The
global demand for electric motors market is expected to grow at a CAGR of 6.2%,
accelerating over the forecast period of 2017-2023, asserts Market Research
Future (MRFR) in a comprehensive study. Electric motors are key components in
various durable goods, HVAC applications, compressors, machine tools, electric
cars, power tools, and automated robots. They are used in diverse industrial
processes. The shift towards highly efficient, extended operating life, low
energy consumption, low maintenance, and high endurance for fluctuating voltage
motors have been the prime drive behind the growth of the global electric
motors market. Contrary to traditional motors, electric motors negate the
mechanical commutator used in their traditional counterparts.
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Segmentation
The
global electric motors market has been segmented based on type, voltage, output
power, and end use.
By
type, the global electric motors market has been segmented into AC motor, DC
motor, and Hermetic motor. The AC motors segment is the largest segment, the
growth of which can be attributed to its wide application across diverse
end-use industries.
By
voltage, the global electric motors market has been segmented into 1 kV, 1
kV–6.6 kV and Above 6.6 kV. The Up to 1 kV segment dominated the market in 2016
and is expected to be the fastest growing segment as well. Being cost effective
Up to 1 kV motors are extensively manufactured by local and international
players.
By
output power, the global electric motors market has been segmented into Up to 1
hp and Above 1 hp. The Up to 1 hp segment is the largest as well as the fastest
growing segment. The Up to 1 hp motors finds large scale application in
numerous home appliances as well as in small-scale electrical applications.
By
end use, the global electric motors market has been segmented into industrial,
commercial, residential, agriculture and transportation.
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Regional
Analysis
By
region, the global electric motors market has been segmented into North
America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
APAC
is the leading market for electric motors. The growth of the market can be
attributed to the economic upsurge in the region, advancement in the
agricultural sector, expansion of the electrical appliances industry in the
region.
Diversification
of the agricultural industry in both North America and Europe has opened up
avenues for the growth of the electric motors market in these regions. Growth
in the industrial, commercial, residential, and automotive sector in these
regions reflect positively on the growth of the electric motors market.
Competitive
Landscape
Ametek,
Inc. (U.S.), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), Nidec
Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), General Electric
Company (U.S.), Denso Corporation (Japan), Toshiba International Corporation
(U.S.), Emerson Electric Co. (U.S.), WEG S.A. (Brazil), Rockwell Automation
(U.S.), Siemens AG (Germany), Hitachi, Ltd. (Japan), Johnson Electric Holdings
Limited (Hong Kong), and ARC Systems, Inc. (U.S.) are the key players in the
global electric motors market.
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Future:
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