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.
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Electric motors are gaining
popularity owing to its energy efficiency. The growing concerns regarding
carbon emissions are promoting the adoption of electric motors, thus,
augmenting the market. Also, a similar trend is expected to be witnessed in the
upcoming years.
Electric Motors Market
Segmentation:
The
global electric motors market has been segmented based on type, voltage, output
power, and end use.
By motor type, the global
electric motors market has been segmented into AC, DC, and hermetic.
By voltage, the electric
motors market has been segmented into upto 1 kV, 1 kV–6.6 kV, and above 6.6 kV.
The global electric motors
market, by output power, has been segmented into upto 1 hp, and above 1 hp.
By end-use, the electric motors market has been
segmented into industrial, commercial, residential, agriculture, and
transportation.
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).
The
Asia Pacific region leads the global electric motors market. Factors such as
the economic upsurge, advancements in the agricultural sector, and
proliferation of electrical appliances in the region drive the growth in the
market.
Recent
boom in the manufacturing industries in the region is considered as a key
driving force behind the growth of the regional market. The increasing emphasis
on the adoption of energy efficient electric motors across end-uses in the
region would contribute to the growth of the APAC electric motors market.
On
the other hand, the electric motors market in developed regions such as North
America and Europe are expected to witness enormous growth. These regions are becoming increasingly aware
of the advantages of these energy- efficient, cost-effective electric motors.
Moreover,
diversification of the agricultural industry in North America and Europe has
been pushing up the growth of the electric motors market. Furthermore, growth
in the industrial, commercial, residential, and automotive sector in these
regions positively impacts the growth of the market.
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.)
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