Industrial Motors Market Set to Soar to $91.02 Billion by 2028, Industry 4.0 Transformation Spurs Growth - Arizton

According to Arizton's latest research report, the industrial motors market will grow at a CAGR of 6.39% during 2022-2028.

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Industry 4.0 Elevating the Industrial Motors Market

Industry 4.0 is currently on the minds of almost all the entities engaged in the production of goods and commodities. With a revolution taking place across manufacturing processes, Industry 4.0 is slowly defining the way that things are being made for future demands. Manufacturing is a key integral aspect of the new era Industrial Revolution. Modern-day manufacturing is undergoing a series of transformations, from the automation of processes to integrating machines for predictive diagnostics. This quick-growing change is no different for industrial motor solution providers across the globe. Vendors are also required to match up with the current changing production dynamics. Updating services and solution offerings in tandem with the improvising industry practices is set to be the key to growth over the next few years.

IHP Motors to Constitute Largest Market Share Whereas FHP Motors to Witness the Fastest Growth Rate in the Industrial Motors Market

Integral horsepower (IHP) motors are electrical motors with a horsepower level of 1 or higher. These motors are extremely energy consuming and are used in several applications. Increasing global awareness of energy conservation fuels the demand for integral horsepower motors, which are extremely energy efficient. The higher initial cost of installing these motors is serving as a significant obstacle to the development of this market. The market is expected to see growth during the forecast period due to the presence of emerging regions such as India and China. Continued industrialization in these regions would serve as an opportunity for an integral demand for horsepower. In addition, the schemes introduced by governments to enable businesses to update their motor for higher performance would also serve as an opportunity for an integrated horsepower motor industry. The integral horsepower market is expected to witness steady growth during the forecast period because of the current economic downturn in various regions. However, the APAC region is projected to see robust growth due to strong prospects in developing nations such as India, Japan, and China, along with industrial development, followed by Europe and North America. Integral horsepower motors are dominated by a variety of players across the globe.

FHP motors are being used to drive pumps and compressors in refrigerators, coffee machines, and other applications. Fractional horsepower motors are small motors with a rated power output of lower than 1HP or 745.70 W. Stepper motors and servo motors are major types of fractional horsepower motors. These motors use alternating current or direct current. Fractional horsepower motors are generally manufactured by companies that also produce larger motor components or motors. Since fractional horsepower motors are rated lower than 1 HP and are specialized in nature, the manufacturing cost and overall price are higher than standard motor types. FHP motors are critical and compact, so the parts manufactured to assemble such small motors cost higher due to the high level of criticality. Fractional horsepower motors are used in both AC and DC motor types. Automotive, F&B, robotics, and other industries are major end-users and will have different dynamics year-on-year and region-wise.

Recent Acquisitions

In 2022, the company acquired Siemens' NEMA Motors division to strengthen its presence in North America.

In 2023, the company acquired Vendigital, a UK-based operations consultancy, to expand its footprints in the UK and enhance their capabilities.

In January 2022, the company acquired Royal Power Solutions, a US-based manufacturer of electricity components used in EVs, energy management, and mobility markets.

In January 2022, the company acquired the motion control business unit Gefran, a manufacturer of sensors, industrial automation equipment, and components. This acquisition was done with the aim of expansion.

In 2022, the company acquired the remaining shares of MVISIA with the aim of investing in sensing, monitoring & management of industrial processes through AI.

In May 2023, the company acquired Bison Gear & Engineering, a manufacturer of highly engineered motion control solutions. This acquisition helps the company to broaden its solution offerings and expand its capabilities, serving attractive growth markets.

In 2022, the company acquired two companies named Navitar and RTDS Technologies. These acquisitions allow the company to expand its product lines and distribution channels.

Key Vendors

ABB

Allied Motion

Ametek

CG Power and Industrial Solutions

Danfoss

Johnson Electric Group

NIDEC CORPORATION

Regal Rexnord

Siemens

WEG

Other Prominent Vendors

Addison Electric

Business Overview

Product Offerings

ARC Systems

Bonfiglioli

Brook Crompton

Dana Brevini Power Transmission

Eaton

ElectroCraft

Fuji Electric

General Electric

Groschopp

Hankscraft OEM Division

Maxon

Moog

Mitsubishi Electric Corporation

Parker Hannifin Corporation

Rockwell Automation

SEW-EURODRIVE

Sumitomo Heavy Industries

TECO-Westinghouse

Toshiba International Corporation

Market Segmentation

Product: AC Motor and DC Motor

Power Output: IHP and FHP

Voltage: Low Voltage, Medium Voltage, and High Voltage

Efficiency: IE1, IE2, IE3, and IE4

Sales Channel: Direct to OEM, Direct to End-user, Distributor to End-user, Distributor to OEM, Direct to System Integrator, and Distributor to System Integrator

End-User: HVAC, F&B, Power Generation, Warehousing, Mining, Paper & Paperboard, Automotive, Oil & Gas, Packaging, Metal Processing, Elevators and Escalators, Pharmaceutical, Machine Tools, Chemical, and Others

Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Key Questions Answered in the Report:

How big is the industrial motors market?

What is the growth rate of the global industrial motors market?

What are the growing trends in the industrial motors market?

Which region holds the most significant global industrial motors market share?

Who are the key players in the global industrial motors market?

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This release was published on openPR.