Companies are moving towards using technically advanced industrial motors that can save energy as well as reduce operation cost. Among various motor designs used in industrial applications, DC motors are being used in servo applications on a large scale where accuracy and speed are important. Meanwhile, AC motors are being largely used in heating and cooling equipment.
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As per the new study by Fact.MR, the global industrial motor market is likely to experience slow growth during 2017-2026. By 2026 end, the global market for industrial motor is projected to bring in US$ 14,959.1 million revenue. Stringent regulations on energy conservation and rising prices of electricity are driving the demand for energy-efficient industrial motor. However, the high cost of industrial motor as compared to the conventional motor, and high cost of installation are some of the factors hampering the global market for industrial motor.
IE2 Industrial Motor to Gain Maximum Traction in the Market
IE2 industrial motor is likely to gain maximum traction in the global market for industrial motor. Accounting for nearly one-third of the revenue share, IE2 industrial motor is projected to reach close to US$ 4,900 million revenue. Increasing use of IE2 industrial motor in industrial applications such as pumps, hydraulics, mixers, gears, HVAC and fans is driving the growth. Moreover, IE2 low voltage motors are also witnessing significant growth.
Industrial Motors to Find Largest Application in Pumps and Fans
Industrial motors are likely to find the largest application in pumps and fans. Towards 2026 end, pumps and fans are projected to create an absolute dollar opportunity of over US$ 2,300 million between 2017 and 2026. Energy efficient motors are being used on a large scale in the pumps and fans as it affects both the amount of mechanical power required by entire system and overall energy consumption.
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DC Brushless Motor to be the Highly Preferred Motor Type
Compared to the various types of industrial motors, DC brushless are likely to emerge as the highly preferred motor type. DC brushless is projected to exceed US$ 6,900 million revenue by 2026 end. Brushless motor help in alleviating various issues related to the more common brushed motors. Moreover, these motors have much simple design. Brushless motors also offer various advantages such as high efficiency, minimum maintenance, and long life. These motors are finding high application in compressors, pumps and fans, where ruggedness and reliability are required.
Commercial HVAC to Emerge as the Largest User of Industrial Motor
Commercial HVAC is likely to emerge as the biggest user of the industrial motor. Commercial HVAC is projected to create an incremental opportunity exceeding US$ 1,000 million between 2017 and 2026. HVAC systems are the largest consumers of energy in the building, hence, the demand for energy-efficient industrial motor in HVAC is growing. Manufacturers are also developing smart industrial motors that reduce payback time and offer high energy saving.
The report also profiles companies that are expected to remain active in the expansion of global industrial motor market through 2026, which include Shandong Huali Electric Motor Group Co. Ltd., CG Power and Industrial Solutions Limited, Regal Beloit Corporation, Nidec Corporation, Hyosung Corporation, Toshiba Corporation, TECO Electric & Machinery Co., Ltd., WEG SA, Siemens Aktiengesellschaft, and ABB Limited.
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Industrial Motor Market Projected to Augment at a Notable CAGR during the Forecast Period until 2026
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