This study forecasts the future of the electric motor industry as it embraces new business models and innovations brought in by the Industrial Internet of Things (IIoT) and digital transformation across the value chain. Shifting customer preferences and socioeconomic volatility, the impact of the global pandemic on the supply chain, and political turmoil are compelling motor original equipment manufacturers (OEMs) to design products and solutions to improve thinning margins and maintain a competitive edge. The advent of digitalization and IIoT resulted in motor OEMs achieving business excellence by moving from product-based to solution-based offerings. The motors market, valued at $20.12 billion in 2021, is expected to grow at a CAGR of 2.9% to $22.55 billion, driven by the adoption of digital-based solutions and aftermarket services. Asia-Pacific (APAC) is expected to be the largest region for the motors market, propelled by demand from process industries, such as oil and gas, chemical, and power generation. In addition to the digitalization trend, the motors market will be driven by energy-efficiency norms and demand from hybrid and discrete industries, especially electric vehicles. However, the prevailing global pandemic and its impact on supply chain and operations across end-market will offset the expected growth, resulting in a CAGR of 2.9% by 2025. The key market trends impacting the motors market will be decarbonization, digitalization, vendor-agnostic aftermarket services, supply chain optimization, and focus on glocalization (global + local). In addition, the study discusses industry Mega Trends, disruptive technologies, and competitive landscape trends that are impacting the market. An overview of the key market participants, their product offering, and their market positioning has been provided in this report. The competitive landscape includes details on emerging companies that offer disruptive technologies and business models for the motors market. Frost & Sullivan identified emerging innovative business models that will integrate the IIoT technologies, such as intelligent sensors, big data & analytics, machine learning (ML) & artificial intelligence (AI), cloud computing, and industrial mobility. The study discusses key growth opportunities for motor OEMs to unlock new potential revenue streams. The growing demand for energy efficiency in the process industry, increasing automation in hybrid and discrete industries, customer demand for real-time monitoring and industrial mobility, and the emergence of vendor-agnostic aftermarket services will create new growth opportunities for motor OEMs. This study also provides the estimated potential size and call to action for each of the identified growth opportunities for the motors market.--BEGIN PROMO--

Key Issues Addressed

• What is the current state of the electric motor industry and how is it expected to grow by 2025
• What are the innovative business models motor OEMs can explore as they move toward Motor-as-a-Service model
• What are the key growth opportunities for the electric motor industry How can they benefit from these opportunities
• What are the global Mega Trends and how do they impact this industry
• What is the mindset of end users toward the new motor solutions

Author: Avinash Kumar Ravi