Industrial motors market has made notable strides in relation to design advancements and functionality. These strides have led to reduction of operation cost for end-use industries. More importantly, the launch of a variety of industrial motors has allowed these industries to garner energy savings. There is rapid demand for DC motors in applications for attaining high accuracy and speed. Substantial application of technologically advanced energy-efficient motors in wide spectrum of industries has been adding growth to the industrial motors market.
Some of the key application areas where motors technology find use in the industrial motors market are compressors, pumps and fans, conveyors, crushers, and extruders. Major technology types are DC brushed motors, DC brushless motors, stepper motor, and traction motors. Among the various end-use verticals the segment of commercial HVAC has made rapid strides. Some of the other verticals in the industrial motors market are F&B manufacturing, mining, and utilities.
The industrial motors market has attracted revenues on the back of the growing popularity of electrical drives in wide range of industrial applications. Most prominently, manufacturers have been able to make sizable profits from sales of IE2 industrial motors, due to high reliability and accuracy. There has been rise in demand for hydraulics, mixers, pumps, gears, and HVAC in industrial environments. A great deal of the demand impetus is on the back of the increasing trend of mechanization in industrial processes. Further, end-use industries have been attracted to new launches in order to comply with the latest energy regulations.
The demand for energy-efficient pumps and fans that are used in industrial processes has bolstered the revenue potential of the industrial motors market. Moreover, the rising demand for DC motors in large-scale applications is a favorable trend. A large portion of the overall demand in the industrial motors market comes from the uptake of IE2 low voltage motors
Focus of meeting the recent energy regulations has also nudged manufacturers of industrial motors lean on constant technological advancements. The traction of DC brushless motors among end users has paved way to a huge scope of innovation in the industrial motors market. Though simple designs largely dominate, prominent players eye sizable revenue streams by unveiling advanced designs that are a confluence of functionality and energy savings. Some of the other characteristics that are being targeted are reliability, speed control mechanism, and ruggedness. They are making strategic moves to this end in order to gain competitive gains. Rising electricity cost has propelled industrial motors manufacturers new avenues.
Numerous industrial manufacturing companies are leaning on innovations in commercial HVAC. For instance, several of them are unveiling motors that claim to offer lower energy losses by as much as 50%. Leaning manufacturers of automated electrical drives are targeting smart industrial motors in commercial HVAC applications. Some of the well-entrenched players in the industrial motors market are ABB Limited, Siemens Aktiengesellschaft, WEG Industries, TECO Electric & Machinery Co., Ltd., Toshiba Corporation, Hyosung Corporation, Nidec Corporation, Regal Beloit Corporation, CG Power and Industrial Solutions Limited, and Shandong Huali Electric Motor Group Co. Ltd.
Some of the key regions in the industrial motors market are North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these, Asia Pacific has been prominent lucrative regional market for some of the top industrial manufacturing companies. They are witnessed rapidly rising revenue streams in emerging economies which have in recent decades seen rapidly growing demand for technologically advanced industrial motors in heavy industries. Further, Latin America has been noticeable rise in opportunities from the demand for commercial HVAC.
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