Electric Motor market value is projected to reach nearly US$ 162 Billion by 2024
NEW YORK, June 21, 2019 /PRNewswire/ -- Electric motors are electro-mechanical devices which work on the principle of electromagnetic induction.
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The are durable and highly efficient, require low maintenance, consume less energy, and have high endurance for fluctuating voltages. In addition, electric motors cost considerably lower than a fossil-fuel engine. Owing to this, electric motors find applications in diverse industries ranging from automobiles to oil and gas, where they are installed in industrial fans, machine tools, compressors, electric cars, domestic appliances, hard disk drives, etc. According to the latest report by the analyst, titled "Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global electric motor market reached a value of nearly US$ 125 Billion in 2018, growing at a CAGR of 5.5% during 2011-2018.
There are several factors currently driving the electric motor market growth globally. Expansion in industrial automation along with advancements in technology is the major growth-inducing factor of the market. Moreover, the trend of replacing gas turbines with electric motors in large industrial plants is propelling their demand. Further, the growth of the market is gaining traction owing to the increasing demand for vehicles supported by improving standards of living and rising purchasing power of the consumers. Additionally, government initiatives aimed to boost the sales of electric vehicles so as to reduce carbon emissions is expected to fuel the electric motor market growth. Looking forward, the market value is projected to reach nearly US$ 162 Billion by 2024.
Market Summary:
Based on motor type, the market has been bifurcated into AC and DC motors, wherein AC motors holds the largest share. The AC motors segment is further divided into induction and synchronous AC motors, whereas the DC motors segment is segregated into brushed and brushless DC motors.
On the basis of voltage, low voltage electric motors account for the majority of the total share, followed by medium and high voltage electric motors.
The market has also been segmented on the basis of rated power into fractional horsepower and integral horsepower electric motors. Amongst these, fractional horsepower electric motors dominate the market.
Based on fractional horsepower, the market has been segregated into fractional horsepower (< 1/8) motors, fractional horsepower (1/8 – 1/2) motors and fractional horsepower (1/2 – 1) motors. Amongst these, fractional horsepower (1/8 – 1/2) motors dominates the market.
On the basis of integral horsepower, electric motors with integral horsepower between 1 – 5 hold the largest share. They are followed by motors with horsepower in the range 10 – 50, 50 – 100 and > 100.
Based on magnet type, ferrite magnets represent the leading segment. They are followed by NdFeB and SmCo magnets.
On the basis of weight, low weight motors hold the largest share, followed by medium and high weight motors.
The market has also been divided on the basis of speed into high speed, ultra-high speed, medium speed and low speed electric motors. Currently, high speed electric motors hold the biggest share.
Industrial machinery is the leading application sector, accounting for the majority of the total market share. It is followed by HVAC, transportation, household appliances, motor vehicles, aerospace, marine and robotics.
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global share.
The competitive landscape of the market has also been examined with some of the key players being ABB Group, Siemens Ag, WEG SA, TECO, Regal Beloit Corporation and Nidec Corporation.
This report provides a deep insight into the global electric motor market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the electric motor industry in any manner.
Key Questions Answered in This Report:
How has the global electric motor market performed so far and how will it perform in the coming years?
What are the key regions in the global electric motor market?
Which are the popular motor types in the global electric motor market?
What are the key application segments in the global electric motor market?
What are the popular voltage types in the global electric motor market?
What are the major end-use sectors in the global electric motor market?
What are the key rated power segments in the global electric motor market?
What are the major magnet types in the global electric motor market?
What are the various stages in the value chain of the global electric motor market?
What are the key driving factors and challenges in the global electric motor market?
What is the structure of the global electric motor market and who are the key players?
What is the degree of competition in the global electric motor market?
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