WASHINGTON, Nov. 23, 2021 (GLOBE NEWSWIRE) — The global industrial motor market size is expected to reach USD 2,893 Million by 2028, exhibiting a CAGR of 7.6% during the forecast period. Increasing industrialization and rising electricity costs are driving the demand for energy-efficient motors globally, states Vantage Market Research, in a report, titled “Industrial Motor Market by Type (AC Motors, DC Motors) by Application (Oil and Gas Mining Food and Beverage Construction, Manufacturing, Pulp and Paper, Water and Wastewater, Others) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028.” The market size stood at USD 1,647.2 Million in 2020.
The COVID-19 outbreak has affected various industries worldwide. The industrial motor market had a negative impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Industrial Motor Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Porter’s Five Forces Analysis
- SWOT Analysis
- Global and Regional Dynamics
Market Overview:
Increasing Demand for Energy Efficient Electric Motors is Driving the Industrial Motor Market
Industrial Motors are generally used in manufacturing machines and industrial assemblies. Increasing prices of electricity and raw materials have generated a demand for energy-efficient motors. Rising industrial sector and increase in manufacturing processes had generated a demand for highly efficient motors. Motors generally are of various types such as AC, DC and Servo Motors. AC and DC motors are commonly used in major industries due to its requirement for high torque and power.
High focus on safety and low maintenance is expected from key manufacturing players. Companies are investing huge funds in R&D of Motor engineering just to reduce energy cost and provide high efficiency. Due to this factor there is high demand for electric motors which indirectly is helping the industrial motor market to grow.
Increasing Industrial Automation (Industry 4.0) & Technology Advancements is Fuelling the Growth of Market
As industry automation has gained huge importance in coming years, in countries such as the U.S, Canada, and Germany automation has a huge positive impact on the manufacturing process. Industrial automation requires special programmable servo motors. The demand for these motors has gained huge importance in the coming years due to their requirement in the automation sector. Medium-scale industries are investing huge funds in developing automation in their factories which is generating huge demand for the industrial motor market.
Edited by Lisa
Post time: Nov-25-2021