Electric Motors Market Synopsis:
As per
Market Research Future (MRFR)’s assessment, the global electric motors market
is anticipated to thrive at a CAGR of 6.2% during the forecast period 2017 to
2023. The key advantages offered by these motors over conventional motors are
longer life span, reasonable maintenance cost, lower energy consumption, etc.
These factors are poised to aid demand generation for electric motors over the
next couple of years.
The global electric motors market is
majorly driven by growth in demand for energy efficient electric motors. The
upsurge in environmental awareness is leading to higher implementation of the
motors that provide energy efficiency, and thus subsidize significantly towards
the growth of electric motors market. The increase in the utilization of
electric motors by the rapidly expanding agricultural sector is also
anticipated to contribute to the growth of the electric motors market. The
upsurge in use of electric motors by numerous industrial machineries and
household applications is also projected to propel the growth of the market.
Electric Motors Market Segmentation:
By motor
type, the global electric motors market has been segmented into AC, DC, and
hermetic.
By voltage,
the electric motors market has been segmented into upto 1 kV, 1 kV–6.6 kV, and above
6.6 kV.
The global
electric motors market, by output power, has been segmented into upto 1 hp, and
above 1 hp.
By end-use,
the electric motors market has been segmented into industrial, commercial,
residential, agriculture, and transportation. Among these, the residential
segment is projected to grow significantly owing to the exponential population
growth and rapid urbanization.
Electric Motors Market Regional Analysis:
The global
electric motors market, by region, has been segmented into North America,
Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific held the
major share of the market in 2016 and is anticipated to signify a steep rise in
the growth curve over the next couple of years. China, Japan, and India
contributed largely to the development of the electric motors market across the
review period. Additionally, the upswing in demand from end-user verticals is
expected to catapult the market on an upward trajectory.
Competitive Dashboard:
The key
players of the electric motors market profiled in this MRFR report are ABB Ltd.
(Switzerland), General Electric Company (U.S.), Siemens AG (Germany), Nidec
Corporation (Japan), ARC Systems, Inc. (U.S.), Allied Motion Technologies, Inc.
(U.S.), Denso Corporation (Japan), Ametek, Inc. (U.S.), Emerson Electric Co.
(U.S.), Robert Bosch GmbH (Germany), Hitachi, Ltd. (Japan), Rockwell Automation
(U.S.), Johnson Electric Holdings Limited (Hong Kong), WEG S.A. (Brazil), and
Toshiba International Corporation (U.S.)
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