A machine that converts electrical energy into mechanical energy is known as an industrial 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 Europe industrial motors market is estimated to be worth USD 8.37 billion, increasing at a CAGR of 3.85 % over the forecast period (2022–2030). In recent years, the industrial motor sector in Europe has seen great technological improvements. Furthermore, as end-user sectors become more environmentally conscious, the appeal of items powered by electric motors, such as electric cars and machines, is increasing.
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Extreme heat can hasten the depreciation of an electric vehicle's battery pack, while extreme cold might reduce the vehicle's range. As a result, you'll need to be more aware of the temperatures your EV is exposed to, as direct sunlight or freezing temps will only harm it and this impede the growth of both E Vehicles and industrial motors.
The Europe industrial motors market is divided into four categories: motor type, voltage, end-user, and geography.
Based on motor type, the industrial motors market is divided into alternating current (AC) motors, direct current (DC) motors, and other types of motors. The market for alternating current (AC) motors was estimated at USD 16.46 billion in 2021, and it is expected to grow at a CAGR of 3.38 percent to USD 22.05 billion by 2030.Companies with high processing needs and the need to enhance or reduce the flow of the process according to demand and supply are driving the need for AC motors. These motors are used in a variety of industries, including food, chemical, oil and gas, wastewater, and heavy machinery. As a result, there is a growing demand for automated and efficient systems that aid in the improvement and reduction of power costs with each unit produced.
The industrial motors market is divided into three categories based on voltage: high, medium, and low. The low voltage motors market was worth USD 14.31 billion in 2021, and it's expected to grow to USD 19.08 billion by 2030, with a CAGR of 3.33 percent over the forecast period.
Low voltage (LV) motors have several uses in a variety of sectors. Low-voltage motors are utilised in a variety of industries, including midstream and downstream oil and gas, water and wastewater treatment, food and beverage processing, and so on. In terms of maintenance, however, LVs have a considerable benefit because replacement and refurbishing costs are substantially lower, making them appropriate for large-scale applications. As a result, the demand for LVs is increasing.
Oil and gas, power generation, mining and metals, water and wastewater management, chemicals and petrochemicals, discrete manufacturing, and others are all segments of the industrial motors market. The oil and gas segment were worth USD 3.43 billion in 2021 and is expected to grow to USD 4.53 billion by 2030, with a CAGR of 3.25 percent over the projection period.
Industrial motors are utilised in a variety of applications in the oil and gas industry, ranging from drilling rigs to refinery pumps. To satisfy industry standards, these motors have been made explosion-proof and more efficient. Demand for industrial motors is expected to rise as investment in the oil and gas industry's upstream and midstream sectors increases.
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Europe is the second-largest market for industrial motors, with a projected market value of 8.37 USD billion in 2030. In February 2021, increased export demand lifted industrial activity in Germany to a 36-month high, but COVID-19 lockdown measures pushed the services sector even lower. By 2025, 84 percent of German manufacturers plan to invest EUR 10 billion per year in smart manufacturing technologies, with the automotive industry (1.2 billion per year), machinery, equipment, and plant engineering and construction (1.5 billion), electronics and microelectronics industry (817 million per year), and metalworking industry (800 million per year) leading the way (817 million per year). 75 percent of German enterprises have integrated digital solutions in most industries, and Germany's advanced manufacturing industries directly and indirectly employ 15 million people. As a result, German manufacturers' plans to develop in numerous domain industries are expected to raise demand for industrial motors over the anticipated period.
The automobile sector is very important in the French economy. The annual manufacturing of automobiles has been about 2.2 million for several years. As a result, France continues to be one of Europe's leading automobile producers and hence industrial motor in anticipated to get increase in France.
There are presently 120 onshore oil and gas sites in the United Kingdom, with 250 active wells producing 20,000 to 25,000 barrels of oil equivalent per day. UKOG primarily operates in the Weald Basin, which has a long history of oil and gas exploration in South East England and the sector is growing continuously as the demand for energy is increasing with increase in industrialisation and development. Hence, industrial motor demand is likely to get increased in UK.
Some of the major players in Europe (having significant market share) are listed below: