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 market is majorly driven by an increase in demand for energy efficient
electric motors. Increased usages of electric motors in the rapidly growing
agricultural sector are also expected to contribute to the growth of the
market. The increase in the use of electric motors by various industrial
machinery and household appliances is projected to drive the growth of the
market, too.
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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The increasing use of electric motors in the booming
automobile sector alongside, various other end-user industries is a key factor
fostering the growth of the electric motors market during the forecast
period. Ever since its invention,
electric motors have become a subject of extreme importance for modern
engineers. These devices have brought about some of the biggest advancements in
the fields of engineering and technology.
Global Electric Motors Industry Segmentation:
By motor type, the global electric motors market has
been segmented into AC, DC, and hermetic. The AC segment has a larger consumer
base which is likely to support its dominant position in the marketplace over
the assessment period.
By voltage, the electric motors market has been
segmented into upto 1 kV, 1 kV–6.6 kV, and above 6.6 kV. Among these, the upto
1 kV segment contributes significantly towards the development of the market.
It held the maximum market share in 2016 and is forecasted to become the
fastest growing segment between 2017 and 2023. Its growth can be primarily
attributed to its wide range of small-scale applications in the end-user
industries.
The global electric motors market, by output power,
has been segmented into upto 1 hp, and above 1 hp. The upto 1 hp segment, which
accounted for maximum market share in 2016, is expected to exhibit the highest
CAGR across the review period.
By end-use, the electric motors market has been
segmented into industrial, commercial, residential, agriculture, and
transportation. Among these, the residential segment is projected to grow
significantly owing to the exponential population growth and rapid
urbanization.
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Competitive Landscape
Well-established, the electric motors market appears
to be competitive due to the presence of several large and small players. Players incorporate strategic initiatives
acquisition, partnership, collaboration, expansion, and product launch. These
initiatives help them to gain a competitive advantage as well as to maintain
their positions in the market.
Manufacturers emphasis on innovations in terms of
product development and new manufacturing processes. Besides, high growth
prospect demonstrated by the market would attract several new entrants to the
market. Resultantly, the competition in the market is expected to intensify
further due to many product launches and the entry of several new
manufacturers.
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.)
Global Electric Motors Market - Regional
Analysis
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.
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