Wilmington,Delaware, June 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Industrial High Voltage Motor Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Product, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global industrial high voltage motor market generated $1.8 billion in 2022, and is anticipated to generate $2.6 billion by 2032, rising at a CAGR of 3.9% from 2023 to 2032.
Prime Determinants of Growth
The growing applications in mining, metals, manufacturing, and water & wastewater treatment and the increasing demand for energy-efficient motors are the factors expected to drive the growth of the global industrial high voltage motor market in the forecast period from 2023 to 2032. However, challenging installation due to large size & bulkiness and safety concerns associated with the use of the motors may restrict market growth in the coming future. Contrarily, the technological advancements like Industry 4.0 and IoT integration for remote diagnostics and real-time monitoring is expected to offer remunerative opportunities for the industrial high voltage motor market expansion during the forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.8 billion |
| Market Size in 2032 | $2.6 billion |
| CAGR | 3.9% |
| No. of Pages in Report | 310 |
| Segments covered | Type, Product, Application, and Region |
| Drivers | Rising applications in the mining, oil & gas, power generation sectors Growing focus on energy efficiency Significant rise in renewable energy projects |
| Opportunities | Technological advancements Electrification in transportation |
| Restraints | Safety concerns and regular maintenance requirements |
Type: Squirrel Cage Motors Sub-segment to Flourish Immensely During the Forecast Period
The squirrel cage motors sub-segment accounted for the largest global industrial high voltage motor market share of 67.3% in 2022 and is expected to rise at the highest CAGR of 4.1% during the forecast period. This is majorly due to the high efficiency (80-95%) and versatility of squirrel cage motors across industrial applications like manufacturing and mining. Besides, their wide range of sizes and low rotor inertia make them ideal for various demanding uses.
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Product: Synchronous High Voltage Motor Sub-segment to Witness Significant Growth by 2032
The synchronous high voltage motor sub-segment accounted for the largest market share of 65.4% in 2023 and is predicted to grow at the highest CAGR of 4.1% during the forecast period. This is majorly owing to the high efficiency, precise control, and reliability of synchronous across various industrial applications. Operating at a constant speed synchronized with voltage frequency, these motors are ideal for consistent tasks like pumps, compressors, and generators, featuring protective measures for optimal performance and equipment safety.
Application: Oil and Gas Sub-segment to be the Most Dominant by 2032
The oil and gas sub-segment held the largest market share of 26.4% in 2022 and is predicted to lead and grow at the highest CAGR of 4.6% during the forecast period. This growth is driven by the growing usage of industrial high voltage motors in drilling operations, powering pumps and compressors, and crude oil processing. Their high torque and VFD compatibility enhance operational efficiency and flexibility, crucial for diverse industrial applications.
Region: Asia-Pacific Market to Witness Prominent Growth by 2032
The Asia-Pacific industrial high voltage motor market accounted for the largest share of 48.2% in 2022 and is predicted to grow at the highest CAGR of 4.5% by 2032. This growth is led by rapid industrialization, urbanization, and construction growth. Southeast Asian countries invest in oil & gas, while manufacturing giants like India and China drive demand for motors in various applications, including HVAC and automation, due to advanced technologies and automation adoption.
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Leading Players in the Industrial High Voltage Motor Market:
- General Electric Company
- HYOSUNG HEAVY INDUSTRIES
- OME
- Shanghai Electric Machinery Co., Ltd.
- Toshiba Mitsubishi-Electric Industrial Systems Corporation
- Teco Australia
- WEG
- ABB Ltd.
- Siemens AG
- Regal Beloit Corporation
The report provides a detailed analysis of the key players of the global industrial high voltage motor market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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