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Electric Motor Market Segments: By Motor Type (Hermetic, AC and DC); By Power Output (Integral HP Output and Fractional HP Output); By Speed (Low-Speed Electric Motors (Less Than 1,000 RPM), Medium-Speed Electric Motors (1,001-25,000 RPM), High-Speed Electric Motors (25,001-75,000 RPM) and Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)); By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances and Others); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Electric Motor Market to surpass USD 175 billion by 2030 from USD 108 billion in 2018 at a CAGR of 6.68% throughout the forecast period, i.e., 2019-30.
Electric motors are electromechanical systems that operate on the electromagnetic induction principle. They are robust and highly effective, require low maintenance, consume less energy, fluctuate voltages have high endurance. Moreover, electric motors cost far less than fossil-fuel engines. Due to this, in various industries ranging from vehicles to oil and gas, electric motors find applications where they are used in industrial fans, machine tools, compressors, electric cars, home appliances, hard disc drives, etc.
Electric Motor Market to surpass USD 175 billion by 2030 from USD 108 billion in 2018 at a CAGR of 6.68% throughout the forecast period, i.e., 2019-30. Major drivers driving the market are expected to be factors such as rising environmental issues and increasing demand for electrical energy. The key growth-inducing factor in the market is an expansion in industrial automation along with developments in technology. In addition, in large industrial plants, the trend of replacing gas turbines with electric motors is driving their demand. In addition, market growth is gaining momentum due to increasing demand for cars, supported by improved living standards and rising customer buying power. Furthermore, government measures to increase electric vehicle sales to minimize carbon emissions are expected to accelerate the growth of the electric motor market.
Electric Motor Market is segmented by motor types as AC and DC motors and hermetic motors. The greater market share in 2018 was accounted for by AC motors as these were extensively used forms with their applications ranging from irrigation pumps to modern-day robotics. In addition, they are smaller, cheaper, and lighter in weight and are commonly used in HVAC equipment as well. Due to the advent of highly effective and low-cost electronics, followed by advances in permanent magnetic materials, the use of electric AC motors in the automotive industry has increased exponentially. However, due to the ease of handling, less maintenance, and fast transport, the hermetic type is expected to experience the highest CAGR of 8.47 % during the same span. Sector growth can also be due to increased demand from manufacturers of HVAC systems supported by suitability in such applications.
Electric Motor Market is segmented by application into Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances, and Others. It is estimated that the motor vehicle segment will hold the highest market share, contributing more than 40.0% of total sales. In addition, in heavy industrial equipment as well as in agricultural types of machinery and automobiles, electric motors are commonly used. Countries like Brazil, Vietnam, Sri Lanka, Argentina, and India, have a significant agriculture-dependent population. Demand for low-cost and energy-efficient goods in these countries has, therefore, increased. The HVAC machinery depends heavily on electric motors. At a CAGR of 9.54 percent over the forecast period, the segment is poised to experience the fastest growth. The growth of the segment is likely to be stimulated by growing applications of electric motors in various residential buildings, as well as office buildings, hotels, and warehouses.
Increasing Compliance for Energy-Efficient Electric Motors
It is anticipated that the rising ford of high-power consumption industries to reduce their energy consumption would drive the worldwide adoption of energy-efficient electric motors. Electric motors can account for about 70 percent of total energy consumption in the manufacturing sector, and the highest electricity consumption comes from the operation of compressors. Industries are therefore using more energy-efficient electrical engines to reduce running costs and lead to a greener future. The main growth-inducing factor in the market is an expansion in industrial automation along with developments in technology.
Increasing Usage of Electric Motors for Several Applications
In some applications, electric motors are used because they are capable of transforming electrical energy into mechanical energy efficiently. Power tools, pumps, fans, grinding mills, alternators, compressors, metal rolling machinery, refineries, hoists, propulsion systems, and many other items are built into these engines. Growing demand for electric motors in the automotive, marine, petroleum and gas, agriculture, oil and energy, metals, cement, mining, water and wastewater, pulp and paper industries is improving the outlook for the global electric motor industry. In addition, in large industrial plants, the trend of replacing gas turbines with electric motors is driving their demand. Furthermore, the growth of the industry is gaining momentum due to the growing demand for cars, driven by improving living standards and increasing customer buying power.
Variation in prices of raw materials
A few manufacturers in China regulate the prices of raw materials, such as permanent magnets, steel bars, copper wires, and precision thin metals, such as specialty alloys, which are used to produce electric motors. There is not a great deal of product differentiation and the product price dictates the market supremacy of such suppliers. Other manufacturers/suppliers in the industry must bear the resulting price fluctuations. For example, if producers and suppliers experience changes in the prices of permanent rare-earth magnets during production cycles, they are unable to pass on the shift in prices to end-user customers. The profit margins of manufacturers of raw materials are also adversely affected.
Electric Motor Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Electric Motor Market in North America held the largest market share of XX.X% in the year 2018 and is anticipated to secure the leading position during the forecast period. This is due to economic development and the aerospace industry expansion. The US is a leader in the market for electric motors. Therefore, among the North American nations, the market share of electric motors is the largest. Due to rapid industrialization, the Asia Pacific countries are expected to be the largest electric motor market during the forecast period and are moving towards internet-based industrial operations in each industry. The developing countries in the Asia Pacific region, such as South Korea, Japan, and Australia, are increasingly exploring the potential of creative services and connected devices, according to the GSM Association.
The Electric Motor market, which is highly competitive, consists of several major players such as Ametek Incorporation, Siemens AG, and Baldor Electric Incorporation holding a substantial market share in the Electric Motor market. Other players analyzed in this report are Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation, and Johnson Electric Holdings Limited among others.
The market competition has been stepped up by the availability of many players offering Electric Motor. For Instance, in January 2019, WEG S.A, and a Spanish private firm, a leading provider of pork signed a partnership agreement. According to the agreement, a Spanish private firm has installed W22 Magnet IE4 electric motors in the refrigeration system at the Manresa facilities.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Electric Motor Market Segments:
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