Electric Motors Market Growth Strategy, Mergers, Acquisitions, Product Development and Demand by Forecast to 2023
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 key components in various durable goods, HVAC applications, compressors, machine tools, electric cars, power tools, and automated robots. They are used in diverse industrial processes. The shift towards highly efficient, extended operating life, low energy consumption, low maintenance, and high endurance for fluctuating voltage motors have been the prime drive behind the growth of the global electric motors market.
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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.
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.
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.
The global electric motors market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Asia Pacific held the major share of the market in 2016 and is anticipated to signify a steep rise in the growth curve over the next couple of years. China, Japan, and India contributed largely to the development of the electric motors market across the review period. Additionally, the upswing in demand from end-user verticals is expected to catapult the market on an upward trajectory.
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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