Electric Motors Market Outlook 2018 Capacity & Capital Expenditure Forecasts with Geography, Product, Key Company Information by 2023
Electric Motors Market Report: By Motor Type (AC, DC, Hermetic), Voltage (Upto 1 kV, 1 kV–6.6 kV, Above 6.6 kV), by Output Power (Upto 1 hp, Above 1 hp), by End-Use (Industrial, Commercial, Residential, Agriculture, Transportation)– Forecast till 2023
Pune, India – December 28, 2018 /MarketersMedia/ —
Market Scenario
Electric motors are the devices that work on the electro-magnetic induction principle by ensuring conversion of electrical energy into mechanical energy. Electric motors are widely used in HVAC applications, compressors, machine tools, pumps, domestic appliances, industrial fans, lathe machines, electric cars, disk drives, power tools, and automated robots. These high-efficiency motors gain importance over standard motors due to longer operating life, low energy consumption, low maintenance, and high endurance for fluctuating voltages, and others.
The global electric motors market is majorly driven by growth in demand for energy efficient electric motors. The upsurge in environmental awareness is leading to higher implementation of the motors that provide energy efficiency, and thus subsidize significantly towards the growth of electric motors market. The increase in the utilization of electric motors by the rapidly expanding agricultural sector is also anticipated to contribute to the growth of the electric motors market.
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The upsurge in use of electric motors by numerous industrial machineries and household applications is also projected to propel the growth of the market. The increasing utilization of the electric motors by numerous end-use industries and the flourishing automobile sector, which is a major end-use of electric motors, is anticipated to drive the market of the electric motors over the forecast period.
Global electric motors market has been segmented based on type, voltage, output power, end-use and region. Based on type the market is segmented into AC motor, DC motor and Hermetic motor. Among these AC motors, is projected to dominate the global electric motors market through 2023. The dominant position of this segment can be attributed to its wide application in all end-use sector.
Based on voltage the market is segmented into Up to 1 kV, 1 kV–6.6 kV and Above 6.6 kV. Up to 1 kV dominated the market in 2016 and is projected to be the fastest-growing operation segment for electric motors. Up to 1 kV motors are extensively used for small-scale application in all end-use applications, they are cost-effective and largely manufactured by local and prominent players.
Based on the output power, the market is segmented into Up to 1 hp and Above 1 hp. Up to 1 hp dominated the market in 2016 and is projected to be the fastest-growing output power over the next five years. Up to 1 hp electric motors are extensively used in numerous home appliances and other small electrical equipment, the low output power range makes them ideal for all small-scale electrical applications.
Based on end-use, the market is segmented into industrial, commercial, residential, agriculture and transportation. Residential sector dominated the market in 2016 and is projected to be the fastest-growing end-use over the next five years. The rapid urbanization, growing population and rise in standard of living leading to affordability of high-end home appliances, gadgets and electronics has led residential sector boom in the electric motor market.
The electric motors industry is anticipated to have huge number of advancements over the forecast period owing to continuous developments in industrial equipment, automotive sector and agricultural sector. The electric motors market is also expected to have high expansion activities by multinationals and well-established companies. New product launch is anticipated to be one of the prominent strategy adopted by the key players in the electric motors market.
The global electric motors market is expected to expand at ~ 6.2% CAGR during the forecast period.
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Global Electric Motors Market
The global electric motors market is expected to witness phenomenal growth during the forecast period. This is due to the considerable growth in the utilization of electric motors across end-use sectors at an extensive level in various regions. The growth is primarily attributed to the growth in the manufacturing of Heating, Ventilating, and Cooling (HVAC) equipment, motor vehicles, and other home appliances in all countries, which is likely to continue during the forecast years. The Asia Pacific region accounted for the largest share of the electric motors market in 2016, wherein China, Japan, India and prominent Southeast Asian countries contributed largely towards the market growth.
The economic upsurge, large-scale industrialization & commercialization and advancement in the agricultural sector in the North America and Europe region has created a huge demand for electrical devices, resulting in growing demand for electric motors across the region. The high dependability of industrial, commercial, residential, automotive and agricultural sector over highly efficient electric motors for smooth operational functioning is creating a fruitful market for electric motors and is expected to continue over the forecast period. All these major factors are anticipated to encourage the growth of electric motors market during the forecast period.
Key Players
The key players of global electric motors market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Nidec Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), and Emerson Electric Co. (U.S.). Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), Rockwell Automation (U.S.), WEG S.A. (Brazil), ARC Systems, Inc. (U.S.), and Toshiba International Corporation (U.S.) are among others.
Table of Contents
1 Executive Summary
2 Scope of The Report
3 Market Landscape
4 Market Dynamics
5 Global Electric Motors Market, By Type
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