The “Global electric motor market” report, a recent research by Allied Market Research, has revealed that the global electric motor market size was $96,967.9 million in 2017, and is projected to reach $136,496.1 million in 2025, growing at a CAGR of 4.5%.
The rise in demand for superior machine control in automotive industry, owing to the high efficiency of AC synchronous motors fuels the electric motor market growth.
The regulations such as Minimum Energy Performance Standards (MEPS), drives the growth of energy efficient electric motors market across the world.
The material handling systems serve as the key consumers of fractional horsepower (FHP) motors, thus boosting their demand across the globe. Moreover, the adoption of motors ranging 21-60 V in HVAC sectors, owing to the heat dissipation, are anticipated to exhibit high demand for these motors in the coming years.
However, the industrial motors with high power rating generate substantial vibration, strain, and heating during their performance, which could potentially have profound influence over electronic components, and result in their malfunction. In addition, lack of awareness of benefits associated with smart motors among small and medium enterprise owners for various applications is expected to hinder the growth of the electric motor market during the forecast period.
The global electric motors have widespread demand in North America, followed by Asia-Pacific, and Europe. The highest share of the North America market is attributed to the increase in demand in AC motors in automotive sectors.
The global electric motor market is also witnessing considerable growth in the emerging markets such as India, China, and others. This growth is attributable to the development of the automotive, machinery, and fan & ventilation industries and high demand for better energy-efficient electric pumps.
Increase in demand for medium to large voltage motors, particularly in emerging wind power markets, is further expected to fuel the market growth. However, rise in use of other energy-efficient motors as an alternative to conventional motors is anticipated to hinder the market growth. North America is witnessing the highest demand for AC synchronous motors, followed by Asia-Pacific, Europe, and LAMEA. The highest share of the North America market is attributable to increase in demand for conveyers in the industrial machinery segment.
The “Global electric motor market” report by Allied Market Research, provides an extensive analysis of the current and emerging market trends and dynamics in the global electric motor market.
In-depth electric motor market analysis is conducted by constructing market estimations for the key market segments between 2017 and 2025 and by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The global electric motor market forecast analysis from 2018 to 2025 is included in the report.
The global electric motor market is segmented into motor type, output power, voltage range, application, speed, and region.Based on motor type, the global market is divided into AC, DC, and hermetic motors. AC motors has two subsegments, which includes synchronous AC motors, and induction AC motor. Similarly, DC motor is further classified as brushed DC motor and brushless DC motor. In 2017, the AC motor segment held the largest share, due to increase in demand for energy-efficient conveyor systems in manufacturing and automotive industries.Based on output power, it is classified into integral horsepower (IHP) output, and fractional horsepower (FHP) output. By voltage range, the market is categorized into 9 V & below, 10-20 V, 21-60 V, and 60 V & above. In 2017, the 60 V & above motor segments held the largest share, due to its increase in demand in heavy industrial machinery industry for energy-efficient conveyor systems in manufacturing and automotive industries.
Based on application, the global electric motor market is classified into industrial machinery, motor vehicles, heating, ventilating, and cooling equipment (HVAC), aerospace & transportation, household appliances, and other commercial applications. In 2017, the industrial machinery segment held the largest share, due to increase in demand for compressors systems in manufacturing and automotive industries. Based on speed (rpm), it is classified into low-speed electric motors (less than 1,000 rpm), medium-speed electric motors (1,001-25,000 rpm), high-speed electric motors (25,001-75,000 rpm), and ultrahigh-speed electric motors (greater than 75,001 RPM).Region wise, the electric motor market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2017, North America accounted for the highest share, and is anticipated to secure the leading position during the forecast period. This is attributed to industrial growth and expansion of aerospace industry. U.S. is a pioneer in the electric motor market. Therefore, the electric motor market share is highest among the North American countries.
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