High Speed Motor Market
Analysis
Market Research Future has conducted an
exhaustive study on the high-speed motor market. According to the study, the
market was valued at 11,658.4 in 2016. The Global
High-Speed Motor Market is expected to grow at 4.25% CAGR
throughout 2017 to 2023. The development of the high-speed motors market is
primarily driven by energy efficient evaluation approaches, surging demand for
high speed motor in industries along with growing government initiatives. The
Office of Energy Efficiency & Renewable Energy states that there has been
increasing outlay of up to USD 25 million in this sector. The investment is
significant for building progressive technologies for energy-efficient electric
motor. The U.S. General Services Administration (GSA) had conducted a program
in 2012 that evaluates the advantages of applying magnetic bearing chiller
compressors. The evaluation has resulted in surged energy of high-speed motor
by 49%.
The growing advantages provided by
magnetic bearing will give rise to growth in demand for installation of
magnetic bearing in high speed motor. This has affected the market growth to a
substantial extent and is likely to influence the market throughout the review
period. However, the complexity associated with the design proves to be a key
limiting factor for high speed motor since the making of high-speed motor
involves superior quality element. The motor is likely to get damaged with the
incorporation of poor-quality elements.
Market
Segmentation
The
segmentation of the high-speed motor market is based on power range, product,
region, and application.
Based on
power range, the market is segmented as low voltage and high voltage. Low
voltage segment is expected to dominate the market over the forecast period.
According to
product, the market is segmented into permanent magnet motor, induction motor,
and others. Permanent magnet motor is expected to hold the major market share
over the review period.
Based on
application, the market is segmented into power generation, machine tools,
bearings, compressor, and others. Power generation is likely to lead the market
throughout the forecast period.
Regional
Analysis
Based on geography, the global high-speed motor
market has been segmented into Europe, Asia Pacific, North America, and the
Rest of the World.
Asia Pacific market represents the largest demand
for high speed motor owing to the increasing instances of industrialization.
The rapidly increasing commercial development along with favorable policies
created by the government related to FDI is estimated to surge the demand for
high speed motor in the APAC market. Moreover, the various government
initiatives based on the ‘Make in India’ program has significantly driven the demand for high speed motor in the
APAC market. Europe market holds the second largest position that is estimated
to grow owing to considerable contribution from emerged economies such as U.K.,
France, and Germany. The prevalence of well-established manufacturing sector in
this market spurs the demand for high speed motor to a large extent.
Key Players
The global high speed motor market is led by key
players such as ABB (Switzerland), GE (U.S.), Siemens (Germany), Mitsubishi
(Japan), Miedensha (Japan), Emerson (U.S.), Nidec (Japan), Hitachi (Japan),
Synchrony (U.S.), Toshiba (Japan), Danfoss Turbocor (U.S.), Fuji Electric
(Japan), Regal Beloit (U.S.), SKF magnetic mechatronics (Sweden), LTI Motion
(Germany), and Turbo Power Systems (TPS) (U.K.).
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