Industrial motor market is growing with companies embracing technological advancements. These advancements are being integrated in industrial motors to develop motors with attributes like energy-efficiency and reduced operational cost. Industrial applications employ motors of varied designs of which DC motors are prominent. They are employed on large scale for their advantages like high speed and great accuracy. AC motors also have wide application and they are majorly used in cooling and heating equipment.
Latest Fact.MR report predicts the global industrial motor market to grow at 3.4% CAGR in the period 2017-2026. Revenue worth US$ 14,959.1 million is expected to be generated in the global market by the end of the year 2026. Industrial motors with high energy efficiency are sought after in market. Stringent government regulations regarding conservation of energy and high cost of electricity fuel the demand of such motors. Although, the global market is growing at steady pace, it faces challenges on many fronts like high cost and costly installation. These cost issues hamper the market growth till great extent.
Pumps and fans are major application areas
Global industrial motor market can be broadly segmented into different efficiency types which are IE1, IE2, IE3, IE4 and DC types. Industrial motors of efficiency IE1 are supposed to gain maximum traction in near future. Fact.MR report states that these motors are responsible for generating one-third revenue of the global market. They are expected to generate a total revenue of about US$ 4,900 million during the forecast period. Growth has been observed in application of IE2 industrial motors in various applications like pumps, mixers, hydraulics and HVAC.IE2 industrial motors which are low-voltage type are also gaining significance.
Pumps and fans are known to be areas that experience maximum application of industrial motors. These application areas are projected to generate opportunities worth US$ 2,300 million in the period 2017-2026. Fans and pump largely employ energy efficient motors as it reduces the power requirement of entire system along with reducing total energy consumption. Industrial motors can be segregated on the basis of motor types into DC brushed motor, stepper motor, DC brushless motor and traction motor. Of all the type, DC brushless motors are the most preferred type. Revenue generated by it is forecasted to exceed a value of US$ 6,900 million by the end of the year 2026. These brushless motors are used because of its simplified design and different positive attributes like high efficiency, extended life and minimum maintenance. Major application areas of these industrial motor types are pumps & fans and compressors which demand robustness along with reliability.
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HVAC has emerged as the largest segment in terms of application. Commercially used HAV is witnessing surged application opportunities. Opportunities worth US$ 1,000 million s projected to be generated by the end of the year 2026. In fact, HAVC is highlighted in the FCAT.MR report as the leasing energy consumer in buildings. Manufacturers are focused to develop smart industrial motors that exhibit properties like reduced payback time and great savings on energy.