Industrial Motors Market Opportunities, and Forecast By 2027
The global industrial motors market size is expected to grow at USD 89.9 billion from USD 54.8 billion in 2020 , at a CAGR of 8.2% from 2021 to 2027. An industrial electric motor is an electromechanical machine found in major industrial products around the world. Industrial electric motors translate electrical energy into mechanical energy used in conveyors, pumps, fans, and other industrial machinery. Increased capital investment in developing countries is estimated to allow vendors to invest further in the expansion and upgradation of manufacturing plants. Also, the trend toward green economies is encouraging the industrial sector to adopt energy-efficient motors so that the demand will grow, particularly in the IE3 and IE4 motor markets. Also, increased growth in mining activities and production of mined materials in China, India, and other developing countries is projected to boost motor production. Motor sales in the APAC region are ...