Enjoy complimentary customisation on priority with our Enterprise License!
The severe duty motors market share is expected to increase to USD 602.59 million from 2021 to 2026, at a CAGR of 4.3%.
This severe duty 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 severe duty motors market segmentations by end-user (oil and gas industry, chemical and petrochemical industry, water and wastewater industry, metals and mining industry, and others industry) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The severe duty motors market report also offers information on several market vendors, including ABB Ltd., Bharat Bijlee Ltd., Brook Crompton Group, Crompton Greaves Consumer Electricals Ltd., Elektrim Motors, Havells India Ltd., Kirloskar Electric Co. Ltd., MGM Electric Motors, Mitsubishi Electric Corp., Nidec Corp., Regal Rexnord Corp., Rockwell Automation Inc., Siemens AG, Toledo Engineering Co. Inc., Toshiba Corp., WEG Equipamentos Eletricos SA, Wolong ELectric Group, and WorldWide Electric Corp. among others.
Download the Free Report Sample to Unlock the Severe Duty Motors Market Size for the Forecast Period and Other Important Statistics
The growing demand for energy-efficient severe duty motors is notably driving the severe duty motors market growth, although factors such as stagnant growth of the oil and gas and mining industries 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 severe duty motors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Severe Duty Motors Market Driver
The growing demand for energy-efficient severe duty motors is one of the key drivers propelling the severe duty motors market growth. There is growing consumption of severe duty motors worldwide as they can perform operations at high speed. Significantly, the growing consumption when coupled with the high cost of electricity has now necessitated end-user industries to pursue energy efficiency measures. On average, 9% of the production cost in any industry is spent on electricity and this number may climb close to 40% in energy-intensive industries. Thus, to reduce energy consumption the end-users are adopting severe duty motors. Such an increasing adoption will drive market growth during the forecast period.
Key Severe Duty Motors Market Trend
Increased upgrading activities of severe duty motors is one of the key severe duty motors market trends fueling the market growth. There is increasing adoption of severe duty motors from various end-user industries due to their operational benefits and inherent features. Nowadays, end-user industries are replacing electric motors with severe duty motors due to their rugged construction, cool operation, high performance, and applications. Thus, industries are prioritizing severe duty motor upgrades to increase the deployment of these motors. Furthermore, the opportunity to upgrade a conventionally deployed motor to severe duty motors can be identified by conducting an installed base evaluation that enlists all the motors. Thus, these increased upgrade activities will fuel the market growth during the forecast period.
Key Severe Duty Motors Market Challenge
Stagnant growth of the oil and gas and mining industries is one of the key factors challenging the severe duty motors market growth. There are decisions taken by developed and developing nations to reduce the use of fossil fuels. This is due to the vision to reduce pollution levels, which have affected investments in the oil and gas sector. At present, only a few countries, such as Iran and Saudi Arabia in the Middle East, have not reduced their production to maintain their volume market share in the global market. Moreover, as the metals and mining and oil and gas industries account for more than 40% of the global severe duty motors market, their stagnant growth will have high implications for the growth of the severe duty motors market during the forecast period.
This severe duty 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 severe duty motor market as a part of the global automotive components and accessories 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 severe duty 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 severe duty motors market encompasses successful business strategies deployed by the key vendors. The severe duty motors market is fragmented and the vendors are deploying organic and inorganic growth strategies 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 severe duty 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 severe duty 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.
For more insights on the market share of various regions Request for a FREE sample now!
48% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the severe duty motors market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising population and improving per capita income of people have given an upsurge to higher consumption habits, which will facilitate the severe duty motors market growth in APAC 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
The outbreak of COVID-19 severely impacted the regional market. However, the initiation of vaccination drives in the first quarter of 2021 led to the lifting of lockdown restrictions in the region. This has resulted in the restoration of the supply chain, the reopening of manufacturing units, and the resumption of full-fledged production, which has helped the severe duty motor market to gain momentum. Therefore, the market is expected to witness growth during the forecast period.
To gain further insights on the market contribution of various segments Request for a FREE sample
The severe duty motors market share growth by the oil and gas industry segment will be significant during the forecast period. The global severe duty motors market in the oil and gas industry is expected to experience an increase in year-over-year growth during the forecast period, mainly due to deep-water drilling and production from shale gas reserves, driven by oil and gas prices. Moreover, the exploration of new oil and gas fields and refinery units is expected to drive the market for severe duty motors in the oil and gas industry. Thus, the demand for severe duty motors in the oil and gas industry will increase in conjunction with the expansions in onshore and offshore production activities.
This report provides an accurate prediction of the contribution of all the segments to the growth of the severe duty motors market size and actionable market insights on post COVID-19 impact on each segment.
|
Severe Duty Motors Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Decelerate at a CAGR of 4.3% |
|
Market growth 2022-2026 |
$ 602.59 million |
|
Market structure |
Fragmented |
|
YoY growth (%) |
4.69 |
|
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 48% |
|
Key consumer countries |
US, China, India, Japan, and Germany |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
ABB Ltd., Bharat Bijlee Ltd., Brook Crompton Group, Crompton Greaves Consumer Electricals Ltd., Elektrim Motors, Havells India Ltd., Kirloskar Electric Co. Ltd., MGM Electric Motors, Mitsubishi Electric Corp., Nidec Corp., Regal Rexnord Corp., Rockwell Automation Inc., Siemens AG, Toledo Engineering Co. Inc., Toshiba Corp., WEG Equipamentos Eletricos SA, Wolong ELectric Group, and WorldWide Electric Corp. |
|
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
