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The explosion proof motors market share is expected to increase by USD 389.23 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.14%.
This explosion proof motors market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers explosion proof motors market segmentation by end-user (oil and gas, chemicals and petrochemicals, metals and mining, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The explosion proof motors market report also offers information on several market vendors, including ABB Ltd., BK POWER SYSTEMS, Brook Crompton Group, General Electric Co., Hoyer Motors, HYOSUNG TECHNOLOGY CO. LTD., JIANGSU DAZHONG ELECTRICAL APPLIANCE Co. Ltd., Kollmorgen Corp., Lafert North America Inc., Meidensha Corp., Nidec Corp., Regal Rexnord Corp., Rockwell Automation Inc., Shaanxi Lite Simo Motor Technology Co. Ltd., Siemens AG, TECO-Westinghouse, Toshiba Corp., WEG Equipamentos Eletricos SA, Wolong Electric Group, and Wuxi Xian Explosion-proof Motor Co. Ltd. among others.
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The increasing number of initiatives to develop energy-efficient motors is notably driving the explosion proof motors market growth, although factors such as fluctuating prices of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the explosion proof motors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Explosion Proof Motors Market Driver
One of the key factors driving the global explosion proof motors industry growth is the increasing number of initiatives to develop energy-efficient motors. Out of the total consumption of electricity in industrial premises, approximately 35%-40% is consumed by electric motors, which increases costs and carbon emissions. According to Technavio estimates, on average, almost 9% of the cost of production is spent on electricity in most industries. However, in energy-intensive industries such as oil and gas, food and beverage, and power, it is almost 40%. Thus, several stringent guidelines related to energy efficiency have been implemented by the regulatory authorities across the world. For instance, the IEC has listed regulations for the use of energy-efficient motors in industrial premises. Such factors are expected to drive market growth in the forecast period.
Key Explosion Proof Motors Market Trend
Emergence of compact explosion proof motors is one of the key explosion-proof motors market trends that is expected to impact the industry positively in the forecast period. Vendors are focusing on offering compact explosion proof motors that can be integrated with direct online (DOL) and variable frequency drive (VSD) operations. This is because the operation models of industries have changed as they are focusing on reducing their capital and operating expenditures. For instance, Siemens provides explosion proof low voltage drive systems such as SIMOTICS XP, which is a 1MD5 motor in a flameproof enclosure Ex D, and SINAMICS G180, which is a converter solution. The drive system improves the operation of explosion proof motors by reducing the impact of voltage fluctuations. Such developments will further support the market growth in the coming years.
Key Explosion Proof Motors Market Challenge
One of the key challenges to the global explosion proof motors industry growth is the fluctuating prices of raw materials. Stainless steel, iron, bronze, and copper are the major raw materials used in the manufacturing of explosion proof motors. The prices of these raw materials are dependent on factors such as inflation, production, and availability. Rare-earth metals such as neodymium, iron, and boron are used to make the magnet into a permanent magnet motor. These magnets are twice as strong as a typical ferrite-based magnet. China is the major supplier of rare-earth magnets. The price of copper has increased. Hence, vendors are shifting from copper to aluminum, which is also lighter. However, as explosion proof motors require electromagnetic forces to drive them, the demand for copper is increasing. Currently, no alternatives are available to replace the use of copper wiring in explosion proof motors. Such factors will challenge the market growth in the forecast period.
This explosion proof motors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global explosion proof motors market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the explosion proof motors market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the explosion proof motors market encompasses successful business strategies deployed by the key vendors. The explosion proof motors market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The explosion proof motors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the explosion proof motors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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31% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for explosion proof motors in North America. Market growth in this region will be faster than the growth of the market in Middle East and Africa.
The initiation of several new upstream oil and gas projects and new chemical and petrochemical projects will facilitate the explosion proof motors market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic severely impacted most North American countries, which resulted in the temporary closure of various industries, including those manufacturing explosion proof motors. Governments in countries such as the US, Canada, and Mexico imposed stringent COVID-19-related restrictions, such as nationwide lockdowns and stay-at-home regulations. This resulted in decreased demand for explosion proof motors due to the full or partial closure of industries such as oil and gas, chemicals and petrochemicals, mining and metals, etc. However, by 2021, the demand for explosion proof motors rebounded as regional industrial activities reopened due to the COVID-19 vaccination drives. These factors will drive the growth of the regional explosion proof motors market during the forecast period.
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The explosion proof motors market share growth by the oil and gas segment will be significant during the forecast period. The environments where the oil and gas industry operates are harsh for electric motors. From offshore drilling to the pumping of oil, explosion proof motors are preferred in oil and gas facilities. Such factors will support the market growth through the segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the explosion proof motors market size and actionable market insights on post COVID-19 impact on each segment.
Explosion Proof Motors Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.14% |
Market growth 2022-2026 |
$ 389.23 million |
Market structure |
Fragmented |
YoY growth (%) |
3.89 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 31% |
Key consumer countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., BK POWER SYSTEMS, Brook Crompton Group, General Electric Co., Hoyer Motors, HYOSUNG TECHNOLOGY CO. LTD., JIANGSU DAZHONG ELECTRICAL APPLIANCE Co. Ltd., Kollmorgen Corp., Lafert North America Inc., Meidensha Corp., Nidec Corp., Regal Rexnord Corp., Rockwell Automation Inc., Shaanxi Lite Simo Motor Technology Co. Ltd., Siemens AG, TECO-Westinghouse, Toshiba Corp., WEG Equipamentos Eletricos SA, Wolong ELectric Group, and Wuxi Xian Explosion-proof Motor Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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