Global Electric Motors Market Scenario:
According to Market
Research Future (MRFR), the global Electric
Motors Market is estimated to expand at 6.2% CAGR from
2017 to 2023 (forecast period). The report offers a detailed and thorough
analysis of the impact of the COVID-19 pandemic on the global electric motors
market.
Leading Players analyzed
in the Electric Motors Market are:
The key participants
identified by MRFR in global electric motors market are ABB Ltd. (Switzerland),
Siemens AG (Germany), General Electric Company (U.S.), Nidec Corporation
(Japan), Denso Corporation (Japan), Allied Motion Technologies, Inc. (U.S.),
Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), and Emerson Electric Co.
(U.S.). Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong),
Rockwell Automation (U.S.), WEG S.A. (Brazil), ARC Systems, Inc. (U.S.), and
Toshiba International Corporation (U.S.) are among others.
Get Free Sample Copy of Electric Motors
Market Report at: https://www.marketresearchfuture.com/sample_request/2376
Electric motors operate
on the principle of electromagnetic induction by ensuring the conversion of
electrical energy into mechanical energy. Electric motors are commonly used in
HVAC applications, compressors, machine tools, pumps, domestic appliances,
industrial fans, electric cars, disk drives, power tools, and automated robots.
These high-efficiency motors gain popularity over regular motors due to longer
operating life, low maintenance, low energy consumption, and a high tolerance
for fluctuating voltages, among others.
Market Dynamics
The global market for
electric motors is mainly driven by increasing demand for energy-efficient
electric motors. The increase in environmental awareness is contributing to a
higher implementation of motors that provide energy efficiency and, therefore,
significantly subsidizes the growth of the market for electric motors. The
increase in the use of electric motors by the swiftly expanding agricultural
sector is also expected to contribute to the development of the market for
electric motors. The increasing use of electric motors by numerous industrial
machineries and household applications is also projected to propel the market's
growth.
The Electric
Motor Industry is expected to have a significant number
of advancements over the forecast period due to continuous developments in the
industrial, automotive, and agricultural sectors. The market for electric
motors is also projected to have a significant expansion level by
multinationals and well-established firms.
Electric Motors Market
Segmental Analysis:
The global market for
electric motors has been segmented based on type, voltage, output power, and
end-use.
Based on type, the global
market for electric motors has been segmented into AC motor, DC motor, and
Hermetic motor. Between these, AC motors is expected to dominate the market by
2023. The dominant position of this segment can be due to its wide application
in all end-use sectors.
Based on voltage, the
global market for electric motors has been segmented into Up to 1 kV, 1 kV–6.6
kV and Above 6.6 kV. Up to 1 kV held the largest market share in 2016 and is
predicted to be the fastest-growing electric motor operation segment. Up to 1
kV motors are commonly used for small-scale applications in all end-use
applications, are cost-effective, and mostly manufactured by local and
prominent players.
Based on the output
power, the market has been segmented into Up to 1 hp and Above 1 hp. Up to 1 hp
dominated the market in 2016 and is predicted to be the fastest-growing output
power in the next five years. Up to 1 hp electric motors are commonly used in
many home appliances and other small electrical equipment, with a limited
output power range making them ideal for all small electrical applications.
Based on end-use, the
global market for electric motors has been segmented into industrial,
commercial, residential, agriculture, and transportation. The residential
sector led the industry in 2016 and is predicted to be the fastest-growing
end-use in the next five years. Rapid urbanization, a rising population, and an
improvement in the standard of living leading to the affordability of high-end
home appliances, gadgets, and electronics have contributed to the development
of the residential sector.
Regional Analysis
Region-wise, the global
electric motors market has been segmented into North America, Asia Pacific,
Europe, and the rest of the world.
The Asia Pacific
accounted for the largest market share of electric motors in 2016, with China,
Japan, India, and major South East Asian countries contributing largely to
market growth. The economic upsurge, large-scale industrialization &
commercialization, and development in the agricultural sector in the North
American and European regions have generated an enormous demand for electrical
devices, resulting in an increasing demand for electric motors across the
region. The high dependability of the industrial, commercial, residential,
automotive, and agricultural sectors over highly efficient electric motors for
smooth operation is creating a profitable demand for electric motors and is
expected to continue over the forecast period. All of these main factors are
expected to stimulate the growth of the market for electric motors during the
forecast period.
Get Complete Electric Motors Market
Research Report at: https://www.marketresearchfuture.com/reports/electric-motors-market-2376
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
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