North America Industrial Motors Market to 2026: Oil & Gas Industry Expected to Exhibit Maximum Adoption – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “North America Industrial Motors Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
Key Market Trends
Oil & Gas Industry Expected to Exhibit Maximum Adoption
- Industrial motors are an integral part of the oil and gas industry and widely used in a different part of the processes across the drill rig and powering pumps in the refineries. These motors are made explosion-proof with improved efficiency to meet industry standards.
- With the increasing investment in oil and gas upstream and midstream sectors, the demand for the industrial motor is expected to witness significantly high growth. The oil and gas upstream companies are gradually investing in oil production activities, which, in turn, will boost the replacement rate of traditional motors. In turn, this is expected to increase the growth across the oil and gas production market in the North American region.
- U.S. Energy Information Administration has previously forecasted that the United States liquid fuels consumption will average 15.7 million barrels per day in the Q2 of 2020, which is down by 23% from the same period in the previous year. The declining result reflects travel restrictions and reduced economic activity related to the COVID-19 pandemic mitigation efforts. U.S. Energy Information Administration expects one of the most significant declines in the United States oil consumption that has already happened, and demand will generally rise in the next 18 months.
Competitive Landscape
The competitive landscape of the North American Industrial Motors Market is expected to be moderately fragmented owing to the presence of several regional based players as well as global players with operations in the region.
The industrial motors market comprises of various prominent players such as Siemens AG, ABB Ltd., Rockwell Automation, among others. The brand identity associated with the companies has a major influence on this market. In order to gain a competitive edge, the prominent players have been actively launching new products.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Demand For Energy Efficiency Owing To Government Regulations
4.2.2 Growing Shift Towards Smart Motors
4.3 Market Restraints
4.3.1 High Initial Investment For Procuring New Equipment And Upgrading Existing Equipment
4.4 Industry Attractiveness – Porter’s Five Forces Analysis
4.5 Technology Snapshot
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 Type of Motor
5.1.1 Alternating Current (AC) Motors
5.1.2 Direct Current (DC) Motors
5.1.3 Other Types of Motors (Servo and Electronically Commutated Motors(EC))
5.2 Voltage
5.2.1 High Voltage
5.2.2 Medium Voltage
5.2.3 Low Voltage
5.3 End-user Industry
5.3.1 Oil & Gas
5.3.2 Power Generation
5.3.3 Mining and Metals
5.3.4 Water and Wastewater Management
5.3.5 Chemicals and Petrochemicals
5.3.6 Discrete Manufacturing (Automotive, Electronics & Semiconductor, Textile, Aerospace & Defense)
5.3.7 Process Industries (F&B, Pharmaceuticals, Plastics etc.)
5.4 Country
5.4.1 United States
5.4.2 Canada
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ABB Ltd.
6.1.2 Rockwell Automation, Inc.
6.1.3 Siemens AG
6.1.4 Regal Beloit Corporation
6.1.5 Altra Industrial Motion Corp
6.1.6 Johnson Electric
6.1.7 Toshiba International Corporation
6.1.8 Nidec Motor Corporation
6.1.9 TECO-Westinghouse
6.1.10 Yaskawa Electric Corporation
6.1.11 Fuji Electric Co. Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/4qx6z2
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