An electric motor is a machine that converts electrical energy into mechanical energy. It operates on the electromagnetic induction principle, which states that in the presence of a magnetic field, a current-carrying conductor senses a force. Electric motors have a long service life, low energy usage, low maintenance, and a high voltage tolerance. Electric motors are widely used in a variety of industries, including industrial machinery, automobiles, household appliances, HVAC (heating, ventilation, and air conditioning) equipment, aircraft, and transportation.
By 2030, the North America industrial motors market is estimated to be worth USD 7.24 billion, increasing at a CAGR of 4.05 % over the forecast period (2022–2030). In North America, the market for industrial motors is primarily driven by the industries' increased focus on industry 4.0. In the region, industrial automation is driving the manufacturing industry toward more efficient goods, with high growth projected over the projection period.
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The North America 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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In North America Industrial Motors Market is primarily driven by the industries' increased focus on industry 4.0. In the region, industrial automation is driving the manufacturing industry toward more efficient goods, with high growth projected over the projection period.
The United States is expected to lead the market. The industrial revolution is driving demand for industrial motors in the United States, which includes automotive, aerospace, and defence, as well as the region's attempts to become a dominant exporter of oil and gas exports. Energy efficiency regulations are also followed by domestic industrial participants in the region. As the United States began to reap the benefits of the fourth industrial revolution, local firms began to use data on a broad scale for production in order to keep energy usage in check at the industry level. Industrial motors are driven by the variables described previously. Chemical businesses in the United States may build plants, expand, and automate their operations thanks to favourable government policies and low-cost natural gas. As a result, the North American chemical industry's automation boom is predicted to propel the region's researched market forward.
The industrial motor market in Canada is expected to grow modestly in the next years due to increased infrastructure construction and industrial sector expansion. The market is growing due to the strengthening of the vehicle sector and increased government initiatives to limit the use of fossil fuels. One of the most important sectors for the deployment of electric motors is agriculture. The rapid move of the vehicle industry to electric motors is due to the increasing efficiency of electric motors.
Mexico has issued a standard (NOM033ENER2019) which establishes new mandatory energy efficiency needs for air-cooled alternating current motors with a nominal voltage of up to 240 volts and a nominal power of at least one watt but less than 180 watts, two, four, and six poles, as well as electronically switched motors.
Some of the major players in North America (having significant market share) are listed below: