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 Electric
Motors Market Size 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.
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.).
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