Global electric motor market is projected to witness a huge growth with a staggering CAGR of 6.38% in the forecast period. Electric motors are basically a type of electro-mechanical device that functions on the basis of electromagnetic induction. These devices are highly long-lasting and very efficient. Looking at its productivity, electric motors consumes minor energy and has high endurance that can fluctuate voltages. In addition to this, one of the major advantage of an electric motor is its low cost than the fossil-fuel engines.
Advancements in numerous technologies and a massive expansion in the industrial automation sector are the two major factors that are driving the growth of the market. Along with these, in large industrial plants, it is seen that gas turbines are being replaced with electric motors, which is one of the essential facet that is helping the electric motor market to grow.
But the market is witnessing an issue due to the portability of electric motors especially in heavy appliances. Electric motors with complex electric circuits are facing problems, which is leading to replacement of faulty components. These reasons are restraining the electric motor market to grow presently. The government is initiating proactive actions such as diminishing pollution emitted from vehicles. With an objective to boost the sales of electric vehicles, the demand of electric motors is anticipated to increase and will help in reducing environmental pollution. This initiative will allow the market to grow tremendously in the near future.
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Electric motor market is segmented on the basis of type (alternate current motor, direct current motor, hermetic motor), output power (integral horsepower, fractional horsepower), voltage range (9V & above, 10V-20V, 21V-60V, 60V & above), application (industrial machinery, motor vehicle, HVAC equipment, aerospace & transportation, household appliances), speed (low speed, medium speed, high speed, ultra-high speed) and region (North America, Europe, Asia Pacific, LAMEA).
The market is spread along various regions such as North America, Europe, Asia Pacific and LAMEA. Among these, Asia Pacific is currently leading the electric motor industry as there is a rise in the industrialization and growth in the disposable income in numerous countries of the Asia Pacific region.
Some of the prominent key players of the electric motor market are Hitachi, Ltd., ABB Ltd., Emerson Electric Co., Weg SA, Toshiba Corp, Denso Corp, TECO-Westinghouse Motor Company, AMETEK, Inc., Siemens AG, General Electric Company, Nidec Corporation, Robert Bosch GmbH, Rockwell Automation, Johnson Electric Holdings Limited and Aquion Energy, Inc.
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