Global Industrial Motor Market on Period 2022-2031
According to the latest insights from Persistence Market Research, global industrial engine sales are projected to exceed US$158 billion in 2021, with stable long-term forecasts. The report estimates that the market will grow at over 6% CAGR from 2021 to 2031.
The growing need for farm equipment and agricultural products has resulted in increased demand for industrial engines from sectors such as agriculture, oil and gas, power generation and chemicals. Rapid product advancements are also expected to complement market growth in the coming years.
However, demand for industrial engines declined in 2020 due to the COVID-19 pandemic. Nevertheless, the oil and gas industry as well as the construction industry are in recovery mode, which bodes well for future sales of industrial engines. Given the possibility of a spur in many countries, the long-term outlook for the market remains positive.
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Key Characters:
The report has profiled some of the major global players including Mitsubishi, Caterpillar (Engines) USA, Deere & Company, Honda Motor Co. Ltd., Hyundai, SIEMENS Energy, Cummins, Kubota Corporation and Yanmar and more.
This report covers Industrial Engine sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future prospects.
Important insights from the market study
- The demand for engines for off-highway vehicles depends on the growth rate of the agricultural and construction machinery industry. The increasing mechanization trend in agriculture in developing countries and the increase in residential and commercial construction projects worldwide are driving the construction and agricultural machinery market, which drives the demand for industrial engines.
- Industrial diesel engines have construction, marine, mining, hospital, forestry, telecommunications, underground and agricultural applications that are considered lucrative avenues for manufacturers.
- The demand for energy and utilities for rural and semi-urban centers with infrastructure being built in intermediate phases is increasing, which is estimated to boost the agricultural sector and the power generation industry, thereby boosting sales of industrial engines.
- An increasing number of players focused on R&D and product variations related to industrial engines are expected to support the market growth in the coming years.
- Diesel engines are said to hold more than three quarters of the market share.
- The power generation industry is expected to hold a total market share of over 18.2% as an end user by the end of 2031.
- Industrial engine sales experienced a slump in 2020 with a recorded growth rate of -5% due to the COVID-19 pandemic.
- The market in Canada is expected to grow at a CAGR of around 7% through 2031, while that in the US will grow at almost 6%.
- The market in India is expected to grow at about 8% CAGR over the next decade.
“Increasing demand for mobile power generation, agriculture and construction in recent years should boost sales of industrial engines,” says an analyst with Persistence Market Research.
Region Coverage (Regional Production, Demand and Forecast by Country etc.):
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Italy, Russia, Spain etc.)
Asia Pacific (China, India, Japan, Southeast Asia etc .)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Players
Industrial Engines Market Manufacturers
Industrial Engines Market Distributors/Traders/Wholesalers
Industrial Engines Market Sub-Component Manufacturers
Industry Association
Downstream Vendors
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The key highlights of the Industrial Motor market report:
- The Industrial Engines Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors driving the market growth.
- The report thoroughly assesses the current, historical market size, share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the market presence of industrial motors in major regions of the world.
- It determines the production and consumption capacities as well as the demand and supply dynamics of each regional market.
- The report further illustrates the intense competition among the major market players and highlights their effective business expansion plans and strategies.
- It provides a company overview and a SWOT analysis of each market player.
Key questions answered in this report.
- What will the market growth rate be in the future?
- What are the key factors driving the global market?
- Who are the key manufacturers in the market space?
- What opportunities and risks do providers face in the global industry?
- What is Sales, Revenue, and Price Analysis by Industrial Regions?
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