Industrial High Voltage Motor Market Projected to Grow at a CAGR of 3.9% and Generate a Revenue of $2,566.7 Million by 2032

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The global industrial high voltage motor market size is predicted to be valued at $2,566.7 million by 2032, surging from $1,755.8 million in 2022, at a noteworthy CAGR of 3.9%.

Impact Analysis of COVID-19 on the Industrial High Voltage Motor Market

The global industrial high voltage motor market has been significantly impacted by the emergence of the COVID-19 pandemic, as the pandemic disrupted global supply chains and delayed the availability of components and materials needed for the manufacturing of high voltage motors This was majorly owing to the closure of manufacturing units, logistical challenges, and import-export delays. Also, the economic uncertainty led by the pandemic resulted in reduced capital expenditure by industries, as many projects were put on hold or delayed which impacted industrial high voltage motor demand. In addition, the demand for these motors from the end-use industries majorly oil & gas, construction, manufacturing, was impacted owing to reduced economic activities and downturns in terms of demand. In addition, increased focus on cost-cutting during the pandemic led to a significant reduction in maintenance activities and retrofitting projects. This in turn impacted the replacement and upgradation of existing high voltage motors.

Global Industrial High Voltage Motor Market Analysis

Industrial high voltage motor finds application across energy transmission & distribution, power generation, infrastructure projects, and industrial applications. For instance, in infrastructure projects, industrial high voltage motors are used in drilling rigs and pumps & compressors. For instance, these motors drive pumps for oil extraction and transport. Also, they are used in compressors for gas compression in the oil & gas industry. In addition, these motors are used in several components of drilling rigs, such as draw works and mud pumps that are extensively used for oil & gas exploration. Similarly, in infrastructure projects, these motors are used in construction machinery and for water & wastewater treatment. For instance, in water & wastewater treatment, the high voltage motors drive pumps, compressors, and other equipment. Also, these motors are used in heavy machinery such as cranes and construction equipment that leads to infrastructure development. In addition, for mining & mineral processing applications, these motors are used in conveyors, crushers, and other equipment to transport bulk materials and to break down larger rocks into smaller pieces. This facilitates the transport and processing of minerals. These factors are anticipated to boost the industrial high voltage motor market growth during the forecast years.

The complex control systems as well as environmental impact, high maintenance cost, and downtime are estimated to hamper the industrial high voltage motor market share in the upcoming years. This is because the maintenance of high voltage motors during unexpected breakdowns can incur high costs and it can be challenging for industries with budget constraints. Also, the downtime cost for repairs or replacements can impact industrial processes and production schedules. These motors, especially those with higher power ratings are usually physically large. Thus, the space limitations in industrial facilities may limit the use of large motors or require additional planning for installation.

Growing applications of industrial high voltage motor across marine, rail transportation, geothermal power generation, and others is anticipated to boost the industrial high voltage motor market expansion in the future. For instance, industrial high voltage motors are used in solar tracking systems to position solar panels toward the sun for optimal energy capture in solar power plants. Also, these motors play a vital role in the generation of electricity from geothermal sources. Similarly, in marine applications, these motors are used in ship propulsion systems. Also, across the rail transportation sector, the industrial high voltage motor market share is driven by the ability of these motors to drive electric locomotives. These factors are anticipated to create several growth opportunities for the key players operating in the industrial high voltage motor market.

Global Industrial High Voltage Motor Market, Segmentation

The industrial high voltage motor market is segmented on the basis of type, product, application, and region.

Type:

The type segment is classified into squirrel-cage motors and slip-ring motors. Among these, the squirrel-cage motors sub-segment is anticipated to be the fastest growing during the forecast period. The popularity of squirrel-cage motors is attributed to various factors such as robust, simple installation, self-starting ability, low maintenance, versatility, and others. For instance, squirrel-cage motors have a simple and rugged design with fewer moving parts compared to other motor types. Owing to the same, these motors are durable and offer high reliability in harsh industrial environments. In addition, the squirrel-cage motors require minimal maintenance owing to their simple construction. These motors do not have sliprings that can wear out as well as the absence of a winding on the rotor further reduces maintenance needs. In addition, these motors are self-starting owing to which these motors do not require additional starting mechanisms. Hence, squirrel-cage motors offer efficient control and operations. Furthermore, these motors are used in various industrial applications such as pumps, fans, compressors, conveyors, and others. These factors are anticipated to drive the popularity of squirrel-cage motors in the upcoming years.

Product:

The product segment is further classified into synchronous high voltage motor and asynchronous high voltage motor. Among these, the synchronous high voltage motor sub-segment is anticipated to grow at the fastest CAGR during the forecast period. Synchronous high voltage motors are preferred in industrial applications owing to their power factor correction, precise speed control, high efficiency, and steady operation at variable speeds. For instance, when it comes to precise speed control, synchronous high voltage motors maintain a constant speed irrespective of the load. Hence, they are suitable for applications that require precise speed control. In addition, these motors are crucial in processes where maintaining a specific speed is necessary for the quality, efficiency, or safety of industrial operations. Furthermore, synchronous motors tend to have higher efficiency at full load compared to induction motors. Therefore, these motors are preferable for high voltage industrial applications such as power generation and industrial processes.

Application:

The application segment is further classified into cement production, mining, chemical processing, oil & gas, metal processing, paper manufacturing, and others. Among these, the metal processing sub-segment is anticipated to grow at the fastest CAGR during the forecast period. The high voltage industrial motors are used in metal processing applications as these applications have high power requirements owing to energy-intensive processes. For instance, metal processing involves heavy-duty operations such as cutting, shaping, rolling, and forming. In these applications, the high voltage motors are designed to withstand the high torque and heavy loads associated with these processes. In the rolling mills applications, high voltage industrial motors shape and reduce the thickness of metal sheets or bars through a series of passes. In addition, forklifts, cranes, and other material handling equipment are powered by high voltage motors as these motors provide the necessary lifting and movement capabilities for efficient material handling.

Region:

The industrial high voltage motor market in LAMEA is projected to show the fastest growth during the forecast period. Rapid industrialization, growth in oil & gas sector, robust mining activities, and growth in renewable energy as well as infrastructure projects are factors anticipated to drive the industrial high voltage motor market size in the LAMEA region. For instance, many countries in the Middle East have a strong presence in the oil & gas industry where the high voltage motors are vital for applications in drilling, extraction, and refining processes. Also, mining is a significant industry in the LAMEA region and the use of high voltage motors is essential for several mining operations such as the extraction and processing of minerals. In addition, Saudi Arabia has taken several initiatives such as Saudi Vision 2030 which focuses on promoting industrialization, economic diversification, and infrastructure development, which is anticipated to boost the industrial high voltage motor market growth in the LAMEA region during the forecast period.

Key Players in the Global Industrial High Voltage Motor Market

Some of the leading industrial high voltage motor market players are ABB, WEG, General Electric Company, Teco Australia, Siemens AG, Toshiba Mitsubishi-Electric Industrial Systems Corporation, OME, HYOSUNG HEAVY INDUSTRIES, Shanghai Electric Machinery Co., Ltd., and Regal Beloit Corporation.