Market overview:

The Industrial Motors Market was valued at $19.81 billion in 2022 and is estimated to reach $23.87 billion by 2028, with a CAGR of 2.97% from 2023 to 2028.

Industrial fans, machine tools, home appliances, and power tools all frequently make use of industrial motors. Batteries, vehicles, rectifiers, power systems, inverters, or generators are just a few examples of the DC or AC sources that power the motors. Industries use highly standardized motors because they produce readily available mechanical power. These motors are frequently utilized for ship propulsion, pipeline compression, and pumped-storage applications because they last longer and require less maintenance.

Market Drivers and Restraints:

Heating, ventilation, and air conditioning (HVAC) systems provide thermal comfort while preserving the quality of the indoor air. They play a significant role in modern infrastructure, especially in massive office complexes and shopping centers. To maximize their life and power while maintaining high airflow system efficiency, electric DC motors are often used in HVAC systems. As the industrial and commercial sectors in China and India continue to grow, there is a growing need for HVAC systems throughout Asia-Pacific. A market intelligence company called Timetric Construction Intelligence Centre (CIC) estimates that over the next four to five years, USD 1.08 trillion will be invested in the global construction sector, primarily for the development of industrial sectors, which will further fuel the growth of the industrial motors market globally.

The utilization of brushless DC motors, a popular form of electric motor utilized in automotive and HVAC applications, is also anticipated to be significant, based on the most recent industry predictions. Due to significant developments in electric vehicle technology, there are now more brushless DC motors installed in electric vehicles (EV) and hybrid electric vehicles (HEV). The industrial motor market share will expand between 2022 and 2027 as a result of the continuing expansion of China's and India's commercial and industrial sectors.

The pricing of raw materials used to make electric motors, such as permanent magnets, copper wires, steel bars, and precision thin metals like specialty alloys, are regulated by a small number of Chinese producers. The price of the product defines the market dominance of particular providers because there is little product differentiation. For instance, suppliers and manufacturers are unable to pass on price increases for rare-earth permanent magnets during the production process to end users. As a result, the profit margins of raw material suppliers are severely damaged, which restrains the expansion of the worldwide industrial motors market.

China presently supplies over 95% of the world's rare-earth oxides and has complete market dominance. Moreover, China produces 65% of the world's hard ferrite as well as around 50% of the world's aluminum, nickel, cobalt, and samarium cobalt. Additionally, China has imposed 25% export tariffs and export restrictions on rare-earth materials. As a result, these restrictions can prevent the European industrial motor market from growing.

To know more, read:

https://www.marketdataforecast.com/market-reports/industrial-motors-market

The report is segmented as follows:

The Industrial Motors Market is segmented by Motors; the Market is segmented by Voltage; the Market is segmented by End-User:

By Type of Motors (Alternating Current (AC) Motors, Direct Current (DC) Motor, Others)

By Voltage (High Voltage (HV), Medium Voltage (MV), Low Voltage (LV))

By End-User (Oil and Gas, Power Generation, Mining and Metals, Water and Wastewater Management, Chemicals and Petrochemicals, Discrete Manufacturing, Others)

Regional Segmentation:

North America had the largest market share in 2018 and is predicted to maintain its dominance during the projected period in the global industrial motors market. This is frequently linked to industrial development and the growth of the aircraft sector. Within the regional market, the USA is the innovator. The United States has the largest share of the North American industrial motor market.

In the global industrial motors industry, the Asia Pacific region is one of the areas that is quickly evolving. Since China is the world's largest motor manufacturer, demand for industrial motors in this region is probably going to increase.

Impact of COVID-19 pandemic on the market:

Due to a halt in the activities of the discrete manufacturing business, OVID-19 has had a detrimental effect on market growth. A key trend that has gained prominence in the industrial motors industry since the pandemic is technological advancement. Industrial motors have been around for a while, but there is always room for technological and energy-efficiency advancements.

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