)
By Region (US, Mexico, Canada, Germany, France, UK, Italy, Spain, China, India, South Korea, Japan, Southeast Asia, Australia, Saudi Arabia, Peru, South Africa, Qatar, UK, Nigeria, Israel, Brazil, Argentina)
Low voltage, by voltage segment, is estimated to hold the largest market share during the forecast period

The industrial motors market comprises various voltage brackets, including low, medium, and high voltage industrial motors. The low voltage segment generated the highest revenue of 60.7% of the total global industrial motors market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Industrial motors that run on low voltage will grow in prevalence substantially during the forecast period. The key growth factors include the thriving manufacturing sector globally and various innovative products incorporating low-voltage motors, such as smart sensors. Low-voltage motors are characterized by high reliability, ruggedness, and efficiency in operation. They are available in diverse series and versions, which means that the appropriate motor can always be found for any application in an industrial or commercial environment and in building management systems, shipbuilding, and infrastructure.

The critical role of MEPS (Minimum Energy Performance Standards) in low voltage motors has prompted many countries to adopt MEPS to meet the stringent targets of energy efficiency and CO2 emissions. Demand for low voltage motors that protect against thermal overload is increasing and is one of the key growth factors. Increased use of smart sensors in low voltage motors has increased the penetration rate of LV motors globally. Smart sensors have increased productivity by channeling motors with real-time data through the internet and have optimized operations on a larger scale.

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The Asia Pacific accounts for the largest market share in the industrial motors market 2020

Based on the regions, the global industrial motors market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 34.0% in the global industrial motors market and was anticipated to maintain its dominance throughout the forecast period. With the continuous adoption of industrial automation in APAC, activities such as manufacturing, construction, power generation, and mining are driving the industrial motor market in the region. Urbanization and industrialization in emerging countries like India raise the demand for vehicles, thereby boosting the demand for industrial motors from the automotive industry. Moreover, investments and expansions by vendors in emerging nations in APAC are key strategies. Hence, the sales of industrial motors will go up in the forecast period.

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The major factors driving the demand for industrial motors in the region can be attributed to rapid urbanization & industrialization in the region. The presence of some developed countries and other fastest-growing nations and the demand for industrial motors in numerous applications and almost all end-user industries will be incredible benefactors in the forecast period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the industrial motors market. Major players in the global market of industrial motors are Siemens AG, Ametek Incorporation, ARC Systems Incorporation, Baldor Electric Incorporation, Allied Motion Technologies Inc., Franklin Electric Cooperative Incorporation, Asmo Corporation Limited, Rockwell Automation Incorporation, Johnson Electric Holdings Limited, and Brook Crompton UK Limited.

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