The global market for industrial motors was worth $32.9 billion in 2017 and is estimated to grow at a CAGR of 3.63% during 2018-2023.Industrial motors market by voltage is classified into very low voltage, high voltage, medium voltage and low voltage. Medium voltage motors generated a revenue of $6.7 billion and is projected to rise with a CAGR of 4.3%. It is expected that Asia – Pacific will have the largest market for industrial motors during the forecast period. However, factors such as increasing electricity prices, advancement in energy efficient motors, industrial expansions will play a major role in the growth of the market.
What are Industrial Motors?
Industrial motors are widely used in industrial fans, machine tools, household appliances and power tools. The motors are powered by direct current (DC) or alternating current (AC) sources such as batteries, motor vehicles or rectifiers, power grid, inverters or generators. Motors with highly standardized characteristics are used in industries as they provide convenient mechanical power. These motors have longer life and less maintenance and are widely used for ship propulsion, pipeline compression and pumped-storage applications as they have longer life and less maintenance.
What are the applications of Industrial Motors?
Industrial motors have variety of applications in industries such as Oil and Gas, chemical, Power generation, metal processing, paper and pulp, food and beverage, textile, marine, agriculture, packaging and others. In most of the industries, the motor is used in drilling, working machinery, vehicles, conveyers, mills and crushers, fans and compressors, separations and beneficial equipment. In addition, motors are used in diagnostic equipment, centrifuge pumps, insulin and medicine pump, hospital beds and electric wheelchair.