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The global industrial motors market is expected to register a CAGR of 6.11%, during the forecast period of 2019-2024

and reach a market value of USD 60. 55 billion by 2024. With recent technological advancements and implementation of government policies like Minimum Energy Performance Standards (MEPS) in several countries gave rise to energy efficient motor systems, which increased the market share of the industrial motors.

New York, Nov. 01, 2019 (GLOBE NEWSWIRE) -- announces the release of the report "Global Industrial Motors Market - Growth, Trends, and Forecast (2019 - 2024)" -

In the modern era, substantial advances in technology have opened up opportunities to develop and manufacture electric motors for a wide range of applications in industries, such as automotive, agriculture, construction, and other industrial sectors.

A variety of barriers are hampering the adoption of energy efficient motors. The most significant costs for most of the motors are the energy costs, followed by maintenance, then the initial purchase costs.

The growth of industrial automation is expected to be split evenly among all the segments, which are supported by the discrete manufacturing growth and the growth of North American in the oil and gas sector. Hence, the growth of industrial automation leads to an increase in demand for the industrial motors market.

The scope of the Report

An electric motor is an electrical machine that converts electrical energy into mechanical energy. Most electric motors operate through the interaction between the motor’s magnetic field and winding currents to generate force in the form of rotation.

Key Market Trends
High Voltage has Significant Share in the market

High voltage (HV) motors are the rational choice for a multitude of industries, such as oil and gas, petrochemical, water, and wastewater, pulp and paper, electric utility, steel, marine, mining, and air separation. According to IEC 600038 standard, an electrical motor with the operating voltage over 35 kV is considered as HV motor.

High voltage motors are in general considered as custom engineered products and it forms the part of a custom engineered family of industrial electric motors because each motor is engineered individually and is made-to-order to client specific requirements. These motors do not fall under the segment of common commodity business rules, such as Business-to-Customer (B2C) products.

These needs drive the end user industry to maintain a reserve motor and creates an opportunity for the vendors who have better and proven supply chain track record. Vendors with a presence in the different business segments, such as electric equipment, cables, control systems, VFDs, etc. are expected to be benefitted in the market. This is because they can offer one point solution and is more accessible for the end users to track.

The benefits associated with the high voltage supply include the direct supply form substations and efficiency improvements of a more extensive system than multiple small systems in heavy industry setup. This makes the market segment an essential segment of the market for the vendors.

India has the Largest Share In the Market

The Indian manufacturing sector is one of the highest growth sectors, registering a growth of 7.9% year-on-year growth. The Make in India initiative plans to make India equally attractive for domestic and foreign players and give global recognition to the Indian economy. By the end of 2020, it is expected that the Indian manufacturing sector touches USD 1 trillion.

The country is planning to reach 175 GW of installed renewable capacity, which includes solar and wind power, by 2022. The country is also planning to derive 40% of the energy from renewable sources by 2030, which is at 15%, at present. Also, the World Bank has estimated India’s energy efficiency market at INR 1.6 lakh crore. Hence, the demand for an industrial motor is expected to grow further.

For instance, in 2017, General Electric generated USD 4 billion of the company’s total revenue in India, and it all started with a hydropower plant at the Shivanasamudra Falls. Also, Siemens India Ltd posted a 16% revenue growth, for the first quarter of 2017, and continuing operation posted a 60% increase in net profit, to USD 36.923 million before taxes. Hence, the demand for an industrial motor is expected to grow further.

ABB Ltd is also investing hugely in the Indian industrial sector. In 2016, ABB received several large HVDC orders from India. In October 2018, the company won an order of about INR 115 crore from Indian Railways (Diesel Locomotive Works, Varanasi) to supply traction transformers and motors.

Competitive Landscape
The intensity of competitive rivalry in the Industrial motors market is high, owing to the presence of large-scale companies, such as the ABB Group, Siemens AG, Emerson Electric Co. Inc., and Johnson electric. Sustainable competitive advantage can be attained through innovation, but it has become increasingly difficult for firms to differentiate themselves from market competition. Because the concentration of buyers is more who have the option to choose different buyers.
Some of the key players in the industry are GE, ABB, Robert Bosch. Some of the recent developments in Industrial Motors Market are, Wolong Electric Group Co. Ltd, China’s largest electric motor producer, closed a deal to acquire General Electric Company’s Small Industrial Motor (SIM) division for USD 160 million in an all-cash transaction in July of 2017.
ABB launched its Food Safe Stainless Steel Motors designing for food safety. The product line spans single and three phase ratings in foot-mounted and footless configurations, providing ultimate flexibility for OEMs and end users to choose the right product for their equipment and applications December 2017.
Rockwell Automaton added five new members to its machine safety system integrator program. Created in 2014, the program helps industrial companies to identify system integrators with current safety standards expertise and a proven track record in designing safety systems in August 2018.

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