Market Overview:
According to the latest industrial report, the global electric motor market has been expected to increase at a CAGR of 6.9%, with an estimated value of USD 169.1 billion over the projected period of 2020-2026.
Rising environmental concerns and increasing demand for electrical energy are likely to be important market drivers. The growing need for efficient energy consumption, driven by worries about the environmental effect of traditional energy sources such as coal and natural gas, is likely to drive growth in the electric motors industry. Moreover, a general lack of understanding among small and medium-sized businesses about smart motors and their benefits has slowed the market’s growth.
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There is a rising need for electrical energy to sustain global growth, which demands continuous large expenditures in power supply generation. This has supported the growth of the electric motor market in recent years and is projected to continue in the forecast term. Electric motor applications account for around 40% of worldwide energy demand. The electric motor market is expanding due to increased demand for greater machine control in the automotive sector, which is being pushed by the high efficiency of AC drive systems. Moreover, government laws demanding energy efficiency are projected to further boost the electric motor industry. The electric motor industry is predicted to rise because of the rising use of electric motors in numerous sectors. Electric motors are often used in the industry for pumps and fans. Three-phase AC induction motors account for most industrial motors due to their durability and inexpensive cost. The most immediate impact on electric motors that have already been contracted or are in the production process will be seen through supply chains. Executives in the construction and delivery businesses are bracing for delays, either because governments have shut down companies to stop the spread of coronavirus or just because employees have shown symptoms.
Market Segmentation:
The global electric motors market has been segmented into four sections motor type, voltage, application & regional analysis. The market has been segmented into two categories, AC & DC, in terms of the motor type. The voltage section is further divided into three parts less than 1 VK, between 1 VK- 6KV & higher than 6 VK. The application segmentation is further classified into four forms: residential, commercial, automotive, & industrial. The global market has been divided into five sectors like Asia-pacific, Europe, South America, North America, and Middle East & Africa, with the regional section.
Regional Analysis:
In 2018, Asia-Pacific led the electric motor market growth, which is projected to continue in the future years. The region has experienced extraordinary growth in recent years, and this trend is likely to continue over the projection period. Automotive, chemical, fertilizer, and petrochemical industries are seeing consistent expansion in the area, likely to provide huge potential opportunities for global electric motor companies. With increased pollution problems throughout the world due to industrialization, particularly in Asia-Pacific, the transition toward clean energy generation from energy-efficient electric motor market has gained significant traction.
Key Players
The key participants identified by MRFR in global electric motors market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Nidec Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), and Emerson Electric Co. (U.S.). Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), Rockwell Automation (U.S.), WEG S.A. (Brazil), ARC Systems, Inc. (U.S.), and Toshiba International Corporation (U.S.) are among others.
Industrial News:
Electric vehicle sales in China have increased dramatically due to positive government regulations, and this trend is projected to continue in the future years, boosting demand for electric motors in the nation. Globally, China is the largest market for EVs. China’s EV market share climbed from 25% in 2015 to 45% in 2018, with over 2.31 million units sold by the end of 2018.
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