Global Industrial Electrification Market is valued at approximately USD 87.05 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 8.22% over the forecast period 2024-2032. Industrial electrification refers to the process of replacing or augmenting traditional mechanical, pneumatic, or hydraulic systems with electrical and electronic systems in various industrial applications. This process involves the utilization of electricity as the primary power source for machines, equipment, and processes in manufacturing, production, and other industrial sectors. The adoption of industrial electrification offers numerous benefits, including enhanced energy efficiency, greater precision, reduced maintenance requirements, improved automation, and the integration of data and analytics into industrial processes.
The Global Industrial Electrification Market is significantly driven by stringent environmental regulations and rising industrial automation across the world. Electric motors and equipment typically exhibit higher efficiency compared to their mechanical counterparts, leading to reduced energy consumption and lower operational costs. This advantage is expected to significantly increase the adoption of industrial electrification across various end-use sectors, thereby driving market growth. Moreover, stringent environmental regulations and emissions standards are prompting industries to transition towards cleaner energy sources and technologies. Electrification contributes to the reduction of greenhouse gas emissions and air pollution, aligning with environmental goals and acting as a key driver for the industrial electrification market during the forecast period. Moreover, ongoing advancements in electric motor and control technology, coupled with the development of smart grid infrastructure, enhance the attractiveness and feasibility of industrial electrification for various applications. These advancements are anticipated to create lucrative opportunities for the industrial electrification market throughout the forecast period. However, the transition to industrial electrification necessitates substantial upfront investment in new electrical infrastructure, equipment, and technology. This high initial cost poses a barrier for some businesses, especially smaller companies with limited capital, potentially hampering market growth during the forecast period.
The key regions considered for the Global Industrial Electrification Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific was the largest revenue generator in 2023 and is anticipated to grow at the fastest rate during the forecast period. The region's rapid economic growth and urbanization drive increased industrialization and energy demand, boosting the market for industrial electrification. Furthermore, many countries in Asia Pacific are investing in modernizing their manufacturing sectors by adopting electric machinery and automation technologies to improve productivity and energy efficiency.
Major market players included in this report are:
- Bonfiglioli Transmissions Private Limited
- Kirloskar Electric Company
- Bharat Bijlee Limited
- ABB Ltd
- Aisin Corporation
- Denso Corporation
- Johnson Electric Holdings Limited
- General Electric
- Continental AG
- BorgWarner Inc
The detailed segments and sub-segment of the market are explained below:
By Product:
- Starter motor and alternator
- Electric pumps
- Electric power steering (EPS)
- Integrated starter generator (ISG)
- Others
By Application:
- Automation and Control
- Energy Efficiency
- Data and Analytics
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market
Table of Contents
Chapter 1. Global Industrial Electrification Market Executive Summary
- 1.1. Global Industrial Electrification Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Product
- 1.3.2. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Industrial Electrification Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Industrial Electrification Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Energy Efficiency Improvements
- 3.1.2. Stringent Environmental Regulations
- 3.1.3. Adoption of Electric Machinery and Automation
- 3.2. Market Challenges
- 3.2.1. High Initial Investment
- 3.2.2. Limited Capital in Smaller Companies
- 3.3. Market Opportunities
- 3.3.1. Advancements in Electric Motor and Control Technology
- 3.3.2. Development of Smart Grid Infrastructure
- 3.3.3. Modernization of Manufacturing Sectors
Chapter 4. Global Industrial Electrification Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Industrial Electrification Market Size & Forecasts by Product (2022-2032)
- 5.1. Segment Dashboard
- 5.2. Global Industrial Electrification Market: Product Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Starter motor and alternator
- 5.2.2. Electric pumps
- 5.2.3. Electric power steering (EPS)
- 5.2.4. Integrated starter generator (ISG)
- 5.2.5. Others
Chapter 6. Global Industrial Electrification Market Size & Forecasts by Application (2022-2032)
- 6.1. Segment Dashboard
- 6.2. Global Industrial Electrification Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Automation and Control
- 6.2.2. Energy Efficiency
- 6.2.3. Data and Analytics
- 6.2.4. Others
Chapter 7. Global Industrial Electrification Market Size & Forecasts by Region (2022-2032)
- 7.1. North America Industrial Electrification Market
- 7.1.1. U.S. Industrial Electrification Market
- 7.1.1.1. Product breakdown size & forecasts, 2022-2032
- 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Industrial Electrification Market
- 7.2. Europe Industrial Electrification Market
- 7.2.1. U.K. Industrial Electrification Market
- 7.2.2. Germany Industrial Electrification Market
- 7.2.3. France Industrial Electrification Market
- 7.2.4. Spain Industrial Electrification Market
- 7.2.5. Italy Industrial Electrification Market
- 7.2.6. Rest of Europe Industrial Electrification Market
- 7.3. Asia-Pacific Industrial Electrification Market
- 7.3.1. China Industrial Electrification Market
- 7.3.2. India Industrial Electrification Market
- 7.3.3. Japan Industrial Electrification Market
- 7.3.4. Australia Industrial Electrification Market
- 7.3.5. South Korea Industrial Electrification Market
- 7.3.6. Rest of Asia Pacific Industrial Electrification Market
- 7.4. Latin America Industrial Electrification Market
- 7.4.1. Brazil Industrial Electrification Market
- 7.4.2. Mexico Industrial Electrification Market
- 7.4.3. Rest of Latin America Industrial Electrification Market
- 7.5. Middle East & Africa Industrial Electrification Market
- 7.5.1. Saudi Arabia Industrial Electrification Market
- 7.5.2. South Africa Industrial Electrification Market
- 7.5.3. Rest of Middle East & Africa Industrial Electrification Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. Bonfiglioli Transmissions Private Limited
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. Kirloskar Electric Company
- 8.3.3. Bharat Bijlee Limited
- 8.3.4. ABB Ltd
- 8.3.5. Aisin Corporation
- 8.3.6. Denso Corporation
- 8.3.7. Johnson Electric Holdings Limited
- 8.3.8. General Electric
- 8.3.9. Continental AG
- 8.3.10. BorgWarner Inc
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes