Electric Motors Market – Overview
The global electric motors market is a growing space; mainly due to the widespread adoption of electric motors across industries. The spreading awareness towards the benefits of optimization of electricity and its impacts on the environment is leading to greater adoption of energy-efficient motors, which can curtail power consumption.
According to Market Research Future (MRFR), the electric motors market has been witnessing an increasing growth, worldwide, and is estimated to continue to grow over the next few years. MRFR, in its recently published study report, also asserts that the global Electric Motors Market Size is forecasted garner a significant growth by 2023, registering over 6.2% CAGR throughout the anticipated period (2017 – 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.
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.
Apart from agriculture electric motors find their applications in wide range of industrial applications including pump drives (solar & conventional), robotic equipment, railroad, electric vehicles (AGV’s, tugs, go-carts), aerial lifts, amusement rides, automobile lifts (mobile and floor mounted) exercise equipment, mobile HVAC, chemical, O&G pumping and so on.
Global Electric Motors Market - Segmentation
For a better understanding, the report has been segmented into five key dynamics:
By Type : AC, DC, and Hermetic.
By Voltage : Up to 1 kV, 1 kV–6.6 kV, Above 6.6 kV
By Output Power : Up to 1 hp and above 1 hp.
By End-use : Industrial, Commercial, Residential, Agriculture, and Transportation among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
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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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.
Manufacturers strive to develop standard and custom designed electric motors that can be useful for numerous applications and can provide superior performance and long-term service for demanding industrial power-source applications. Emphasizing on quality, maintaining quality standards, and using adept technologies & the latest production techniques, these manufacturers develop products that can give maximum output.
Major Players:
Key players leading the global electric motors market include Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric Company (US), Denso Corporation (Japan), Nidec Corporation (Japan), Allied Motion Technologies, Inc. (US), Robert Bosch GmbH (Germany), Ametek, Inc. (US), Hitachi, Ltd. (Japan), Emerson Electric Co. (US), Johnson Electric Holdings Limited (Hong Kong), WEG SA (Brazil), Rockwell Automation (US), Toshiba International Corporation (US), and ARC Systems, Inc. (US) among others.
Also Read: https://www.slideshare.net/MRFR12/electric-motors-market-2020-global-industry-size-share-business-growth-and-global-industry-analysis-till-2023
https://visual.ly/community/Others/business/electric-motors-market-2020-competitive-strategies-latest-technology-and
https://issuu.com/home/published/electric_motors_market_45b6f55a19c72e
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