The global Electric Motor Market is expected to reach USD 141.70 billion by 2022, according to a new report by Grand View Research, Inc. Technological advancements and regulatory policies aimed at improving energy efficiency of machinery and equipment are vital factors for the industry development over the forecast period.
Global industry is expected to be driven by increasing electric motors’ utilization in industrial machinery, HVAC equipment and household appliances. AC motors have found huge headways in automotive manufacturing where they are used for automation of hydraulic suspension systems, speed control and adaptive handling of vehicles.
AC motors such as synchronous type are gaining prominence in robotics applications that could further mark the segments growth in industrial machinery where machinery automation is priority among end-use companies.
Further key findings from the report suggest:
- Global electric motor market size was 99.85 billion in 2014 and is expected to reach 141. 70 billion by 2022, growing at a CAGR of 4.5% from 2015 to 2022.
- AC motors were the largest product segment and accounted for over 70% of total revenue in 2014. Gradual replacement of DC motors by AC motors across various applications such as automotive, industrial machinery, aircraft, and consumer electronics has been a factor for its growth.
- Integral horsepower output was the leading segment with revenue valued at over USD 12 billion in 2014. Integral HP motors generate power output that vary from 1HP to 400HP and are rated 600 volts or below thus finding applications in industrial and commercial purposes
- Fractional horsepower motors were the leading output segment and accounted for just under 90% of total revenue in 2014. With integral horsepower motors finding greater scope in industrial and commercial applications, they are expected to grow at a faster CAGR than the former. Hermetic motors accounted for over 11.5% of the North America revenue in 2014. These kinds of motors find application in centrifugal chillers and commercial scale refrigerators.
- Asia Pacific was the leading region and accounted for over 55% of global revenue in 2014. High industrial output in China, India, Korea and Southeast Asia, particularly in automotive, consumer appliances and machinery sectors, has been a major factor for synchronous motors’ growth.
- Key companies operating in the global electric motor market include Rockwell Automation, Franklin Electric Co., Siemens, Allied Motion Technologies and Baldor among others.
Learn more Full Market Insight Details here: Electric Motor Market Report