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 market is expected to grow at 4.25% CAGR throughout 2017 to 2023. A detailed analysis report of COVID-19 impact on High-Speed Motor Market is provided with the report.
High
speed motors attain a rotational speed of more than 10,000 rpm. The motor’s
power density is high owing to the high-power voltage and speed. It is also
relatively less to other average speed motors. The key application of
high-speed motor is to facilitate transmission at an increased rate with reduced
noise generation. Owing to the high speed of the motor the inertia generated is
insignificant which gives rise to faster dynamic response. Several government
norms have been developed over time to surge the efficacy of motor and lower
the energy consumption.
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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.
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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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