Special Motors Market Forecast 2023 - 2030

By Type :

The type segment is categorized into explosion proof motor, crane and metallurgical motor, and others. Crane and metallurgical motors accounted for the largest market share in 2022 owing to the increasing application in various industries including manufacturing, construction, mining, and steel production. Additionally, crane and metallurgical motors are specifically designed to handle heavy loads and operate in demanding environments. The special motors are built to withstand the rigors of continuous operations to provide high torque, durability, and reliability for heavy-duty applications. Moreover, the 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 further boosting the market growth. For instance, SEALOCEAN launched a crane and metallurgical motor YZR series that operates at 400 C and 600 C for crane and metallurgical applications respectively. The motor series is lightweight and easy to install and is extensively used in applications including material handling, and weirs and sluices, thus contributing considerably in bolstering the growth of crane and metallurgical motor segment.

The explosion proof motor 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. In addition, the growing awareness of the potential risks associated with hazardous environments is driving the adoption of explosion-proof motors. Industries are adopting proactive measures to mitigate the risk of explosions and to ensure the safety of workers. Explosion-proof motors are a vital component in such risk mitigation strategies, hence contributing notably in fueling the market growth in the upcoming years.

By Application :

The application segment is classified into petrochemical industry, coal industry, and others. The petrochemical industry accounted for the largest market share of 63.5% in 2022 as the industry encompasses a wide range of processes and applications, including refining, chemical production, polymer manufacturing, and oil and gas exploration. Each of the applications requires specialized motors to meet specific operational requirements. Additionally, petrochemical processes involve harsh environments, high temperatures, corrosive substances, and explosive atmospheres. Special motors designed for such challenging conditions are essential for the safe and efficient operation of petrochemical facilities, thereby contributing significantly in promoting market growth.

Moreover, petrochemical plants operate on a continuous basis, with little or no downtime. Special motors play a vital role in ensuring the reliable and continuous operation of various equipment, including pumps, compressors, mixers, and agitators. The motors are designed for continuous duty, high efficiency, and long service life, thus becoming indispensable in the petrochemical industry. Consequently, the expanding petrochemical industry increases the demand of special motors to function efficiently in harsh conditions and also to enhance operational efficiency. For instance, according to the Indian Department of Chemicals & Petrochemicals, the production of major chemicals and petrochemicals in India in 2022 accounted to 26,570 thousand MT, witnessing a CAGR of 4.61% from 2019 to 2022. The expanding petrochemical industry is thus contributing considerably in propelling the growth of the special motors market.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia Pacific accounted to USD 21.67 Billion in 2022 and is expected to register the fastest CAGR of 7.2% accounting to USD 37.12 Billion in 2030 in the special motors market. In addition, in the region, China accounted for the maximum revenue share of 53.45% in the year 2022. Asia Pacific is undergoing rapid industrialization, with several countries in the region witnessing significant growth in the manufacturing and infrastructure sectors. The expansion of industries including automotive, electronics, energy, and construction is driving the growth of the special motors market. Additionally, Asia Pacific has a strong emphasis on energy efficiency, sustainability, and reducing environmental impact. Specialized motors play a crucial role in optimizing energy consumption and meeting sustainability goals. The region's focus on energy efficiency is driving the demand for high-performance, energy-efficient motors, further strengthening Asia Pacific's position in the special motor market. For instance, in July 2022, the Indian Government initiated steps to promote the growth of renewable energy by laying new transmission lines and creating new sub-station capacity for the evacuation of renewable power plants.