Global Electric Motor Service 2024

Market Overview

The global electric motor service market is projected to experience significant growth, with a forecasted increase to USD 12,175 million by 2029, representing a compound annual growth rate (CAGR) of 4.3% from 2024 to 2029.

The market can be categorized by various types of services provided, including spares & consumables, maintenance, rewind & repair, installation & commissioning, retrofit & upgrade, replacements, and others.

Furthermore, the electric motor service market can be segmented by industry sectors, such as oil & gas, discrete manufacturing, petrochemical, power, food & beverage, mineral, water treatment, and others. In 2023, the oil & gas segment generated USD 2,183 million in revenue, and it is expected to reach USD 2,760 million by 2029, with a CAGR of 4.0% during the forecast period. The oil & gas industry encompasses activities such as exploration, pipeline operations, terminal distribution, and other processes involved in product shipment. It held the largest share of the market in 2023, and as investments in this industry continue to grow, there is an expected increase in motor utilization and motor service opportunities.

According to Tanalyze, Discrete manufacturing is another significant sector that will drive market growth, particularly due to the expansion of the global semiconductor and automotive industries, including electric vehicles. The revenue from electric motor service in the discrete manufacturing sector is projected to grow at a CAGR of 5.4% in 2029.

Geographically, Asia-Pacific emerged as the dominant player in the electric motor service market in 2023, followed closely by the Americas and EMEA (Europe, Middle East, and Africa). In the Americas, the market was valued at USD 3,135 million in 2023 and is projected to reach USD 4,050 million by 2029. The North American market is primarily driven by increasing investments in the chemical and automobile sectors. The United States, in particular, has a notable presence of local electric motor service providers. Intense competition in the region has led original equipment manufacturers (OEMs) to focus on establishing long-lasting relationships with customers. Service-based models are gaining prominence, and investments in smart and connected assets in industrial facilities are increasing in the United States, Canada, and Latin America. The growth of the electric motor service market in the United States and Canada is fueled by the rising energy demand in various industrial and commercial sectors.

In terms of competition, the top five competitors collectively held a revenue share of over 45% in 2022. Prominent players in the global electric motor service market include ABB, Ltd., Siemens AG, Nidec Corporation, Regal Rexnord Corporation, WEG SA, Wolong Electric Group Co., Ltd., Altra Industrial Motion Corporation, Teco Electric Company Limited, AMETEK, Inc., ebm-papst Mulfingen GmbH & Co. KG, General Electric Company (GE), Maxon Group, Rockwell Automation, Inc., Aireco Supply, Inc., Allient Inc., Applied Industrial Technologies, Inc., Bearing Distributors, Inc., Danaher Corporation, Evans Enterprises Inc., FAULHABER GROUP, Franklin Electric Co., Inc., Hamilton Electric Works, Inc., Hitachi, Ltd., Johnson Electric Holdings Limited, Koffler Electrical Mechanical Apparatus Repair, Inc., Legend Star Manufacturing LLC, Megapower LLC, Mitsubishi Electric Corporation, Motion Industries, Inc., OTP Industrial Solutions, among others.

This study aims to analyze the global market for various segments of electric motor service, including:
Type: Spares & Consumables, Maintenance, Rewind & Repair, Installation & Commissioning, Retrofit & Upgrade, Replacements, and Others.
End-User: Oil & Gas, Discrete Manufacturing, Petrochemical, Power, Food & Beverage, Mineral, Water Treatment, and Others.
Region: Americas, EMEA (Europe, Middle East, and Africa), and Asia-Pacific.

Table of Contents

TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 8
Part 2. Scope and Methodology 9
Report Scope 10
Type 10
End-User 10
Region 10
Research Methodology 11
Part 3. Electric Motor Service Market Overview 13
Summary 13
Part 4. Market Dynamics 14
Growth Drivers 14
Future Trends 16
Restraints and Challenges 17
Opportunities 18
Part 5. Global Electric Motor Service Market by Type 23
Spares & Consumables 23
Maintenance 24
Rewind & Repair 24
Installation & Commissioning 24
Retrofit & Upgrade 25
Replacements 25
Others 25
Part 6. Global Electric Motor Service Market by End-User 28
Food & Beverage 28
Oil & Gas 29
Power 30
Mineral 30
Water Treatment 31
Discrete Manufacturing 31
Others 31
Part 7. Global Electric Motor Service Market by Region 33
Americas Electric Motor Service Market Analysis 37
EMEA Electric Motor Service Market Analysis 39
Asia Pacific Electric Motor Service Market Analysis 41
Part 8. Competitive Analysis 43
Competition Overview 43
Top 5 Competitors Analysis 45
Winning Analysis 47
ABB, Ltd. 48
Business Overview 48
Contact Information 51
Siemens AG 52
Business Overview 52
Contact Information 54
Nidec Corporation 55
Business Overview 55
Small Precision Motors 57
Contact Information 58
Regal Rexnord Corporation 59
Business Overview 59
Contact Information 61
WEG SA 62
Business Overview 62
Contact Information 64
Wolong Electric Group Co., Ltd. 65
Business Overview 65
Industrial Motors and Drives 67
Daily Motors and Controls 68
Contact Information 69
Teco Electric Company Limited 71
Business Overview 71
Contact Information 71
AMETEK, Inc. 72
Business Overview 72
Contact Information 74
ebm-papst Mulfingen GmbH & Co. KG 75
Business Overview 75
Contact Information 75
General Electric Company 76
Business Overview 76
Contact Information 79
Maxon Group 80
Business Overview 80
Contact Information 80
Rockwell Automation, Inc. 81
Business Overview 81
Contact Information 84
Other Leading Competitors 85
Disclaimer 86
FIGURES AND TABLES
Global Electric Motor Service Market, Net Growth, 2020-2029 (USD Million)
Global Electric Motor Service Market by Type, 2020-2029 (USD Million)
Global Electric Motor Service Market by Type, CAGR Historic and Forecast, 2020-2029
Global Electric Motor Service Market by End-User, 2020-2029 (USD Million)
Global Electric Motor Service Market by End-User, CAGR Historic and Forecast, 2020-2029
Global Electric Motor Service Market Share by Region, 2023
Global Electric Motor Service Market by Region, 2020-2029 (USD Million)
Global Electric Motor Service Market by Region, CAGR Historic and Forecast, 2020-2029
Global Electric Motor Service Market Share (%), by Top 5 Competitors, 2022
Global Electric Motor Service Top Competitors, By Region, 2022
ABB, Ltd. Financial Overview (USD Million)
ABB, Ltd. Revenue, by Type, 2022
ABB, Ltd. Revenue, by Segment, 2022
ABB, Ltd. Revenue, by Product, 2022
ABB, Ltd. Revenue, by Region, 2022
Siemens AG Financial Overview (EUR Million)
Siemens AG Revenue, by Segment, 2022
Siemens AG Revenue, by Region, 2022
Nidec Corporation Financial Overview (JPY Billion)
Nidec Corporation Revenue, by Segment, 2023
Nidec Corporation Revenue, by Region, 2023
Nidec Corporation Small Precision Motors Revenue (JPY Billion)
Regal Rexnord Corporation Financial Overview (USD Million)
Regal Rexnord Corporation Revenue, by Segment, 2022
Regal Rexnord Corporation Revenue, by Region, 2022
WEG SA Financial Overview (BRL Million)
WEG SA Revenue, by Region, 2022
WEG SA Domestic Market Revenue, by Segment, 2022
WEG SA International Market Revenue, by Region, 2022
Wolong Electric Group Co., Ltd. Financial Overview (CNY Million)
Wolong Electric Group Co., Ltd. Revenue, by Segment, 2022
Wolong Electric Group Co., Ltd. Revenue, by Region, 2022
Wolong Electric Group Co., Ltd. Industrial Motors and Drives Revenue (CNY Million)
Wolong Electric Group Co., Ltd. Industrial Motors and Drives Production (MW)
Wolong Electric Group Co., Ltd. Industrial Motors and Drives Sales (MW)
Wolong Electric Group Co., Ltd. Daily Motors and Controls Revenue (CNY Million)
Wolong Electric Group Co., Ltd. Daily Motors and Controls Production (Million Units)
Wolong Electric Group Co., Ltd. Daily Motors and Controls Sales (Million Units)
AMETEK, Inc. Financial Overview (USD Million)
AMETEK, Inc. Revenue, by Segment, 2022
AMETEK, Inc. Revenue, by Region, 2022
General Electric Company Financial Overview (USD Million)
General Electric Company Revenue, by Segment, 2022
General Electric Company Revenue, by Industry, 2022
General Electric Company Revenue, by Region, 2022
Rockwell Automation, Inc. Financial Overview (USD Million)
Rockwell Automation, Inc. Revenue, by Segment, 2023
Rockwell Automation, Inc. Revenue, by Type, 2023
Rockwell Automation, Inc. Revenue, by Region, 2023