Industrial Motors Market - Forecast(2021 - 2026)
The global market for industrial motors was worth $32.9 billion in 2017 and is estimated to grow at a CAGR of 3.63% during 2018-2023. Industrial motors market by voltage is classified into very low voltage, high voltage, medium voltage and low voltage. Medium voltage motors generated a revenue of $6.7 billion and is projected to rise with a CAGR of 4.3%. It is expected that Asia – Pacific will have the largest market for industrial motors during the forecast period. However, factors such as increasing electricity prices, advancement in energy efficient motors, industrial expansions will play a major role in the growth of the market. Request Sample What are Industrial Motors? Industrial motors are widely used in industrial fans, machine tools, household appliances and power tools. The motors are powered by direct current (DC) or alternating current (AC) sources such as batteries, motor vehicles or rectifiers, power grid, inverters or generators. Motors with highly standardized charac