The High Speed Motor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Speed Motor Global Market Report 2024, The high speed motor market size has grown rapidly in recent years. It will grow from $12.83 billion in 2023 to $14.15 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to emerging market opportunities, global infrastructure development, energy efficiency regulations, precision machining applications, hvac and building automation
The high speed motor market size is expected to see rapid growth in the next few years. It will grow to $20.8 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to industrial automation and robotics, rising demand for electric vehicles (evs), renewable energy sector growth, industrial iot and industry 4.0, miniaturization and power density.. Major trends in the forecast period include development in magnetic bearings, high-speed motor applications in healthcare, data center expansion and cooling needs, energy efficiency focus, electrification in aerospace and aviation.
The increase in demand for energy is expected to propel the high-speed motor market. Energy refers to the power to perform tasks by means of the application of some force. Industrial development and technological advancements in both developed and emerging nations are driving up global energy demand. Rapid industrialization requires high-speed motors to help generate energy for industrial purposes. For instance, in April 2023, according to the Energy Information Administration, a US-based government agency, the United States witnessed a 2.6% increase in total electricity consumption in 2022 compared to the previous year. During the same year, there was a 3.5% rise in retail electricity sales to the residential sector and a 3.4% increase in retail electricity sales to the commercial sector compared to 2021. Therefore, increasing demand for energy is anticipated to fuel the high-speed motor market.
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The high speed motor market covered in this report is segmented –
1) By Product Type: AC Motors, DC Motors
2) By Construction: Induction Motor, Permanent Magnet Motor
3) By Power Range: High Voltage, Low Voltage
4) By Application: Industrial Machinery, Aerospace And Transportation, Power Generation, Automotive, Household Applications, Other Applications
Constant research and development activities are the key trend gaining popularity in the high-speed motor market. Major players are concentrating on research and development activities to create innovative technologies to sustain their position in the high-speed motor market. For instance, in January 2023, Fairbanks Morse Defense, a US-based company, launched its first high-speed engine, the nForcer FM 175D, designed for high-speed applications and expanding its naval defense capabilities. The engine is intended for use in unmanned surface vessels (USVs) and other high-speed applications, providing a reliable and efficient power source for naval operations. The nForcer FM 175D engine offers a power output of 175 horsepower and is designed to meet the specific needs of the US Navy’s unmanned programs.
The high speed motor market report table of contents includes:
1. Executive Summary
2. High Speed Motor Market Characteristics
3. High Speed Motor Market Trends And Strategies
4. High Speed Motor Market – Macro Economic Scenario
5. Global High Speed Motor Market Size and Growth
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26. South America High Speed Motor Market
27. Brazil High Speed Motor Market
28. Middle East High Speed Motor Market
29. Africa High Speed Motor Market
30. High Speed Motor Market Competitive Landscape And Company Profiles
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