Market Research Future Published on Electric Motors Market Research Report.
Electric Motors Market – Overview
The high-efficiency of electric motors is creating an accelerated growth in the market. Market reports associated with the energy and power industry have been made available by Market Research Future who publishes reports on other sectors that have been presently published along with a report on this industry. The market is expected to be buoyed with a 6.2% CAGR in the duration of the forecast period.
The high reliance of commercial, industrial, automotive, residential and agricultural sector on vastly effectual electric motors for smooth operational working is generating a productive market for electric motors. The rise in the level of utilization of electric motors caused by the quickly increasing agricultural activities globally is expected to boost the market considerably in the forecast period.
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Segmental Analysis
The segmentation of the electric motor market is carried out on the basis of motor type, voltage, output power, and end use. On the basis of motor type, the market is segmented into DC, AC, and Hermetic. The voltage-based segmentation of the market consists of 1 kV–6.6 kV, upto 1 kV and Above 6.6 kV. On the basis of Output Power, the market is divided into Above 1 hp and upto 1 hp. The end-use segmentation of the market consists of residential, commercial, agriculture, industrial and Transportation.
Market Scenario
Electric motors are the devices that work on the electro-magnetic induction principle by ensuring conversion of electrical energy into mechanical energy. Electric motors are widely used in HVAC applications, compressors, machine tools, pumps, domestic appliances, industrial fans, lathe machines, electric cars, disk drives, power tools, and automated robots. These high-efficiency motors gain importance over standard motors due to longer operating life, low energy consumption, low maintenance, and high endurance for fluctuating voltages, and others.
The global electric motors market is majorly driven by growth in demand for energy efficient electric motors. The upsurge in environmental awareness is leading to higher implementation of the motors that provide energy efficiency, and thus subsidize significantly towards the growth of electric motors market. The increase in the utilization of electric motors by the rapidly expanding agricultural sector is also anticipated to contribute to the growth of the electric motors market.
The upsurge in use of electric motors by numerous industrial machineries and household applications is also projected to propel the growth of the market. The increasing utilization of the electric motors by numerous end-use industries and the flourishing automobile sector, which is a major end-use of electric motors, is anticipated to drive the market of the electric motors over the forecast period.
Global electric motors market has been segmented based on type, voltage, output power, end-use and region. Based on type the market is segmented into AC motor, DC motor and Hermetic motor. Among these AC motors, is projected to dominate the global electric motors market through 2023. The dominant position of this segment can be attributed to its wide application in all end-use sector. Based on voltage the market is segmented into Up to 1 kV, 1 kV–6.6 kV and Above 6.6 kV. Up to 1 kV dominated the market in 2016 and is projected to be the fastest-growing operation segment for electric motors. Up to 1 kV motors are extensively used for small-scale application in all end-use applications, they are cost-effective and largely manufactured by local and prominent players.
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Based on the output power, the market is segmented into Up to 1 hp and Above 1 hp. Up to 1 hp dominated the market in 2016 and is projected to be the fastest-growing output power over the next five years. Up to 1 hp electric motors are extensively used in numerous home appliances and other small electrical equipment, the low output power range makes them ideal for all small-scale electrical applications.
Based on end-use, the market is segmented into industrial, commercial, residential, agriculture and transportation. Residential sector dominated the market in 2016 and is projected to be the fastest-growing end-use over the next five years. The rapid urbanization, growing population and rise in standard of living leading to affordability of high-end home appliances, gadgets and electronics has led residential sector boom in the electric motor market.
The electric motors industry is anticipated to have huge number of advancements over the forecast period owing to continuous developments in industrial equipment, automotive sector and agricultural sector. The electric motors market is also expected to have high expansion activities by multinationals and well-established companies. New product launch is anticipated to be one of the prominent strategy adopted by the key players in the electric motors market.
Detailed Regional Analysis
The regional analysis of the electric motors market is anticipated to observe impressive growth through the forecast period due to the significant development in the consumption of electric motors across end-use sectors at a widespread level in many regions. The development is principally accredited to the progress in the production of motor vehicles, Heating, Ventilating, and Cooling (HVAC) equipment, and other home appliances globally, which is likely to continue during the forecast years. The Asia Pacific region is accounted for the major share of the electric motors market in 2016. The monetary increase, large-scale industrialization & commercialization and development in the agricultural sector in the European and North American region has also created a huge demand for electrical devices, giving rise to growth in demand for electric motors across the region.
Competitive Analysis
The growth patterns are modified in tandem with the customer preferences to achieve maximum growth, and in the long run, profitability. The enhancement in the products and services is the chief factor escalating the market’s productivity and controlling the trends that are acquiring distinction in the market. The essential success factors and players’ predilections are consistently growing by the strategies being used by market contenders. The situation for growth plans has stimulated the market for potential new entrants. The development of the market is based on the drivers that are radically altering the market backdrop.
The strategic competitors in the electric motors market are Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric Company (U.S.), Denso Corporation (Japan), Nidec Corporation (Japan), Ametek, Inc. (U.S.), Allied Motion Technologies, Inc. (U.S.), Robert Bosch GmbH (Germany), Johnson Electric Holdings Limited (Hong Kong), Emerson Electric Co. (U.S.), Hitachi, Ltd. (Japan), WEG S.A. (Brazil), Rockwell Automation (U.S.), ARC Systems, Inc. (U.S.), and Toshiba International Corporation (U.S.) among others.
Industry Updates:
Jul 2018 Audi has formally commenced with serial production of electrical motors in Hungary. The production volume at the Győr factory is about 400 motors per day and is planned to be sequentially increased
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