Industrial Motors Market Size (2024 - 2029)

Industrial Motors Market Analysis

The Industrial Motors Market size is estimated at USD 21.29 billion in 2024, and is expected to reach USD 28.17 billion by 2029, growing at a CAGR of 4.80% during the forecast period (2024-2029).

• The growth of the market is supported by the increasing industrial footprint in developing regions, as well as a rising number of modern machinery and automation installations. The primary source of industrial production is motors. Factors such as alignment, motor monitoring, connection, testing, and time savings are part of new and advanced approaches for developing industrial motors to improve safety and security. Efficiency and performance are also enhanced by energy-saving motors and intelligent drives, which help with troubleshooting.
• The market for industrial motors is primarily driven by the increasing focus on Industry 4.0. In some regions, industrial automation is driving the production sector toward a higher level of productivity to meet the demand. According to the Industrial Energy Accelerator, several sectors using millions of electric motors worldwide consume nearly 70% of all electrical energy. As a result, the need for innovation in industrial motor technology to increase energy efficiency is growing.
• The AC motor is usually more reliable with fewer maintenance requirements, and its service life tends to be restricted mainly by the lifetime of the bearings. It does not have parts that wear out on a regular basis because it does not need commutators, brushes, or slip rings. Therefore, it is suitable for applications where the motor is always available, cannot be easily accessed, or requires a prolonged period of continuous operation without being checked.
• However, factors such as the higher installation and maintenance costs of industrial motors challenge the growth of the market, especially in developing markets, wherein price sensitivity is higher.
• As investments in the industrial sector are primarily influenced by factors such as the need for manufactured products, the general economic situation of the region, and the geopolitical situation, the impact of macroeconomic factors is also higher in the market. Consequently, these factors are anticipated to continue playing an influential role in defining the growth trajectory of this market during the forecast period.
• In April 2023, Euler Motors launched an updated version of its HiLoad E3W, with the most extensive battery pack and highest range. This version has a bigger battery pack, 12.96 kWh, in comparison to the earlier 12.4 kWh battery pack.

Industrial Motors Industry Segmentation

An industrial motor is an electric motor that converts electricity into mechanical energy. These motors produce rotary or linear forces and are typically powered by alternating current (AC) resources such as power grids or generators. However, some may be supplied by direct current (DC) resources like batteries.

The industrial motors market is segmented by type of motor (alternating current (AC) motors, direct current (DC) motors, and other types of motors), voltage (high voltage, medium voltage, and low voltage), end user (oil and gas, power generation, mining and metals, water and wastewater management, chemicals and petrochemicals, discrete manufacturing, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The report offers the market size and forecasts for all the above segments in value (USD).