DC
Electric Motors Market Overview
An electric motor is a device
that works on the electric-magnetic induction principle for the conversion of
electrical energy into mechanical energy. Electric motors have a wide scope of
application in HVAC appliances, machine tools, compressors, domestic
appliances, pumps, lathe machines, industrial fans, disk drives, automated
robots, power tools, and electric cars. Electric motors are highly efficient
and gain importance over standard motors owing to longer operating life, low
maintenance, low energy consumption, and high endurance for fluctuating
voltages.
As per the newest report
by Market Research Future (MRFR), the DC
Electric Motors Market is anticipated to ascend at an impressive rate,
garnering a 6.2% CAGR by 2023. Such growth in the market is driven
significantly by snowballing demand for energy-efficient electric motors. Further,
an upsurge in concerns for the environment is causative of higher
implementation of motors that provide energy efficiency, supplementing market
growth. A surge in the utilization of electric motors in the rapidly burgeoning
agricultural sector is also expected to foster market growth during the
assessment period. rising use of electric motors in numerous industrial
machinery and household applications is also anticipated to promote market growth.
Furthermore, the flourishing automotive industry is creating impressive demand
for electric motors, causing higher market growth.
DC
Electric Motors Market Segmentation
The global electric
motors market is studied for several segments for in-depth analysis. The market
is segmented on the basis of type, output power, voltage, end-user, and region.
Based on type, the global electric motors market is segmented into AC motor,
hermetic motor, and DC motor. Among these motors, the AC motors segment is
likely to spearhead the global electric motors market during the forecast
period. This dominant hold on the market can be accredited to the wide scope of
application of the same in several end-user industries.
Based on voltage, the
global electric motors market is segmented into Up to 1 kV, 1 kV–6.6 kV and
Above 6.6 kV. The Up to 1 kV segment held the foremost share of the market at
the beginning of the forecast period and is expected to grow at the fastest
rate during such forecast period. This can be accredited to its extensive use
in various industries as they are cost-effective and largely manufactured by
local and prominent players.
Based on output power,
the global electric motors market is segmented into Up to 1 hp and Above 1 hp.
Among these up to 1 hp segment is expected to dominate the market through the
review period, as just like it did at the beginning of the review period. These
motors are used in numerous home appliances and other small electrical
equipment which requires a lower output power range.
Based on end-user, the
market for electric motors is segmented into residential, commercial,
agriculture, transportation, and industrial. The residential sector held the
largest share in the market in 2016 and is projected to grow at the fastest
rate over the next five years. Attributable factors include rapid urbanization
and proliferation in population. Also, a rise in the standard of living of
consumers has provided further traction to the residential sector, hence,
fostering market growth for electric motors.
Regional
Analysis
By region, the global
electric motors market is segmented into Europe, Asia Pacific, North America,
and Rest of the World (ROW). Asia Pacific is estimated to spearhead the global
electric motors market through the forecast period. Growth of this regional
market can be attributed to the economic upsurge in the region advancements
noted in the agricultural sector, and the expansion witnessed by the electrical
appliances industry in the region.
Key
Players
The global electric
motors market report has included a profiling of several distinguished players
including 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.).
No comments:
Post a Comment