Electric motor is an equipment that transforms the electric energy into mechanical energy. They work on the principle of electromagnetic induction as per which a current induced conductor undergoes force in the presence of magnetic field. On the basis of requirement of the voltage, electric motors can be classified as low, medium and high voltage electric motors. A new research report by IMARC Group, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was more than US$ 93 Billion in 2017. The report further anticipates the global electric motor market to approximately US$ 123 Billion by 2023, at a projected CAGR of nearly 5% over the forecast period.
- Some of the major factors for the growth of the electric motor market are rising urbanisation and industrialisation rates, technological advancements and worldwide availability of electricity. Moreover, the installation cost of an electric motor is comparatively lower than their counterparts like fossil-fuel engines.
- In addition, numerous industries are shifting towards automation as it is highly efficient, accelerates productivity as well as enhances quality and flexibility. As automation requires the use of electric motor, it has highly contributed to its global demand.
- Further, electric motors have several applications in different industries. The benefits, such as longevity, low energy requirement, less maintenance expenditure and high tolerance to varying voltages have led to the growth in the demand for electric motors.
- However, there are several factors that hamper the market growth. For instance, many heavy electric motors are not portable.
On the basis of efficiency, the electric motor market is segmented as standard efficiency, high efficiency, premium efficiency and super premium efficiency. The standard efficiency electric motor enjoys the dominant share in the electric motor market.
Pumps and fans represents the largest application segment accounting for the majority of the total global consumption. Pumps and fans is followed by compressors and others.
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Based on end-use, commercial HVAC industry represents the biggest market for electric motors. It is followed by the food, beverage and tobacco industry, mining industry and utilities.
On a geographical front, Asia-Pacific represents the leading market for electric motors accounting for the majority of the total global consumption volume. Asia-Pacific is followed by North America, Western Europe, Eastern Europe, Central & South America, and Africa and Middle East.
The electric motor market is fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for new players to enter. Some of the leading players operating in the market are:
- ABB Group
- Siemens AG
- WEG SA
- Nidec Corporation
- TECO Middle East
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