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Industrial Electrification Market to Reach $182.5 Billion, Globally, by 2032 at 8.1% CAGR: Allied Market Research

Market by Product (Starter Motor & Alternator, Electric Pumps, Electric Power Steering (EPS), Integrated Starter Generator (ISG), and Others) and Application (Automation & Control, Energy Efficiency, Data & Analytics, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the industrial electrification market was valued at $83.5 billion in 2022 and is estimated to reach $182.5 billion by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032. 

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Prime determinants of growth 

The global industrial electrification market is driven by rise in environmental regulations. Stringent environmental regulations and emissions standards encourage industries to transition to cleaner energy sources and technologies. Electrification help reduce greenhouse gas emissions and air pollution, aligning with environmental targets. This act as one of the key drivers responsible for the growth of the industrial electrification market during the forecast period. However, high initial investment may restrain the growth of the industrial electrification market. 

Report coverage & details: 

Report Coverage 

Details 

Forecast Period 

2023–2032 

Base Year 

2022

Market Size in 2022 

$83.5 Billion 

Market Size in 2032 

$182.5 Billion 

CAGR 

8.1 %

No. of Pages in Report 

399

Segments covered 

Product, Application, and Region. 

Drivers  

Surge in demand for energy efficiency and cost savings 

Rise in environmental Regulations 

Increase in sustainability goals 

Opportunities 

Technological Advancements 

Automation and Industry 4.0 programs 

Restraints 

High initial investment costs 

Integration Challenges 

The starter motor and alternator segment to maintain its lead position during the forecast period. 

By product, the starter motor and alternator segment accounted for the largest share in 2022, contributing to more than one-third of the global industrial electrification market revenue. As the global population increases, so does the demand for automobiles. Emerging markets, particularly in Asia and Africa, are experiencing rapid urbanization and economic growth, which drives the demand for vehicles. More vehicles on the road mean a higher demand for starter motors. 

Furthermore, modern vehicles are equipped with advanced electrical systems, including sophisticated infotainment systems, safety features, and telematics. These systems require a stable and reliable source of electrical power, which is provided by alternators. These factors altogether may surge the demand for starter motors and alternators; thus, fueling the growth of the industrial electrification market. 

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The automation and control segment to maintain its lead position during the forecast period. 

By application, the automation and control segment accounted for the largest share in 2022, contributing to more than one-third of the global industrial electrification market revenue. Industrial electrification offers high energy efficiency. Electric motors, devices, and control systems can be designed to operate with precision, reducing energy consumption. This aligns with global efforts to minimize energy use and reduce operational costs. Furthermore, the demand for greener and more sustainable industrial practices has grown. Electrification allows for the integration of renewable energy sources, like solar and wind, into industrial processes. This supports environmental objectives by reducing greenhouse gas emissions and decreasing the reliance on fossil fuels. These factors altogether may augment the growth of the industrial electrification market for automation and control applications. 

Asia-Pacific to maintain its dominance by 2032 

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global industrial electrification market and is projected to register the highest CAGR of 8.7% during the forecast period. Asia-Pacific has experienced rapid economic growth and urbanization. This growth is driving increased industrialization and energy demand, which, in turn, is boosting the market for industrial electrification. Moreover, many countries in Asia-Pacific are investing in modernizing their manufacturing sectors by adopting electric machinery and automation technologies. This is aimed at improving productivity and energy efficiency. In addition, the region is increasingly investing in renewable energy sources such as solar, wind, and hydropower.  

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Leading Market Players: - 

AISIN CORPORATION CONTINENTAL AG BORGWARNER INC. DENSO CORPORATION JOHNSON ELECTRIC HOLDINGS LIMITED ABB BHARAT BIJLEE LIMITED KIRLOSKAR ELECTRIC COMPANY GENERAL ELECTRIC BONFIGLIOLI TRANSMISSIONS PRIVATE LIMITED 

The report provides a detailed analysis of these key players in the global industrial electrification market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

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About us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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