Motors are the components which convert electrical energy to mechanical energy. The mechanical energy or the motion produced by the motors can be linear as well as rotary force according to the requirement. Motors are the crucial component of all the manufacturing units across the globe. It has a wide range of industrial application starting from industrial fans, fans blowers, and machine tools to power tools, equipment, and conveyors. The motors used for pipeline compression and propulsion of ship application are the largest motors used with its rating is nearly 100 megawatt. It is the electric motor which is replacing the engines for powering locomotives, industrial plants, and steamships. The classification of electric motors can be done on the basis electric power source type, type of motion output, construction, application and so on.
The main factor behind the growth of the industrial motors market is the rising expansion and production in end-use industry. It is the use of motors which has significantly increased the production in the recent years. Also, growing price of electricity and stringent energy standards are boosting the market growth of energy efficient industrial motors. Other factors promoting the growth of the Industrial Motors market are increasing the need for high yield and production with world-class quality. Also, the increasing focus of the companies to decrease operational cost without compromising quality. Apart from this, industrial motors have become an integral component of the locomotive and automotive industry, metal and mining industry, oil and gas industry, and automation in industries etc. and hence, the development of these industries will also add up to the growth of the global industrial motors market.
However, the high price of industrial motors can act as a restraint to the growth of the global industrial motors market and rising trend for repair rather than replacing is a major restraint in the aftermarket. However, the current trend to use better technology and equipment to get better results will increase the demand for Industrial Motors during the forecast period.
North America holds a major share in the global Industrial Motors market. It is followed by Asia-Pacific and Europe. Europe and North America are projected to be major consumers owing to the extensive applications of industrial motors in the manufacturing Industry. With increasing globalization, which is evident from the increase in international trade and inbound-outbound FDI will lead to positive growth in one economy and in correlated economies such as China, India, Brazil, Russia etc. Increase in industrial production in countries, such as Germany, China.
Also, government initiatives in various nations such as made in India to promote manufacturing will also contribute towards the growth of this market. Also, High growth in PMI (purchase manager index) numbers from Australia, UK, China, and India will influence the growth of end-user industries in Asia Pacific, which in turn, will influence the demand for industrial motors in the region during the forecast period. Rest of the world is estimated to account for a relatively small share of the Industrial Motors market.
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