Market Trends of Industrial Motors Industry
The Oil and Gas Segment is Expected to Witness Growth
- The industrial safety landscape continues to experience the increasing utilization of motors in conjunction with other solutions in a network that simultaneously ensures the safety of the workers and equipment. Continued rapid innovation is required to monitor and adapt to recent trends, particularly new developments in wireless connectivity, accuracy, etc.
- Due to the significant use of AC induction motors in pumps, compressors, and turbines, as well as their application for extraction, processing, and transport of oil and gas from drilling sites into refineries, which are sold to consumers, it is estimated that these motors will be trendy within the oil and gas industry. In addition, low-voltage induction motors are used in refineries for drive pumps, compressors, and agitators to convert crude oil into multiple products such as gasoline, diesel, and jet fuel.
- Rapid urbanization in developing nations is accompanied by a considerable increase in energy demand. Consequently, the consumption of liquid fuels and natural gas rises. For instance, according to BP, natural gas production amounted to 4.08 trillion cubic meters in 2023. The escalating worldwide need for electricity and fuel has increased the demand for oil and natural gas.
- Electric motors have been vital components of the drilling industry for decades. They provide the means to drill a well, power the draw works, pump fluids down the wellbore, and separate cuttings upon return. When the industry started building jack-ups, electric motors made it possible to lower the legs on the seabed and raise a platform over the waves.
- With rising oil and gas demand, the market for E&P machines, equipment, and components is growing. As a result, the need for AC motors used in different capacities within the downstream and upstream segments of the oil and gas industry is also increasing.
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Asia-Pacific to Witness Significant Growth
- One of the principal supports of several Asian countries, especially China, is manufacturing, which has been transformed rapidly. The country has become a leader in this large-scale transformation. Over the last two decades, China's manufacturers have grown their capability to produce products at a lower cost and develop more advanced products, which they have retained an essential role due to the availability of industrial machinery and motors.
- Smart manufacturing endeavors are anticipated to drive the adoption of industrial motors in the country. The Ministry of Industry and Information Technology stated that the Chinese government launched several pilot projects for smart manufacturing.
- In line with the Thirteenth Five-Year Plan, the country aims to establish a smart manufacturing system and achieve critical industry transformation by 2025. As a result of these initiatives, the automotive industry in China expanded its manufacturing capacity, which is expected to lead to increased demand for industrial engines over the forecast period.
- Due to the development of the Indian textile industry, the region is experiencing a significant increase in demand for various types of motors, including steppers, induction motors, and others. Induction motors are extensively applied in textile machinery, such as cutting machines, winders, and dryers. They are also used to power fans, pumps, compressors, and other devices in the textile industry.
- In addition, the textile industry, which is the largest industry in the country and one of the largest in the world, has a prominent position in India. The market is projected to be driven by improved investment in the industry, contributing substantially to total output.
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