In-depth analysis and data-driven insights on the impact of COVID-19 included in this global industrial motors market report.
The industrial motors market is expected to grow at a CAGR of over 8% during the period 2020−2026.
Key Highlights Offered in the Report:
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Industrial Motors Market – Segmentation
Industrial Motors Market by Product
Industrial Motors Market by Voltage
Industrial Motors Market by Efficiency
Industrial Motors Market by End-user
Industrial Motors Market by Power Output
Industrial Motors Market by Sales Channel
Industrial Motors Market – Dynamics
In the past few years, Variable Frequency Drive (VFD) is being increasingly used with motors to increase their efficiency as well as to make them cost-effective. Several IE2 and IE3 motors are used along with VFD, which, in turn, enables these motors to meet the specifications of higher efficiency of IE4 motors. Moreover, many countries in Europe such as Switzerland and others have passed regulations on the use of VFD with motors. Installation of IE2 motors is only allowed if they are used with VFD. Also, several end-user industries across the globe are using VFD with IE3 motors to deliver the same results as IE4 motors and beat the high costs associated with IE4 motors. Since motors consume a lot of energy and generate significant costs, many vendors are increasingly using VFDs with their motors. This is enabling end-users to incorporate motors in their operations without being worried about cost. APAC and Latin America are expected to witness promising growth in terms of VFD sales owing to stringent regulations and law enforcement on the use of energy-efficient motors.
Key Drivers and Trends fueling Market Growth:
Industrial Motors Market – Geography
APAC is considered to have the highest growth in terms of industrial development, digital & technological transformations, as well as the economy. Asia’s rise has been one of the most rapid innovations in the last 30 years due to increasing consumption and production in several sectors and industries. It is expected that in the coming 10-20 years, Asia’s industrial sector will be leading in the global market, starting from the internet to trade, from luxury goods to energy, and many others. This reflects the huge potential of industrial motors supported by a rapidly growing economy and industrialization.
Industrial Motors Market by Geography
Major Vendors
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