Market Size of North America Industrial Motors Industry
| 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
*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 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 |
North America Industrial Motors Market Size Summary
The North American industrial motors market is experiencing significant growth, driven by the increasing adoption of industrial automation and the push towards Industry 4.0. This trend is particularly evident in sectors such as manufacturing, oil and gas, and food processing, where there is a growing demand for efficient and updated machinery. The region's focus on smart factory features and compliance with regulations like the Food Safety Modernization Act is further propelling the market. Government initiatives and policies aimed at enhancing automation and connectivity across industries are also contributing to the market's expansion. Technological advancements have enabled the development of electric motors for various applications, supporting the region's industrial sectors in meeting environmental and efficiency standards.
The oil and gas industry plays a crucial role in the demand for industrial motors, with investments in upstream and midstream sectors driving the need for efficient and explosion-proof motors. The United States' efforts to become a leading exporter of oil and gas products, coupled with the fourth industrial revolution, are boosting the market. The Department of Energy's funding for energy-efficient motor development and supportive government policies are further enhancing the market's growth prospects. The competitive landscape is moderately fragmented, with both regional and global players like Siemens AG, ABB Ltd., and Rockwell Automation actively launching new products to maintain their market positions. These dynamics indicate a robust growth trajectory for the industrial motors market in North America.
North America Industrial Motors Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Demand For Energy Efficiency Owing To Government Regulations
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1.2.2 Growing Shift Towards Smart Motors
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1.3 Market Restraints
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1.3.1 High Initial Investment For Procuring New Equipment And Upgrading Existing Equipment
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Technology Snapshot
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1.6 Assessment of Impact of Covid-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 Type of Motor
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2.1.1 Alternating Current (AC) Motors
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2.1.2 Direct Current (DC) Motors
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2.1.3 Other Types of Motors (Servo and Electronically Commutated Motors(EC))
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2.2 Voltage
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2.2.1 High Voltage
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2.2.2 Medium Voltage
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2.2.3 Low Voltage
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2.3 End-user Industry
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2.3.1 Oil & Gas
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2.3.2 Power Generation
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2.3.3 Mining and Metals
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2.3.4 Water and Wastewater Management
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2.3.5 Chemicals and Petrochemicals
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2.3.6 Discrete Manufacturing (Automotive, Electronics & Semiconductor, Textile, Aerospace & Defense)
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2.3.7 Process Industries (F&B, Pharmaceuticals, Plastics etc.)
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2.4 Country
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2.4.1 United States
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2.4.2 Canada
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North America Industrial Motors Market Size FAQs
What is the current North America Industrial Motors Market size?
The North America Industrial Motors Market is projected to register a CAGR of 5.10% during the forecast period (2024-2029)
Who are the key players in North America Industrial Motors Market?
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.
