Global Special Motors Market growing at a CAGR of 6.9% from 2023 to 2030
Category : Machinery and Equipment | Published Date : Jul 2023
Key Market Overview
The special motors market is poised for strong expansion and is anticipated to reach USD 119.16 Billion by 2030. The market was sized at USD 70.90 Billion in 2022 and is expected to grow at a compound annual growth rate of 6.9% during the period 2023-2030.
The report highlights the increasing adoption of special motors owing to the rising demand of special motors for the efficient functioning of propulsion systems in electric vehicles (EVs). Consegic Business Intelligence provides an inclusive research report on the special motors market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Special Motors Market By Overview
Consegic Business Intelligence provided an inclusive research report on the special motors market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The explosion-proof motor segment is anticipated to witness the fastest CAGR in the special motors market during the forecast period. Industries operating in hazardous environments namely oil refineries, chemical plants, and mining operations are subject to stringent safety regulations. The regulations require the use of explosion-proof equipment, including motors, to prevent the ignition of flammable substances and ensure the safety of personnel and assets, thus contributing notably in bolstering the growth of the market.
Get Free SampleMarket Dynamics
Driver:
- Rising demand of special motors for the efficient functioning of propulsion systems in electric vehicles (EVs) is driving the market growth.
- Expanding renewable energy sector is increasing the demand of special motors to maximize energy generation in wind and solar power plants is propelling the market growth.
- Integration of advanced features including robust enclosures to protect against dust, moisture, and mechanical stress, as well as advanced control systems for precise movement and positioning is boosting the market growth.
Restraints:
- High manufacturing cost associated with special motors is restraining the market growth.
- Presence of standard motors with general-purpose functionalities is limiting the adoption of special motors
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Explosion Proof Motor, Crane and Metallurgical Motor, and Others |
| By Application | Petrochemical Industry, Coal Industry, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The landscape for special motors market is highly competitive with major players ABB Ltd, Toshiba Corporation, Jiamusi Electric Machine Co., Ltd., and Hyosung Corporation that have a strong market position in current market circumstances. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the special motors market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- ABB Ltd.
- Toshiba Corporation
- Jiamusi Electric Machine Co., Ltd.
- Hyosung Corporation
- Brook Crompton
- Kollmorgen (Altra Industrial Motion Corp.)
- Nidec Corporation
- Regal Beloit Corporation
- Siemens
- Valworx
- Tsurumi (America), Inc.