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North America Industrial Motors Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

North America Industrial Motors Market is Segmented By Type of Motor (Alternating Current (AC) Motors, Direct Current (DC) Motors), Voltage (High Voltage, Medium Voltage, Low Voltage), End-user Industry (Oil & Gas, Power Generation, Mining and Metals, Water and Wastewater Management, Chemicals and Petrochemicals, Discrete Manufacturing (Automotive, Electronics & Semiconductor, Textile, Aerospace & Defense), Process Industries (F&B, Pharmaceuticals, Plastics, etc.)), and Country (United States, Canada). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

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North America Industrial Motors Market Size

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North America Industrial Motors Market Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.10 %
Market Concentration Low

Major Players

North America Industrial Motors Market Key Players

*Disclaimer: Major Players sorted in no particular order

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North America Industrial Motors Market Analysis

The Industrial Motors Market was valued at USD 8.57 billion in 2020 and is expected to reach USD 11.69 billion by 2026, registering a CAGR of 5.1% during the forecast period (2021-2026). The market for industrial motors in North America is primarily driven by the industries' growing focus towards industry 4.0. Industrial automation drives the manufacturing sector towards more efficient products in the region, which is expected to show strong growth during the forecast period.

  • This trend would generate demand for updated machinery which employs industrial motors. The growth of industrial automation is anticipated to be split evenly among all the segments supported by discrete manufacturing growth and the growth of the North American oil and gas sector. Hence, the growth of industrial automation is expected to generate demand for the industrial motors market.
  • Manufacturers in the food industry are increasingly adopting the use of automation to meet the guidelines and regulations set by the industry associations for the maintenance of the quality of products offered. For instance, Food & Drug Administration's Food Safety Modernization Act (FSMA) introduced regulations, which necessitate that the giant food manufacturers should meet preventive controls and also Current Good Manufacturing Practice (CGMPS) requirements.
  • Further, the region has been witnessing new manufacturing facilities with smart factory features. For instance, in June 2019, Schneider Electric, launched Smart Factory in the US to demonstrate how its EcoStruxure architecture and related suite of offerings can help increase operational efficiency and reduce costs for its customers.
  • The increasing initiatives by the government and the regulated authorities to boost the adoption of the connected environment across the various industries is expected to fuel the market growth over the forecast period. The 2018 Management Agenda and the Fiscal Year 2020 United States Budget Plan, called out automation as a tool for agencies to use and explore to address staffing and budgeting issues to deliver better services to the public. Such initiatives are expected to increase the demand for industrial motors.
  • Moreover, significant advances in technology have created opportunities to develop and manufacture electric motors for a broad range of applications in industries such as automotive and other industrial sectors. Over the past two decades, greater importance placed on environmental safety has led to the drafting of several norms and regulations that pinpoint this issue.

North America Industrial Motors Market Trends

This section covers the major market trends shaping the North America Industrial Motors Market according to our research experts:

Oil & Gas Industry Expected to Exhibit Maximum Adoption

  • Industrial motors are an integral part of the oil and gas industry and widely used in a different part of the processes across the drill rig and powering pumps in the refineries. These motors are made explosion-proof with improved efficiency to meet industry standards.
  • With the increasing investment in oil and gas upstream and midstream sectors, the demand for the industrial motor is expected to witness significantly high growth. The oil and gas upstream companies are gradually investing in oil production activities, which, in turn, will boost the replacement rate of traditional motors. In turn, this is expected to increase the growth across the oil and gas production market in the North American region.
  • U.S. Energy Information Administration has previously forecasted that the United States liquid fuels consumption will average 15.7 million barrels per day in the Q2 of 2020, which is down by 23% from the same period in the previous year. The declining result reflects travel restrictions and reduced economic activity related to the COVID-19 pandemic mitigation efforts. U.S. Energy Information Administration expects one of the most significant declines in the United States oil consumption that has already happened, and demand will generally rise in the next 18 months.
North America Industrial Motors Market Key Trends

United States Expected to Dominate the Market

  • The demand for industrial motors in the United States is driven by the industrial revolution across the sectors, including automotive, aerospace, and defense, and the regions’ efforts to emerge as a leading exporter of oil and gas products. 
  • Domestic industrial players in the region also follow energy efficiency standards. As the United States started to gain from the fourth industrial revolution, the local manufacturers are using data on a large scale for production to maintain energy consumption at the industry level. The factors mentioned above are the driving factors of industrial motors.
  • Department of Energy (DOE) is funding R&D (about USD 25 million) to develop energy-efficient electric motors, through which it expects to develop a new generation of energy-efficient, high power density, high speed, integrated medium voltage drive systems for diverse applications.
  • Supporting government policies and competitively priced natural gases enable US chemical companies to build plants, expand, and automate their facilities. Hence, the North American chemical industry’s automation growth is also expected to drive the studied market in the region further.
North America Industrial Motors Market Growth Rate

North America Industrial Motors Industry Overview

The competitive landscape of the North American Industrial Motors Market is expected to be moderately fragmented owing to the presence of several regional based players as well as global players with operations in the region. The industrial motors market comprises of various prominent players such as Siemens AG, ABB Ltd., Rockwell Automation, among others. The brand identity associated with the companies has a major influence on this market. In order to gain a competitive edge, the prominent players have been actively launching new products.

  • July 2019 - WEG introduced a new M (Mining) series of slip ring motors for use in the mining and other industries. Available in frame sizes IEC 355 to IEC 1000, these new motors cover the power range from 250 kW to 10 MW at 50 Hz or 60 Hz line frequency. Additionally, these motors have 4 to 14 poles and are designed for voltages up to 13.8 kV.
  • June 2019 - ABB introduced a new IEC low voltage (LV) flameproof motors in smaller frame sizes. The company's new IEC low voltage flameproof motors come in frame sizes 80 - 132. These motors are ideal for use in hazardous and explosive environments, typically found in the chemical, mining, and oil and gas industries.

North America Industrial Motors Market Leaders

  1. ABB Ltd.

  2. Rockwell Automation, Inc.

  3. Siemens AG

  4. Regal Beloit Corporation

  5. Altra Industrial Motion Corp

*Disclaimer: Major Players sorted in no particular order

ABB Ltd., Rockwell Automation, Inc., Siemens AG, Regal Beloit Corporation, Altra Industrial Motion Corp
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North America Industrial Motors Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions & Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Demand For Energy Efficiency Owing To Government Regulations

      2. 4.2.2 Growing Shift Towards Smart Motors

    3. 4.3 Market Restraints

      1. 4.3.1 High Initial Investment For Procuring New Equipment And Upgrading Existing Equipment

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Technology Snapshot

    6. 4.6 Assessment of Impact of Covid-19 on the Industry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type of Motor

      1. 5.1.1 Alternating Current (AC) Motors

      2. 5.1.2 Direct Current (DC) Motors

      3. 5.1.3 Other Types of Motors (Servo and Electronically Commutated Motors(EC))

    2. 5.2 Voltage

      1. 5.2.1 High Voltage

      2. 5.2.2 Medium Voltage

      3. 5.2.3 Low Voltage

    3. 5.3 End-user Industry

      1. 5.3.1 Oil & Gas

      2. 5.3.2 Power Generation

      3. 5.3.3 Mining and Metals

      4. 5.3.4 Water and Wastewater Management

      5. 5.3.5 Chemicals and Petrochemicals

      6. 5.3.6 Discrete Manufacturing (Automotive, Electronics & Semiconductor, Textile, Aerospace & Defense)

      7. 5.3.7 Process Industries (F&B, Pharmaceuticals, Plastics etc.)

    4. 5.4 Country

      1. 5.4.1 United States

      2. 5.4.2 Canada

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 ABB Ltd.

      2. 6.1.2 Rockwell Automation, Inc.

      3. 6.1.3 Siemens AG

      4. 6.1.4 Regal Beloit Corporation

      5. 6.1.5 Altra Industrial Motion Corp

      6. 6.1.6 Johnson Electric

      7. 6.1.7 Toshiba International Corporation

      8. 6.1.8 Nidec Motor Corporation

      9. 6.1.9 TECO-Westinghouse

      10. 6.1.10 Yaskawa Electric Corporation

      11. 6.1.11 Fuji Electric Co. Ltd.

    2. *List Not Exhaustive

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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North America Industrial Motors Industry Segmentation

  • The North America Industrial Motors market (henceforth, referred to as the market studied) is segmented based on type, voltage, end-user industry, and country. 
  • Based on the type of motor, the market is segmented into alternating current (AC), direct current (DC), and other types of motors (electrically commutated (EC) motors, servomotors, etc.). 
  • The voltage segment includes certain sub-segments, namely, high voltage, medium voltage, and low voltage.
  • Based on end-user industry, the market is divided among oil and gas, power generation, mining and metals, water and wastewater management, chemicals and petrochemicals, discrete manufacturing and process industries.
Type of Motor
Alternating Current (AC) Motors
Direct Current (DC) Motors
Other Types of Motors (Servo and Electronically Commutated Motors(EC))
Voltage
High Voltage
Medium Voltage
Low Voltage
End-user Industry
Oil & Gas
Power Generation
Mining and Metals
Water and Wastewater Management
Chemicals and Petrochemicals
Discrete Manufacturing (Automotive, Electronics & Semiconductor, Textile, Aerospace & Defense)
Process Industries (F&B, Pharmaceuticals, Plastics etc.)
Country
United States
Canada
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North America Industrial Motors Market Research FAQs

The North America Industrial Motors Market is projected to register a CAGR of 5.10% during the forecast period (2024-2029)

ABB Ltd., Rockwell Automation, Inc., Siemens AG, Regal Beloit Corporation and Altra Industrial Motion Corp are the major companies operating in the North America Industrial Motors Market.

The report covers the North America Industrial Motors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Industrial Motors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

North America Industrial Motors Industry Report

Statistics for the 2024 North America Industrial Motors market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Industrial Motors analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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North America Industrial Motors Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)