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Dublin, July 9, 2021 (Global News Agency) – “Industrial Motor Market-Forecast for 2021-2026” Report has been added to ResearchAndMarkets.com provide.
The global industrial motor market is valued at US$82.196 billion in 2019 and is expected to grow at a compound annual growth rate of 6.48% by 2026, reaching a market size of US$127.596 billion.
An electric motor is a device that transmits power between electrical energy and mechanical energy. As the name suggests, industrial motors are motors used in various industries. Strict energy standards and rising electricity prices have further promoted the demand for energy-efficient industrial motors for various applications. The awareness of water depletion continues to increase, so the global demand for water recycling continues to increase, which will be attributed to the growth of the industrial motor market in the next few years. Due to the rapid development of industrialization, the development of infrastructure in countries such as China and India, the continuous development of terminal industries such as automobiles, food and beverages, and mining, and the strict supervision of wastewater, the industrial motor market in the Asia-Pacific region is expected to grow at the fastest rate. During the forecast period, factors such as higher prices of industrial motors than traditional motors and high installation costs will hinder the growth of the global industrial motor market.
The growth of the market is due to major technological developments in multiple industries to increase productivity and efficiency. As an important equipment in various industries, industrial motors have a close relationship with the development of the manufacturing industry. Recent technological advancements and the implementation of government policies, such as minimum energy performance standards (MEPS), have produced energy-efficient motor systems in several countries, thereby increasing the market share of industrial motors.
In modern times, the tremendous advances in technology provide opportunities for the development and manufacture of electric motors, which can be used in a wide range of applications in automobiles, agriculture, construction and other industrial fields. Various obstacles hinder the adoption of energy-saving motors. The biggest cost of most motors is energy cost, followed by maintenance and initial purchase cost. The developing oil and gas sectors in various regions have greatly contributed to the growth of the market. The growth in industrial automation is expected to be evenly distributed across all market segments, supported by discrete manufacturing growth and the growth of the North American oil and gas industry. Therefore, the growth of industrial automation has led to an increase in demand for the industrial motor market.
Motors are commonly used in OEM-based products, pumps, conveying systems, compressors, fans, and industrial machinery. AC and DC motors can be developed by integrating electronic hardware and sensors to provide predictive maintenance and reduce downtime during maintenance.
The industrial motor market has been signed by the industry’s growing attention to Industry 4.0. automated industry…
The full story on Benzinga.com
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