According to the report compiled by Fact.MR, the 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.
With the energy cost galloping solidly, industry is focused on cost-effective and energy efficient industrial motor. As such, manufacturers are concentrating on developing industrial motor with a novel design to make it easy to use across industries. Manufacturers have built an uncanny knack for offering a myriad of utilities on the go. Accordingly, smart sensors have grown in popularity in the wake of propelling the lifespan and lessening the downtime.
The rising electricity cost in pumps and fans sector has led to adoption of industrial motor in the sector. The accuracy with which a motor requires to be controlled hinges upon the system requirements. The accuracy requirements are high in applications such as industrial robotics or in bottling. For instance, a welding robot is known to operate with high precision and high speed. Similarly, manufacturers are eying to control the motors in a bottling factory accurately which will facilitate the stoppage of bottles at the right position for capping, filing and labeling. In order to monitor this, the use of analog sensors such as synchros, resolvers, RVDTS or rotary potentiometers.
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According to the study, pumps and fans are anticipated to be the largest application in the industrial motors market, with an absolute dollar opportunity of over USD 2,300 million between 2017 and 2026. Given motors have significant impact in the pumps and fans with the amount of mechanical power needed by entire system and overall energy consumption, its use in the pumps and fans has surged.
Industrial Motor Market: Overview
The report provides a robust analysis on the industrial motor market for the assessment period 2017-2026. The report sheds light on the segregation of the market to provide an in-depth view of the market. Further, the report delineates the dynamics of the market which have significant impact on the development of the lithography market: drivers, restraints, trends and opportunities.
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.
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The report includes preface and executive summary to offer an actionable insights on the industrial motor market. Furthermore, the report in the market overview section elucidates market indicators, key players. The overview section subsequently delineates Porters’ Five Force analysis that succors in showcasing the competitive landscape with respect to industrial motor market. The report also shed light on the market outlook section which elucidates reimbursement scenario with respect to region and peruses on technological development.
Industrial Motor Market: Competitive Landscape
The report also profiles companies that are expected to remain active in the expansion of global industrial motor market through 2026, which include Shandong Huali Electric Motor Group Co. Ltd., CG Power and Industrial Solutions Limited, Regal Beloit Corporation, Nidec Corporation, Hyosung Corporation, Toshiba Corporation, TECO Electric & Machinery Co., Ltd., WEG SA, Siemens Aktiengesellschaft, and ABB Limited.
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