The global market for industrial motors was worth $32.9 billion in 2017 and is estimated to grow at a CAGR of 3.63% during 2018-2023.Industrial motors market by voltage is classified into very low voltage, high voltage, medium voltage and low voltage. Medium voltage motors generated a revenue of $6.7 billion and is projected to rise with a CAGR of 4.3%. It is expected that Asia – Pacific will have the largest market for industrial motors during the forecast period. However, factors such as increasing electricity prices, advancement in energy efficient motors, industrial expansions will play a major role in the growth of the market.
What are Industrial Motors?
Industrial motors are widely used in industrial fans, machine tools, household appliances and power tools. The motors are powered by direct current (DC) or alternating current (AC) sources such as batteries, motor vehicles or rectifiers, power grid, inverters or generators. Motors with highly standardized characteristics are used in industries as they provide convenient mechanical power. These motors have longer life and less maintenance and are widely used for ship propulsion, pipeline compression and pumped-storage applications as they have longer life and less maintenance.
What are the applications of Industrial Motors?
Industrial motors have variety of applications in industries such as Oil and Gas, chemical, Power generation, metal processing, paper and pulp, food and beverage, textile, marine, agriculture, packaging and others. In most of the industries, the motor is used in drilling, working machinery, vehicles, conveyers, mills and crushers, fans and compressors, separations and beneficial equipment. In addition, motors are used in diagnostic equipment, centrifuge pumps, insulin and medicine pump, hospital beds and electric wheelchair.
Market Research and Market Trends of Industrial Motors Market:
- The prevalent trend in motors of different kinds is increased performance and specialization, efficiency, power density and torque density. There is an increasing call for specialized motors for specific applications. Most of the companies are developing specialized motors in order to optimize the design and manufacturing of the end users.
- Schaeffler Group has produced a number of electric motors mostly for industrial applications such as machine tools. In the recent days, they have developed a four wheeled bicycle that has an electric motor that can propel the bicycle or the rider can pedal it. Thus the increasing trend of the use of electric vehicles has raised the use of motors in the automobile industry.
- The recent trends of disposable medical devices, new consumer products, and the automation of humbler tasks are the prime factor behind the increased demand for affordable and miniature motor options. This compact design is gaining demand in hand tool application. The use of servo motors and direct drive motors in automated guided vehicles and e- mobility applications has been widely used.
- Various government norms have been introduced regarding reduction of CO2 emissions. US Department of Energy is investing heavily on the development of superior solar powered products. This has led to shift focus towards use of solar powered consumer goods as they have high efficiency and low power consumption.
- In the recent past, several end users have started to prefer service packages that ensure higher uptime of the rotating assets. The maintenance plan includes condition monitoring of assets, including remote assets, enabling predictive and preventive maintenance which facilitates planned maintenance and hence prevent the breakdown of machinery.
Who are the Major Players?
The companies referred in the market research report includes ABB ltd, Siemens AG, Nidec Corp, Brook Crompton UK Ltd, Emerson Electric and others.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
"We also publish more than 100 reports every month in “Automation and Instrumentation”, Go through the Domain if there are any other areas for which you would like to get a market research study."
Comments (0)
Post a Comment