An industrial electric motor is a mechanism that converts electrical energy into mechanical energy. It works on the electromagnetic induction principle, which states that in the presence of a magnetic field, a current-carrying conductor perceives a force. Electric motors offer a long service life, low energy consumption, low maintenance requirements, and a high voltage tolerance. Electric motors are used in industrial machinery, automobiles, household appliances, HVAC (heating, ventilation, and air conditioning) equipment, aviation, and transportation.
By 2030, the LAMEA industrial motors market is estimated to be worth USD 1.92 billion, increasing at a CAGR of 3.72 % over the forecast period (2022–2030). By 2030, the Middle East and African industrial motors market is estimated to be worth USD 0.72 billion, increasing at a CAGR of 2.6% over the forecast period (2022–2030). Government funding will boost market growth potential in Latin America, the Middle East, and Africa in the foreseeable future. Rising demand, mostly from the petroleum and gas sector, rapid mining growth, and strong cement demand in the construction industry help the market in these regions.
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The LAMEA 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 percent 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 percent. 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 percent 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.
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The LAMEA industrial motors market is expected to be worth USD 1.92 billion by 2030, growing at a CAGR of 3.72 percent between 2022 and 2030. The Middle East and African industrial motors market is expected to be worth USD 0.72 billion by 2030, growing at a CAGR of 2.6 percent from 2022 to 2030. Across the near future, government investment will improve market growth potential in Latin America, the Middle East, and Africa. The market in these regions benefits from rising demand, primarily from the petroleum and gas sector, significant mining growth, and strong cement demand in the construction industry.
Rising purchasing power and improving living standards along with the growing awareness regarding good health and fitness is augmenting the demand for processed food and beverage products in the region. The pulp and paper industry in Brazil and Mexico continuously growing owing to healthy demand along with the presence of modern industrial facilities with genetic engineering solutions and highest forestry productivity per hectare. In Latin America, Positive socio-demographic trends, growing housing shortage due to growing population base along with government efforts to regenerate economic growth are boosting the construction industry in the region. All these factors are driving the demand for industrial motors across various end-use industries in South America.
For years, the region's most prolific oil and gas producers have remained the same, and the Middle East oil and gas sector's future appears to be unchanged. Saudi Arabia, Iran, Iraq, the United Arab Emirates, Kuwait, and Qatar have all long been significant actors, and their investments and upcoming projects suggest that this will continue for many years. In 2020 and beyond, the Middle Eastern oil and gas sector appears to have a bright future. Oil and Gas industry specially the upstream sector is involved in a lot of drilling and extraction activities which requires a lot of industrial motors and this is a very significant reason why demand in this region has increased in past few years and the trend is expected to remain same.
Some of the major players in LAMEA (having significant market share) are listed below: