Electric Motors Market Report: By Motor Type (AC, DC,
Hermetic), Voltage (Upto 1 kV, 1 kV–6.6 kV, Above 6.6 kV), by Output Power
(Upto 1 hp, Above 1 hp), by End-Use (Industrial, Commercial, Residential,
Agriculture, Transportation) and Region.
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.
Electric motors are widely used for applications in
HVAC, compressors, pumps, machine tools, electric cars, etc. It is anticipated
to pave its way across more domains in the years to come. This, in turn, is
expected to boost the growth pattern of the electric motors market over the
assessment period. Also, the growth of the end-user industries is likely to
reflect on the future trajectory of the market. It is presumed to propel the
expansion of the electric motors market across the review period.
Global Electric Motors Industry Segmentation:
By motor type, the global electric motors market has
been segmented into AC, DC, and hermetic. The AC segment has a larger consumer
base which is likely to support its dominant position in the marketplace over
the assessment period.
By voltage, the electric motors market has been
segmented into upto 1 kV, 1 kV–6.6 kV, and above 6.6 kV. Among these, the upto
1 kV segment contributes significantly towards the development of the market.
It held the maximum market share in 2016 and is forecasted to become the
fastest growing segment between 2017 and 2023. Its growth can be primarily
attributed to its wide range of small-scale applications in the end-user
industries.
The global electric motors market, by output power,
has been segmented into upto 1 hp, and above 1 hp. The upto 1 hp segment, which
accounted for maximum market share in 2016, is expected to exhibit the highest
CAGR across the review period.
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.
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.)
About Market Research Future:
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