Market Size of North America Industrial Motors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Industrial Motors Market Analysis
The Industrial Motors Market was valued at USD 8.57 billion in 2020 and is expected to reach USD 11.69 billion by 2026, registering a CAGR of 5.1% during the forecast period (2021-2026). The market for industrial motors in North America is primarily driven by the industries' growing focus towards industry 4.0. Industrial automation drives the manufacturing sector towards more efficient products in the region, which is expected to show strong growth during the forecast period.
- This trend would generate demand for updated machinery which employs industrial motors. The growth of industrial automation is anticipated to be split evenly among all the segments supported by discrete manufacturing growth and the growth of the North American oil and gas sector. Hence, the growth of industrial automation is expected to generate demand for the industrial motors market.
- Manufacturers in the food industry are increasingly adopting the use of automation to meet the guidelines and regulations set by the industry associations for the maintenance of the quality of products offered. For instance, Food & Drug Administration's Food Safety Modernization Act (FSMA) introduced regulations, which necessitate that the giant food manufacturers should meet preventive controls and also Current Good Manufacturing Practice (CGMPS) requirements.
- Further, the region has been witnessing new manufacturing facilities with smart factory features. For instance, in June 2019, Schneider Electric, launched Smart Factory in the US to demonstrate how its EcoStruxure architecture and related suite of offerings can help increase operational efficiency and reduce costs for its customers.
- The increasing initiatives by the government and the regulated authorities to boost the adoption of the connected environment across the various industries is expected to fuel the market growth over the forecast period. The 2018 Management Agenda and the Fiscal Year 2020 United States Budget Plan, called out automation as a tool for agencies to use and explore to address staffing and budgeting issues to deliver better services to the public. Such initiatives are expected to increase the demand for industrial motors.
- Moreover, significant advances in technology have created opportunities to develop and manufacture electric motors for a broad range of applications in industries such as automotive and other industrial sectors. Over the past two decades, greater importance placed on environmental safety has led to the drafting of several norms and regulations that pinpoint this issue.
