Industrial Motors Market Share

Market Share of Industrial Motors Industry

• The growing focus on Industry 4.0 primarily drives the market for industrial motors. Industrial automation drives the manufacturing sector toward more efficient productivity in various regions, and it is expected to show strong growth during the forecast period. According to a report by ABB Ltd on “The Future Is Energy Efficient,” global energy usage is expected to grow by 50% by 2050, and the energy consumed due to electric motor usage is expected to grow by around 70%. The report also stated that there were more than 300 million industrial motor-driven systems in operation.
• Governments worldwide are implementing stringent regulations and standards to reduce energy consumption and minimize environmental impact. These regulations often require industrial facilities to adopt more energy-efficient technologies and equipment, including industrial motors. Compliance with these regulations drives the demand for energy-efficient motors in various industries.
• Many developed and developing nations need help with energy efficiency due to the increasing economic activities, which have substantially increased energy consumption rates. In a global survey by the American Council for an Energy-efficient Economy, 16 countries, which account for more than 71% of the worldwide energy consumption, were ranked at less than 70.
• According to EASE, the European Union will need 187 gigawatts of energy storage capacity to meet its renewable energy targets by 2030. By 2050, the region's energy storage requirements should reach 600 gigawatts. In addition, the deployment of renewable energy sources, such as wind and solar, is expected to grow considerably in the coming decades as the European Union races to decarbonize its energy supply by 2050. These developments related to energy storage capacity will also drive the market’s growth.
• The Industrial Motors Market is fragmented owing to the presence of many companies, such as the ABB Group, Siemens AG, Emerson Electric Co. Inc., and Johnson Electric. Through innovation, sustainable competitive advantage can be attained, but it has become increasingly challenging for firms to differentiate themselves from market competition. As the concentration of suppliers is high, buyers can choose among different vendors. Although the market comprises various players, a handful are still prominent for their high standards, excellent quality, and global reach.

Industrial Motors Market Leaders

1. ABB Ltd.

2. Emerson Electric Co.

3. Nidec Industrial Solutions

4. Johnson Electric Holdings Limited

5. Siemens AG

*Disclaimer: Major Players sorted in no particular order