New York, July 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Industrial Motors Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05934747/?utm_source=GNW
- 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.
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.
United States Expected to Dominate the Market
- The demand for industrial motors in the United States is driven by the industrial revolution across the sectors, including automotive, aerospace, and defense, and the regions’ efforts to emerge as a leading exporter of oil and gas products.
- Domestic industrial players in the region also follow energy efficiency standards. As the United States started to gain from the fourth industrial revolution, the local manufacturers are using data on a large scale for production to maintain energy consumption at the industry level. The factors mentioned above are the driving factors of industrial motors.
- Department of Energy (DOE) is funding R&D (about USD 25 million) to develop energy-efficient electric motors, through which it expects to develop a new generation of energy-efficient, high power density, high speed, integrated medium voltage drive systems for diverse applications.
- Supporting government policies and competitively priced natural gases enable US chemical companies to build plants, expand, and automate their facilities. Hence, the North American chemical industry’s automation growth is also expected to drive the studied market in the region further.
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.
- July 2019 - WEG introduced a new M (Mining) series of slip ring motors for use in the mining and other industries. Available in frame sizes IEC 355 to IEC 1000, these new motors cover the power range from 250 kW to 10 MW at 50 Hz or 60 Hz line frequency. Additionally, these motors have 4 to 14 poles and are designed for voltages up to 13.8 kV.
- June 2019 - ABB introduced a new IEC low voltage (LV) flameproof motors in smaller frame sizes. The company’s new IEC low voltage flameproof motors come in frame sizes 80 – 132. These motors are ideal for use in hazardous and explosive environments, typically found in the chemical, mining, and oil and gas industries.
Reasons to Purchase this report:
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Read the full report: https://www.reportlinker.com/p05934747/?utm_source=GNW
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The Industrial Motors Market was valued at USD 8.96 billion in 2019 and is expected to reach USD 11.01 billion by 2025, registering a CAGR of 5.1% during the forecast period (2020-2025 - GlobeNewswire
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