Electric motors convert mechanical energy into electrical energy. It works on the principle of electromagnetism and utilizes 2 magnets and an electromagnet to repel each other to get the motor running. They are widely used in HVAC (heating, ventilating, and air conditioning) applications, lathe machines, industrial fans, machine tools, and pumps. The motors used to run these machines are known as premium efficiency motors.
Premium efficiency motors conserve 20% more energy than standard motors. They have a longer life span and tolerance for voltage fluctuations. Countries like Brazil, China, and India are more willing to adopt these motors in the industrial and agricultural sectors. The electric motor market will experience growth in these regions on account of using industrialized machines for irrigation.
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The electric motor market size in 2014 was estimated to be USD 99.85 billion. It is projected to attain USD 141.70 billion by 2022. It exhibits an estimated growth rate of 4.5% from 2015 to 2022 (forecast period). Technological advances that ensure better efficiency of the machinery will be a vital factor for the industry development. Increasing demand from household appliances, industrial machinery, and HVAC will boost the overall market growth.
AC (alternate current), DC (direct current), and hermetic motors are the products available in the market. AC motors are sub-divided into synchronous and induction, while DC motors are segmented into brushless and brushed. AC motors were the largest product in 2014 and had a market value of USD 70.18 billion in North America. The sales of electric vehicles will open up the market for AC motors, thus widening the scope for the electric motors market. Hermetic motors had a revenue share above 11% for North America in 2014.
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By power, the market is segmented into integral horsepower (HP) output and fractional horsepower output. Fractional HP output accounted for a revenue share close to 90% in 2014. Integral HP output had a market value of USD 12.04 billion in the same year.
Asia Pacific had a market share exceeding 55% of the overall revenue in 2014. AC motors led the market demand in this region by displaying a 7.8% year-over-year growth rate.
Prominent companies of the electric motor market include Siemens, Allied Motion Technologies, Baldor Electric Company Inc., Franklin Electric Co., and Rockwell Automation.
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