Global
Electric Motors Market Overview
An electric motor is a device that works on the
electric-magnetic induction principle for the conversion of electrical energy
into mechanical energy. Electric motors have a wide scope of application in
HVAC appliances, machine tools, compressors, domestic appliances, pumps, lathe
machines, industrial fans, disk drives, automated robots, power tools, and
electric cars. Electric motors are highly efficient and gain importance over
standard motors owing to longer operating life, low maintenance, low energy
consumption, and high endurance for fluctuating voltages.
As per the newest report by Market Research Future
(MRFR), the global electric motors market is anticipated to ascend at an
impressive rate, garnering a 6.2% CAGR by 2023. Such growth in the market is
driven significantly by snowballing demand for energy-efficient electric
motors. Further, an upsurge in concerns for the environment is causative of
higher implementation of motors that provide energy efficiency, supplementing Electric
Motors Market Share. A surge in the utilization of electric motors in
the rapidly burgeoning agricultural sector is also expected to foster market
growth during the assessment period. rising use of electric motors in numerous
industrial machinery and household applications is also anticipated to promote
market growth. Furthermore, the flourishing automotive industry is creating
impressive demand for electric motors, causing higher market growth.
Global
Electric Motors Market Segmentation
The global electric motors market is studied for
several segments for in-depth analysis. The market is segmented on the basis of
type, output power, voltage, end-user, and region.
Based on type, the global electric motors market is
segmented into AC motor, hermetic motor, and DC motor. Among these motors, the
AC motors segment is likely to spearhead the global electric motors market
during the forecast period. This dominant hold on the market can be accredited
to the wide scope of application of the same in several end-user industries.
Based on voltage, the global electric motors market is
segmented into Up to 1 kV, 1 kV–6.6 kV and Above 6.6 kV. The Up to 1 kV segment
held the foremost share of the market at the beginning of the forecast period
and is expected to grow at the fastest rate during such forecast period. This
can be accredited to its extensive use in various industries as they are
cost-effective and largely manufactured by local and prominent players.
Based on output power, the global electric motors
market is segmented into Up to 1 hp and Above 1 hp. Among these up to 1 hp
segment is expected to dominate the market through the review period, as just
like it did at the beginning of the review period. These motors are used in
numerous home appliances and other small electrical equipment which requires a
lower output power range.
Based on end-user, the market for electric motors is
segmented into residential, commercial, agriculture, transportation, and
industrial. The residential sector held the largest share in the market in 2016
and is projected to grow at the fastest rate over the next five years.
Attributable factors include rapid urbanization and proliferation in
population. Also, a rise in the standard of living of consumers has provided
further traction to the residential sector, hence, fostering market growth for
electric motors.
Regional
Analysis
By region, the global electric motors market is
segmented into Europe, Asia Pacific, North America, and Rest of the World
(ROW). Asia Pacific is estimated to spearhead the global electric motors market
through the forecast period. Growth of this regional market can be attributed
to the economic upsurge in the region advancements noted in the agricultural
sector, and the expansion witnessed by the electrical appliances industry in
the region.
Key
Players
The global electric motors market report has included
a profiling of several distinguished players including Ametek, Inc. (U.S.),
Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), Nidec Corporation (Japan),
Allied Motion Technologies, Inc. (U.S.), General Electric Company (U.S.), Denso
Corporation (Japan), Toshiba International Corporation (U.S.), Emerson Electric
Co. (U.S.), WEG S.A. (Brazil), Rockwell Automation (U.S.), Siemens AG
(Germany), Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong
Kong), and ARC Systems, Inc. (U.S.).
