IndustryARC, in its latest report, predicts that Induction Motor Market Size is forecast to reach $54.2 billion by 2026, at a CAGR of 6.5% during 2021-2026. An induction motor is an AC electric motor in which torque is produced by the reaction between a varying magnetic field generated in the stator and the current induced in the coils of the rotor. It is used in a majority of machinery, as it is more powerful and eco-friendly compared to the conventional motors in the market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
1. The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the Induction Motor market in APAC.
2. The inner rotor segment is growing at a significant CAGR rate of 7.1% in the forecast period. In inner rotor type motors, rotors are positioned at the centre and surrounded by stator winding.
3. Automotive sector is expected to witness a highest CAGR of 8.9% the forecast period, owing to various factors such as increase in sales of electric vehicles due to rising concerns over greenhouse gases emissions, and favourable government policies in countries such as India, China and so on.
4. Induction Motor companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
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1. Three Phase segment is growing at a significant CAGR of 11.1% in the forecast period. A three phase induction motor is a type of AC induction motors which operates on three phase supply.
2. Automotive sector is expected to witness a highest CAGR of 8.9% in the forecast period, owing to various factors such as increase in sales of electric vehicles due to rising concerns over greenhouse gases emissions, and favorable government policies in countries such as India, China and so on. In addition, the shift towards industrial automation, coupled with the rising consumer confidence & promising investment plans triggers demand for the induction motor in industrial application.
3. Induction Motor market in Asia-Pacific region held significant market share of 38.5% in 2020. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth.
The top 5 players in the Induction Motor industry are –
1. Rockwell Automation
2. Toshiba Corp.
3. Hitachi Ltd.
4. Nidec Corporation
5. ARC Systems Inc.
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