A machine that converts electrical energy into mechanical energy is known as an electric motor. It works on the electromagnetic induction principle, which asserts that a current-carrying conductor detects a force in the presence of a magnetic field. Electric motors have a long service life, consume little energy, require little maintenance, and have a high voltage tolerance. Industrial machinery, autos, household appliances, HVAC (heating, ventilation, and air conditioning) equipment, aviation, and transportation all employ electric motors.
By 2030, the Asia Pacific industrial motors market is estimated to be worth USD 9.60 billion, increasing at a CAGR of 2.75% over the forecast period (2022–2030). Over and beyond the forecast period, the Asia-Pacific region is likely to open up new growth prospects in the AC electric motor market. However, the larger initial investment required to purchase new equipment and upgrade old equipment, as well as the portability limitations associated with AC motors, may limit market expansion.
The Asia Pacific industrial motors market is classified into four segments: motor type, voltage, end-user, and geography.
The industrial motors market is classified into three categories: alternating current (AC) motors, direct current (DC) motors, and other motor types. The market for alternating current (AC) motors was anticipated to be worth USD 16.46 billion in 2021, with a CAGR of 3.38% expected to reach USD 22.05 billion by 2030. The demand for AC motors is driven by companies with high processing needs and the need to boost or lower the flow of the process based on demand and supply. Food, chemical, oil and gas, wastewater, and heavy machinery are among the industries that use these motors. As a result, there is an increasing demand for automated and efficient systems that help enhance and reduce electricity costs with each unit produced.
The market for industrial motors is classified into three voltage categories: high, medium, and low. The market for low voltage motors was worth USD 14.31 billion in 2021, and it's predicted to increase to USD 19.08 billion by 2030, with a CAGR of 3.33%. Low voltage (LV) motors are used in a wide range of industries. Low-voltage motors are used in many industries, such as midstream and downstream oil and gas, water and wastewater treatment, food and beverage processing, and so on. However, LVs offer a significant advantage in terms of maintenance because replacement and refurbishment costs are far lower, making them suitable for large-scale applications. As a result, there is a growing need for LVs.
The industrial motors market includes areas such as oil and gas, power generation, mining and metals, water and wastewater management, chemicals and petrochemicals, discrete manufacturing, and others. With a CAGR of 3.25% over the forecast period, the oil and gas segment were valued USD 3.43 billion in 2021 and is predicted to expand to USD 4.53 billion by 2030.In the oil and gas business, industrial motors are used in a variety of applications, from drilling rigs to refinery pumps. These motors have been improved explosion-proof and more efficient to meet industry standards. As investment in the upstream and midstream sectors of the oil and gas industry grows, demand for industrial motors is likely to climb.
Asia-Pacific is the largest market for industrial motors, with a market value of USD 7.45 billion in 2021. In China, smart manufacturing activities are projected to promote industrial motor use. The country has initiated many smart manufacturing pilot projects, according to the Ministry of Industry and Information Technology. According to the 13th Smart Manufacturing five-year plan, the government also plans to improve its intelligent manufacturing system and complete the main industries transformation by 2025. The Chinese Oil Ministry announced in October 2019 that it will invest USD 118 billion on oil and gas exploration and the construction of natural gas infrastructure in China over the next several years, which is expected to drive demand for industrial motors. As a result, demand for industrial motors in Asia-Pacific is expected to increase significantly throughout the forecast period.
China, Japan, and India account for the majority of revenue in the APAC low voltage electric motors market. The general rising infrastructure development, as well as various forthcoming construction projects, will continue to play a key role in these countries' low voltage electric markets. Also, growing automotive industry in Japan is contributing in increase for demand of these industrial motors.
The growing construction activity in India is helping to strengthen the industrial motor market. The biggest industrial motor markets in India are Gujarat, Maharashtra, and Madhya Pradesh. These states have been critical in the market's income generation. In the projection period, the market would be boosted by a growing number of government programmes such as the Green Energy Corridor in Gujarat, Maharashtra, and Madhya Pradesh.
Some of the major players in Asia Pacific (having significant market share) are listed below:
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