Key Companies Covered in Electric Motor Market Research Report Are Siemens, ABB, Hitachi, AMETEK, Mitsubishi Heavy Industries, Johnson Electric, Regal Beloit Corporation, GE, DENSO, Rockwell Automation, Other key market players
PUNE, India, Jan. 9, 2020 /PRNewswire/ -- The global Electric Motor Market size is projected to reach USD 167.03 billion by 2026, thereby exhibiting a CAGR of 5.7% during the forecast period. Fortune Business Insights™ published this information in an upcoming report, titled, "Electric Motor Market Size, Share & Industry Analysis, By Motor Type (AC Motors, DC Motors, Hermetic Motors), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1 kV, 1 kV-6.6 kV, Above 6.6 kV), By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture, Transportation) and Regional Forecast, 2019-2026." The report further states that the market was valued at USD 107.76 billion in 2018. However, it is expected to gain momentum from the rising demand for HVAC applications, as well as increasing investments.
Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth
The demand for electric vehicles has abruptly increased since the past few years because of the rising government awareness programs to attain emission-free vehicles. Therefore, several industry giants are investing huge sums in expanding the automobile sector and developing their industries. It would rapidly increase the demand for electric vehicles, which, in turn, would further augment the Electric Motor Market growth during the forecast period. Additionally, the companies are investing persistently in the automotive industry that would propel growth.
AC Motor Segment to Lead Backed by Extensive Usage in Several Applications
In terms of motor type, the market is grouped into hermetic motors, DC motors, and AC motors. Out of these, the AC motors segment is set to generate the largest Electric Motor Market share during the forecast period. It had acquired a share of 58.5% in 2018. This growth is attributable to the rising adoption of these motors in many applications, right from irrigation pumps to state-of-the-art industrial operations. The DC motors segment, on the other hand, is anticipated to showcase considerable growth owing to the expansion of the transportation sector and rising usage in electric vehicles. Lastly, hermetic motors are widely used for ventilation, heating, and compression purposes. A huge demand for them from the emerging countries is expected to boost growth of this segment.
Rising Development in Industrialization & Commercialization to Favor Growth in Asia Pacific
The market is geographically segregated into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. Amongst these regions, the Electric Motor Market size of Asia Pacific was USD 38.51 billion in 2018. The region is set to experience robust growth throughout the forthcoming years owing to the increasing development in commercialization and industrialization in countries such as Indonesia, Australia, Japan, India, and China. China is expected to upsurge its investment and enhance the electric vehicle deployment plans to curb the emission of greenhouse gases and meet the global target. The country, for instance, has formulated numerous regulations and policies, namely, next-generation artificial intelligence development plan, Internet plus strategy, made in China 2025, and intelligent manufacturing plan 2016–2020 to allow the growth of the industrial sector. These factors are set to accelerate the growth of the market in this region.
Key Players Focus on Investment & Acquisition to Increase Sales
The market is occupied by various enterprises of all sizes. They are aiming to increase sales and create a robust position in the market by investing huge sums in the development and acquiring other companies. Below are a couple of the latest developments:
April 2019: Nidec, a leading manufacturer of electric motors, headquartered in Japan, announced that it is planning to invest around USD 500 million in a new factory in China. The factory would manufacture electric-vehicle motors and double the high hopes for growth.
February 2017: Nidec declared that it has completed acquiring the motors, drives, and electric power generation businesses of Emerson, an American multinational corporation. This acquisition would help Nidec in reinforcing and broadening its commercial and industrial businesses to fulfill the transforming consumer needs.
List of the most reputed companies operating in the Electric Motor Market. They are as follows:
AC Drives Market Size, Share & Industry Analysis, By Power Rating (Low Power Drives, Medium Power Drives, and High Power Drives), By Voltage (Low Voltage and Medium Voltage), By Application (Pumps, Conveyors, Compressors, Electric Fan), By End-User (Food & Beverage, Oil & Gas, Power Generation, Building Automation, Metal & Mining, Water & Wastewater, Chemical & Petrochemicals) and Regional Forecast, 2019-2026
Variable Frequency Drive (VFD) Market Size, Share & Industry Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others), and Regional Forecast, 2019-2026
Marine Engine Market Size, Share & Industry Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries and Passenger Ships, and Others), By Capacity, By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke and Regional Forecast, 2019-2026
Smart Electric Meter Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026.
Power Rental Market Size, Share and Industry Analysis By Rating (Below 75 KVA, 75 – 375 KVA, 375 – 750 KVA, Above 750 KVA), By Fuel Type (Diesel, Natural Gas and LPG, Others), By Application (Continuous, Stand By, Peak Load), By End-Use (Mining, Construction, Utility, Events, Manufacturing, Oil and Gas, Others) and Geography Forecast, 2019 – 2026
Switchgear Market Size, Share & Industry Analysis, By Insulation (Gas, Air, Oil, Vacuum), By Voltage (Low, Medium, High), By End-User (T&D Utility, Industrial, Commercial & Residential), By Installation (Indoor, Outdoor), and Regional Forecast 2019-2026
Circuit Breaker Market Size, Share & Industry Analysis, By Voltage (Low Voltage, Medium Voltage, and High Voltage), By End User (Residential, Commercial, Industrial, and Utility), By Installation (Indoor and Outdoor), By Rated Voltage (Upto 500V, 500V-1kV, 1kV-15kV, 15kV-50kV, 50kV-70kV, 70kV-150kV, 150kV-300kV, 300kV-600kV, 600kV-800kV, and Above 800kV), and Regional Forecast, 2019-2026
Advanced Energy Storage Systems Market Size, Share and Industry Analysis By Technology (Solid State Battery, Flow Battery, Thermal Energy Storage, Pumped Hydro Storage), By Application (Residential, Commercial, Industrial, Utility) and Regional Forecast 2019-2026
High Voltage Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground, Submarine), By Voltage (100 kV – 250 kV, 251 kV – 400 kV, Above 400 kV), By End-User (Industrial, Utility) and Regional Forecast, 2019-2026
Recloser Market Size, Share & Industry Analysis, By Phase (Single-Phase, Three-Phase, Others), By Control (Electric, Hydraulic, Others), By Voltage (Low Voltage, Medium Voltage, High Voltage), By Interruption Type (Oil, Vacuum), and Regional Forecast, 2019-2026
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