Electric Motor Market to Reach USD160.11 Billion until 2026
Booming heating, ventilation and air
conditioning industry to drive the Global Electric Motor Market through 2026
According to TechSci Research report, “Global Electric Motor Market By Type (AC
Motors, DC Motors and Hermetic Motors), By End Use (Residential, Commercial,
Industrial, Transportation and Others), By Output Power (Above 1HP and Upto
1HP), By Region, Competition Forecast & Opportunities, 2016 – 2026’’, the Global Electric Motor Market
is
projected to cross USD160 billion by 2026, on account of growing demand from
various small scale industries such as paper and pulp, textile industry and
others. Moreover, shifting trends towards electrical vehicle technology along
with regulations such as Minimum Energy Performance Standards (MEPS) to bolster
the Global Electric Motor Market through 2026.
Global Electric Motor Market can be segmented
based on type, end use, output power and region. In terms of type, the market
can be bifurcated into AC motors, DC motors and hermetic motors. The rising
demand from automotive sector, owing to the high efficiency AC motors fuels the
Electric Motor Market growth. Although, the DC motors segment is forecasted to
grow at a faster rate owing to their high starting torque, simple operation and
easy design.
The high share
of AC motors is attributable to extensive applications in irrigation industry
to modern day robotics. Moreover, they are lighter in weight and cheaper and
are extensively used in Heating,
Ventilation and Air Conditioning (HVAC) industry. Improvements in permanent magnetic
materials and highly efficient low cost electronics has increased the use of AC
motors in automotive industry. However, DC motors are expected to grow at a
faster rate owing to the rapidly increasing popularity of vehicle features like,
adjustable mirrors, motorized seats and sunroof systems. The Hermetic motor
segment will witness a CAGR of 6.41% from 2021 to 2026 due to the easy transportation,
less maintenance and easy handling. The segment’s growth is attributed to the
demand from HVAC equipment manufactures and their suitability in such
applications.
Browse
135 Figures spread through 110 Pages and an in-depth TOC on "Global
Electric Motor Market"
https://www.techsciresearch.com/report/electric-motor-market/7280.html
In terms of end use,
the market is segmented into residential, commercial, industrial, transportation
and others. The industrial segment dominates the market owing to the increased
demand, as maximum industries depend on motorized automation. This segment
includes metal and mining, oil and gas, paper and pulp, home appliances,
renewables and water and wastewater industries which use electric motors for
compressors, boilers and pumps at different stages of production. In terms of
output power, the market is segmented into above 1HP and upto 1HP. Upto 1HP
segment is expected to lead the market owing to its application in various
small scale industries such as textile mills, healthcare and paper and pulp
industries.
In
the Global Electric Motor Market, Asia-Pacific is the largest contributor with around
37% market share in 2020. China is the largest
contributing country in the region with around 53% share in 2020, followed by
Japan, India and South Korea. Growing urbanization and manufacturing sector in
China are contributing to the country’s leading market position. In India increasing
industrialisation, and introduction of various major government initiatives
such as Make in India, Smart City Mission, affordable housing, AMRUT, etc., are
expected to positively influence the Electric Motors Market in India during
forecast period.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=7280
Customers can also request for 10% free
customization on this report.
ABB Limited, Siemens AG, Schneider Electric
SE, Nidec Corporation, Mitsubishi Electric Corporation, Rockwell Automation,
Johnson Electric Holdings Limited, Toshiba Corporation, General Electric
Company, WEG Industries, etc. are among the leading players operating in Global
Electric Motor Market. Companies operating in the market are using organic
strategies such as product advancement through addition of new features,
partnerships, mergers and collaborations to boost their share in Global
Electric Motor Market.
“Growing Heating, Ventilation
and Air Conditioning (HVAC) industry, increasing global electricity consumption
and rising demand from automotive, railways and renewables sectors across the
globe are boosting demand for electric motors, globally. Moreover, rising urbanization,
technological advancements in industrial sector and shifting of world towards
electric vehicle technology have also been positively influencing the market.
Continuance of such upward trend in industrial and automotive segments across
the globe is expected to drive the Global Electric Motor Market in the coming
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global
Electric Motor Market By Type (AC Motors, DC Motors and Hermetic Motors), By
End Use (Residential, Commercial, Industrial, Transportation and Others), By
Output Power (Above 1HP and Upto 1HP), By Region, Competition Forecast &
Opportunities, 2016 – 2026” has evaluated the future growth potential of Global
Electric Motor Market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the Global Electric Motor Market.
About TechSci Research
TechSci Research
is a leading global market research firm publishing premium market research
reports. Serving 700 global clients with more than 600 premium market research
studies, TechSci Research is serving clients across 11 different industrial
verticals. TechSci Research specializes in research based consulting
assignments in high growth and emerging markets, leading technologies and niche
applications. Our workforce of more than 100 fulltime analysts and consultants
employing innovative research solutions and tracking global and country
specific high growth markets helps TechSci clients to lead rather than follow
market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com/