Electric Motor Market: Overview
Electric motor has been an integral part of various machineries such as heating equipment, refrigerator, cooling equipment (HVAC), water pumps, and others. Hence, it is widely used in multiple industry verticals such as motor vehicles, home appliance, and industrial machinery among others. Further innovations in motors have increased the operational insulation, safety, and functionalities of motors. As a result, electric motors have been adopted in different industries. This, in turn, is enhancing the growth in electric motor market.
Further, growing concerns pertaining to energy consumption and impact of generation of energy using conventional energy source are driving demand for electric motors. Rising demand for efficient energy is resulting in expansion of electric motor market in coming years.
On the other hand, lack of awareness about usage of electric motor is limiting its use in small and medium enterprises. Consequently, growth of electric motor market is getting hampered.
The upcoming report on electric motor market provides insights about various segments and trends, which are projected to contribute to expansion of global electric motor market in between 2019 to 2027. It talks about several factors likely to affect growth of the market during forecast period. Further, it provides details about the anticipated regional contribution to the global electric motor market.
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Electric Motor Market: Notable Developments
Automotive sector is expected to witness major change in the duration of forecast period, owing to introduction of electric vehicle. Electric vehicles are widely adopted in various regions across the globe, in order to combat greenhouse emissions and regulate carbon footprint. Further, stringent government policies are also supporting the adoption rate of electric vehicles.
Electric motor, being an indispensable component of the vehicle, will also be required in large numbers. Hence, electric motor market is anticipated to witness significant growth in coming years.
Further, investment on power generation machineries to combat rising demand for electrical energy is rising. Green power generation methods are required to sustain development across the globe. At present, application of electric motor contribute approximately 40% of the global energy demand.
This, in turn, is likely to boost demand for electric motor. As a result, global electric motor market is anticipated to witness enormous growth during forecast period.
Some of the key players in global electric motor market are
- Siemens AG
- Toshiba Corp.
- ABB Ltd. Rockwell Automation
- AMETEK Inc.
- Johnson Electric Holdings Limited
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Electric Motor Market: Key Trends
Rising fuel prices and depleting conventional energy sources are entailing people to shift to non-conventional fuel alternatives. Electric vehicles are manufactured to meet the demand for energy efficient vehicle. Also, these will help reduce greenhouse emission and carbon foot print.
Upsurge in production of electric vehicles is expected to influence the demand for electric motors. As a result, electric motor market will grow subsequently.
Electric Motor Market: Regional Analysis
In 2018, Asia Pacific dominated global electric motor market, owing to high adoption rate of electric motor in various industries. The adoption rate is likely to increase. As a result, it is anticipated that the region will dominate the market during the forecast period.
Industries such as automotive, petrochemical, fertilizers, and chemical are booming in Asia Pacific. This, in turn, is likely to present enormous growth opportunity for global electric motor companies.
Concerns pertaining to pollution due to industrial concern is rising. As a result, people are switching to clean energy. Hence, they are widely adopting energy-efficient electric motors.
Sale of electric motors has increased significantly. Increasing sale is attributed to favorable government policies. The electric motor market is anticipated to witness similar growth rate during forecast period, as China is one of the biggest market for electric vehicles.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.