The global industrial motors market is expected to get a major opportunity to grow with the growth in the warehouse sector.
According to the latest Arizton's market research report, the global industrial motors market to be valued at over USD 88 billion by 2026, growing at a CAGR of around 8% during the forecast period.
Global Industrial Motors Market Growth
The growth in the warehouse sector is expected to provide an opportunity for the global industrial motors market, as they are used in applications such as conveyors, compressors, pumps, fans, and other machines inside the warehouse is expected to grow along with the increase of warehouses. The global industrial motors market is expected to get a major opportunity to grow with the growth in the warehouse sector. Industrial motor sales in APAC are anticipated to have steady growth and key drivers include an increase in expenditure on infrastructure and industrial production growth.
Demand for IE4 Efficiency Low Voltage Motors
Electric motors account for around 40% of overall global energy use. Industries are major global energy users, and motors used in industrial plants usually use between 65% and 80% of total plant electricity. The global industrial motors market accounts for approximately 25% of the world's overall energy consumption. The growing need to mitigate the greenhouse effect is fueling the need for energy-efficient solutions that will boost the development of energy-efficient motors in the market. In Europe, the upcoming transition from IE2 or IE3 motor to IE4 was scheduled to begin in 2017, however, it is anticipated to increase further in the forecast period.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, voltage, efficiency, end-user, sales channel, power output, and geography
- Competitive Landscape – 9 Key Company Profiles and 10 Other Prominent Vendors
Global Industrial Motors Market – Geographic Analysis
The global industrial motors market is expected to grow at a stable rate in Europe due to favorable government initiatives in the manufacturing sector and the expansion of major industries in the region. Europe accounts for the second-highest share in the global industrial motors market and is expected to further grow at a significant rate. A strong emphasis is placed on the expansion of oil reserves, especially through the discovery of unconventional sources, which drives the need for an industrial motor while growing market development. North America is facing increased competition from APAC-based vehicle manufacturers. This in turn is negatively impacting the demand for industrial motors in the automotive industry.
The competitive scenario in the global industrial motors market is currently intensifying. The present scenario is driving vendors to change and refine their unique value proposition to achieve a strong market presence. The competitive environment in the global industrial motors market is expected to intensify further with an increase in product/service extensions, technological innovations, and M&As. The global industrial motors market has been impacted by delays of large projects in Asia, Australia, particularly in China, and strong price pressure resulting from intense competition. The global industrial motors market was stable in fiscal 2019, and the market segment is expected to be flat in fiscal 2020 and increase during the forecast period.
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