The global induction motors market is forecasted to expand over the projected years of 2018-2026 at a CAGR of 11.65%
NEW YORK, Nov. 27, 2018 /PRNewswire/ -- KEY FINDINGS
The global induction motors market is forecasted to expand over the projected years of 2018-2026 at a CAGR of 11.65%. Technological advancements in induction motors and rising demand for energy efficient motors are driving the market growth for induction motors, globally.
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MARKET INSIGHTS
Segmentation of the global induction motors market is done according to its type and on the basis of applications.The varied induction motors type in this region include single-phase induction motors and three-phase induction motors.
The market finds its application in commercial, industrial and residential sectors.
REGIONAL INSIGHTS
North America, Europe, Asia-Pacific and rest of the world are the key regions based on which the global induction motors market has been segmented.Presently, the Asia-Pacific market accounts for a significant share of this market.
Rapid industrialization in emerging economies of Asia-Pacific and China are majorly expected to boost the market development. Also, the Asia-Pacific induction motors market enjoys a significant support from governments within the region, which largely aids the market growth.
COMPETITIVE INSIGHTS
Abb Ltd (Asea Brown Boveri), Ametek Advanced Motion Solutions, Brook Crompton Company, Danaher Corporation, Fuji Electric Co., Ltd, General Electric Company, Johnson Electric, Kirloskar Electric Co. Ltd, MMC Electric Company Pvt. Ltd (Dynaflux), Nidec Motor Corporation, Oriental Motors Corporation, Regal Beloit Corporation, Rockwell Automation Inc, Siemens Ag, and Weg Industries are companies that are competing in the global market.
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