The ever-evolving Coronavirus (COVID-19) has caused interruptions in supply chains of companies in the Industrial Motor Market. Through careful analysis of the COVID-19, our analysts at Fact.MR offer you a bird’s eye view of the current on goings of top tier companies in the Industrial Motor Market. Learn how leading companies are striking potential partnership agreements to generate sales in the Industrial Motor Market.
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Expansion of industries with increasing production around the world is resulting in the growth of industrial motor. Moreover, increasing cost of electricity is leading towards the rising demand for energy efficient and cost-effective industrial motor. Hence, manufacturers are focusing on developing industrial motor with a new design and lightweight to make it easy to use across various industries. Increasing awareness regarding the depletion of water resources and growing need for water recycling is also contributing towards the growth of industrial motor market.
Manufacturers are also moving towards integrating smart sensors in the industrial motor to reduce downtime and extend the lifetime along with the low energy consumption. Manufacturers are also focusing on the control system for industrial motor that helps in reducing the energy consumption.
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According to the report compiled by Fact.MR, the global industrial motor market is expected to witness sluggish growth. The market is estimated to increase to 3.4% CAGR during the forecast period 2017-2026. By the end of 2026, the global industrial motor market is estimated to reach US$ 14,959.1 million revenue. Converting electrical energy into mechanical energy, industrial motor is used in manufacturing units. Improving standards in design and efficiency are driving manufacturers to develop and design new industrial motor that can reduce energy consumption and offer efficiency. Following are the insights on how the global industrial motor market will perform during the forecast period.
Market Taxonomy
| Efficiency | Application | Motor Type | End Use Vertical |
| IE1 | Compressors | DC Brushed motor | Commercial HVAC |
| IE2 | Pumps & Fans | Stepper motor | F&B Manufacturing |
| IE3 | Conveyors | Traction Motor | Mining |
| IE4 | Crushers | Utilities | |
| DC and others | Extruders | Other Sectors | |
| Other Applications |
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6 Forecast Highlights on Global Industrial Motor Market
- Asia Pacific Excluding Japan (APEJ) is expected to be the largest region in the global industrial motor market during the forecast period 2017-2026. Owing to the rapid infrastructure development and industrialization in the countries such as India and China, APEJ is anticipated to witness the growth.
- North America and Europe are also expected to witness the growth in the global industrial motor market. New oil reserves in North America is driving the demand for industrial motor in oil and gas industry. Also, stringent government regulation in the region for saving energy and electricity is driving the demand for energy-efficient industrial motor.
- IE2 industrial motor is expected to witness the highest growth in the global industrial motor market. By the end of 2026, IE2 is estimated to surpass US$ 4,800 million revenue.
- Pumps and Fans are expected to account for nearly half of the revenue share by the end of 2017. Pumps and fans are estimated to surpass US$ 7,600 million revenue by the end of 2026.
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The report also offers detailed analysis of the leading market players in the global market for industrial motor. These players are expected to remain active through 2026. These include companies such as ABB Limited, Siemens Aktiengesellschaft, WEG SA, TECO Electric & Machinery Co., Ltd., Toshiba Corporation, Hyosung Corporation, Nidec Corporation, Regal Beloit Corporation, CG Power and Industrial Solutions Limited, and Shandong Huali Electric Motor Group Co. Ltd.
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