- The global rolled steel motor market was valued at ~US$ 8.4 Bn in 2018, and is expected to expand at a CAGR of ~6% from 2019 to 2027. The global rolled steel motor market is expanding significantly in terms of size and value. Demand from the heating, ventilation, and air conditioning segment is dominating the rolled steel motor
- The rolled steel motor market in Asia Pacific is growing rapidly. Growing industrialization and increasing developments in the SME segment, coupled with the rising number of government initiatives in developing countries, is driving the global rolled steel motor market.
- Europe is the second-largest market in the global rolled steel motor market, and accounted for ~27% share of the market in 2018, followed by North America. Asia Pacific is the largest rolled steel motor market and is expected to maintain its dominance throughout the forecast period.
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Rolled Steel Motor Market: Driving Factors
- Supportive government initiatives in developing countries such as China, India, Mexico, Brazil, and South Africa are driving companies to invest in these countries and set up their manufacturing units. Rolled steel motor sales are expected to increase in developing countries as a result of growth in the manufacturing segment and increased production of equipment.
- Modern devices are technologically-advanced and requires rolled steel motors of different sizes based on the capacity requirement in different end-use industries. Technological advancements in the HVAC industry are happening at a fast pace. The growing requirement of HVAC products is expected to create new avenues for the rolled steel motor market.
- Industrial machinery requires single-phase or three-phase rolled steel motors for its working. Easing of steel trade barriers in developing countries is expected to boost the sales of rolled steel motor products in the coming years.
- Manufacturers prefer to use equipment that would optimize the use of resources. Automated equipment helps achieve this objective. Rolled steel motors are mostly used in automated equipment, which is anticipated to boost their sales in the near future.
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Rolled Steel Motor Market: Key Challenges
- The demand for cast iron and aluminum rolled motors is increasing significantly as compared to rolled steel motors. The heavy machinery industry prefers cast iron products over rolled steel products. Moreover, cast iron motors have high machinability, good wear resistance, as well as good vibration damping ability, which increases their usage in the manufacturing segment. These factors are a restraint to the growth of the rolled steel motor market.
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Rolled Steel Motor Market: Competitive Landscape
The rolled steel motor market includes several players focused on the development of new products to cater to the market demand. Key players in the rolled steel motor market that have been profiled include ABB Ltd., Rockwell Automation, Siemens, Regal Beloit, CG Power and Industrial Solutions Limited, General Electric, Hitachi, Nidec Motor, Toshiba, and WEG, besides others.
Global Rolled Steel Motor Market: Segmentation
The rolled steel motor market has been segmented into phase, power, industry, and region.
Rolled Steel Market by Phase
- Single Phase
- Three Phase
Rolled Steel Market by Power
- 0 kW-7.5 kW
- 5 kW-15.5 kW
- 5 kW-29.5 kW
- Above 29.5 kW
Rolled Steel Market by Industry
- Food & Beverages
- HVAC
- Marine
- Mining
- Pulp & Paper
- Rubber & Plastics
- Others
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