Electric Motors Market Scenario
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.
One
of the key drivers for the growth of Electric motors market is the increasing
adoption of electric motors in the industrial machinery along with household
appliances. The increase in need of more efficient electric motors for
achieving efficiency in usage of energy along with cost effectiveness is
driving the growth of the market. The electric motors are used in agricultural
equipment.
The
growth of the agricultural sector and the increase in use of motor operated
equipment in the agricultural sector is further expected to drive the demand of
the electric motors market. The increase in awareness about the effect of
greenhouse gases is also leading to a shift from conventional motors to the
electric motors, which is expected to drive the global electric motors market
during the forecast period. However, the growth of this market is expected to
be restrained by the high cost of electric motors and the lack of awareness for
use of electric motors.
Leading Players
The
key players of Global Electric motors market are BB Group Ltd. (U.K.), Siemens
AG (Germany), AMETEK Inc. (U.S.), ARC Systems Inc. (U.S.), Brook Crompton
Americas (U.S.), Emerson Electric Co. (U.S.), Hitachi, Ltd. (Japan), General
Electric Company (U.S.), Franklin Electric Co., Inc. (U.S.), Johnson Electric
Holdings Limited (Hong Kong), Nidec Corporation (Japan), Maxon Motor AG
(Switzerland) and others.
Scope of the Report
This
research report has provides the insights, on various levels of analyses such
industry analysis, market share analysis leading market players and their
profiles. This report also helps in studying the target segments by providing
views on emerging & high-growth segments and market conclusion. Together
the market data comprise and discuss with the basic assessments on the
competitive scenarios & strategies, of the global Electric motors market,
including the high-growth regions, countries and their political, economic and
technological environments. Furthermore the project report also provides the
views over the historical market values as well as, pricing and cost analysis
of the same.
Segmental Analysis
The
report has been analyzed based on the type, output power, application and
region. On the basis of type, the AC (Alternate Current) segment is expected to
grow the highest. Alternating current motors convert the electric energy (the
alternating current) to the mechanical energy, which is used for functioning by
the machines. The easy availability of the alternating current power is also
leading to the increased use of AC electric motors, thereby driving the growth
of the market. The AC electric motor can be manufactured in various sizes
ranging from a few watts to thousands of kilowatts, which makes its useful in
all types of applications thereby leading to the growth of the market.
Regional Analysis
Asia-Pacific
region is expected to dominate the Electric motors market, and is projected to
grow at the highest CAGR. The growth of the Electric motors market in
Asia-Pacific region is attributed to the rapid growth in the agricultural
sector. The rapid industrialization and the intense setting up of manufacturing
industries which require the use of electric motors of various capacity is
expected to drive the market of the electric motors in the region.
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