The global industrial motors market was valued at US$ 653.0 million in 2022. From 2022 to 2032, the market is projected to expand slowly at a CAGR of 3.5%. This is likely to propel the market’s valuation to US$ 917.3 million in 2032.
The global market for industrial motors is expected to grow at a 3.5% CAGR from 2022 to 2032, reaching a value of more than US$ 917.3 million in 2032. Several government agencies such as the European Water Association (Europe), the Environmental Protection Agency (the United States), and the India Water Works Association (India) are actively engaged in developing laws and regulations linked to water projects for disposal or reuse.
For example, In the Unites States, the Environmental Protection Agency (EPA) has made it essential for industries to treat water before it is disposed of. In this context, specifications for maximum allowable contamination levels have been developed. Also, stringent government regulations have been put in place for the development of water projects to generate power, treat water waste, and stop exploitation of deposits, treatment of dischargeable water and others. These industrial water and wastewater projects are anticipated to directly influence the expansion of the industrial motors market from 2022 to 2032.
Companies are forming strategic alliances to expand their reach into emerging and untapped markets. In the coming years, Future Market Insights (FMI) expects the United States, India, and China to emerge as the most dominant markets for industrial motors.
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Key Takeaways from Market Study
“The market for industrial motors is predicted to expand rapidly due to increasing demand for innovative and energy efficient products across industries. Rising automation and digitalization in a variety of end use sectors are driving demand. Industry participants are investing in strategic alliances, expansions, and cost effective solutions to obtain a competitive advantage.” Says an FMI analyst.
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Who is Winning?
Among the industry’s key players are ABB Group, Siemens AG, Hyundai Electric Co. Ltd., Toshiba Corporation, Nidec Corporation, Hitachi, Ltd., WEG S.A., General Electric Co. , Bonfiglioli Riduttori S.p.A., Hyosung Corporation, Menzel Elektromotoren GmbH, Kirloskar Electric Company Ltd., and Regal Beloit Corporation.
Globally, the key market players are focus on developing and extending production technologies and expansion capacities to meet the industry demands.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global industrial motors market, presenting historical demand data (2017 to 2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the industrial motors market based on product type (AC Motors, DC Motors), power output (1 to 5 MW, 5 to 10 MW, 10 to 15 MW, 15 to 20 MW, 20 to 25 MW), and end use (oil & gas, energy, mining, cement, metal and steel, pulp and paper, chemical, water and wastewater, marine) across seven key regions.
About Future Market Insights – Industrial Automation
The industrial automation division of Future Market Insights offers a novel approach and innovative perspective in analysing industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery across manufacturing sector and distinctive analysis about installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustain, grow and identify new revenue prospects.
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Global Industrial Motors Market by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mar 02, 2023
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