Industrial High Voltage Motor Market Expected to Reach $2.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Industrial High Voltage Motor Market," The industrial high voltage motor market size was valued at $1.8 billion in 2022, and is estimated to reach $2.6 billion by 2032, growing at a CAGR of 3.9% from 2023 to 2032. The industrial high voltage motor is typically used in applications where heavy loads are moved such as mining, cement & steel industry, oil & gas, and others. These motors are available in two major forms namely high-voltage squirrel cage motors and high-voltage slip ring motors.

The high-voltage squirrel cage motors operate on a power of up to 25,000 kW and high-voltage slip ring motors operates at a power of 15,000 kW. Industrial high voltage motors are highly popular as they offer high efficiency with low operating and maintenance costs. These motors are manufactured with a torsion-resistant cast iron housing while other motors have flexible welded steel housing. Also, industrial high voltage motor offers high load capacity & longer service life and can be used in harsh environmental conditions.

The on-going trends in smart manufacturing and Industry 4.0 which comprises of integration of advanced automation & technologies is anticipated to boost the industrial high voltage motor market growth in the upcoming years. High voltage motors that are equipped with smart features such as enhanced connectivity can lead to efficient manufacturing processes. In addition, electrification in the transportation sector with the use of electric trains and electric vehicles is driving the demand for high voltage motors. The upgradation and modernization of industrial facilities have increased the demand for high voltage motors in the industrial sector. Also, need for upgradation and modernization of existing industrial facilities and infrastructure contribute to the demand for high-voltage motors. Also, the government initiatives and regulations that focus on environmental sustainability and adoption of clean technology are predicted to drive the industrial high voltage motor market forecast growth during the forecast years.

Limited efficiency at low speed and safety concerns are estimated to hamper the industrial high voltage market share in the upcoming years. High voltage motors are difficult to operate at low loads. For instance, running industrial high voltage motor at a certain low level can affect the efficiency and power factor. The maintenance and reliability of high voltage motors is also complex. Therefore, the size and complexity of these motors require specialized tools and expertise for repairs and inspection.

The use of high power motors in large-scale manufacturing and across high-power applications such as data centers, electric propulsion of ships, and others are predicted to generate excellent growth opportunities in the market. For instance, many electric and hybrid ships use high-voltage electric propulsion systems which includes variable frequency drives, electric motors, and power distribution systems. The high voltage motors are used in ships for precise maneuvering and improved efficiency. In electric propulsion system of ships, these motors are used in dynamic positioning systems and thruster systems for positioning. In addition, the electrification of ship propulsion boosts the overall efficiency of the system, reduces fuel consumption, and lowers the emission of harmful gases for sustainable maritime transportation.

The industrial high voltage motor market analysis is segmented on the basis of type, product, application, and region. By product, it is classified into squirrel cage motors and slip ring motors. By product, it is classified into synchronous high voltage motor and asynchronous high voltage motor. By application, the market is divided into cement production, mining, chemical processing, oil and gas, metal processing, paper manufacturing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America.

The key players profiled in the industrial high voltage motor market report include 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.

The report offers a comprehensive analysis of the global industrial high voltage motor market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing towards the industrial high voltage motor market share. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Industrial High Voltage Motor Industry

• Reduced industrial activities, decline in energy demand, and supply chain disruptions have led to a negative impact on the industrial high voltage market size during the pandemic. For instance, the social distancing norms, unprecedented lockdown, and disruptions in the workforce availability led to negative impact on the industrial high voltage motors market.
• The majority of the manufacturing operations and construction projects were halted, or they were allowed to operate at a reduced capacity which affected the demand for industrial high voltage motors during the pandemic.
• In addition, many businesses had to postpone or re-evaluate their capital expenditure plans owing to economic uncertainties. For instance, many companies implemented cost-cutting measures to maintain profitability and financial stability.

Key Findings of the Study

• Based on type, the squirrel cage motors sub-segment emerged as the global leader in 2022 and the slip ring motors sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on product, the synchronous high voltage motor sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
• By application, the oil & gas sub-segment is anticipated to grow at the fastest CAGR during the forecast period.
• Based on region, Asia-Pacific registered the highest market share in 2022 and it is projected to be the fastest growing during the forecast period.