Global Electric Motors Market: Snapshot
The global electric motors market is expected to face significant rise in the coming years due to its uses in broad range of commercial, residential, and industrial applications. These applications generally comprises of refrigerators, elevators, compressors, pumps, fans, and various other systems. Rise in stringent regulations regarding electricity consumption is boosting the growth of the market. Increasing need to reduce the gas effects of green house is bolstering the global market growth. Positive outlook of the manufacturing industries have the potential to boost the market growth of electric motors.
Since electric motor is the most important component used in production of heating, ventilating, and cooling equipment of motor vehicles, it is being majorly demanded in the market. It also finds applications in various home appliances. Rise in earning level leading to increasing disposable income is majorly boosting the demand for global electric motors market. This has led to improved standards of living which is also supplementing the market growth. Optimizing electrical consumption by using energy efficient electric motors is minimizing financial burden on government and consumers.
The global electric motors market is anticipated to attain a valuation of US$ 120.68 bn by the end of 2019.
Global Electric Motors Market to Rise Owing to Increased Consumption of Hermetic Motors
The global electric motors market is segmented into output power, type, and applications. The types of electric motors include hermetic motors, AC motors, and DC motors. AC motors in 2012 accounted for the majority of the share in the global market. AC motors are used in HVAC industrial, equipment, and home appliances and manufacturing facilities. DC motors are extensively used for various speed control applications such as industrial equipment and machineries, electronic toys, motor vehicles. Hermetic motors are expected to witness the fastest growth in the coming years due to rising demand from HVAC manufacturers. This segment is expected to rise at a healthy CAGR of 8.5%.
The output power segment of the global electric motors market is further segmented into two categories namely integral horsepower motors and fractional horsepower motors. Among these, fractional horsepower motors accounted for the largest share in 2012. This rise was due to fractional horsepower motors usage in low power applications. However, the integral horsepower motors is anticipated to rise as the fastest growing segment due to benefits of energy efficiency electric motors and stringent electricity consumptions. Integral horsepower motors is anticipated to witness the rise in next six years.
The global electric motors market finds applications in different sectors such as commercial and other industry, aerospace and other transportation equipment, household appliances, industrial machinery, heating ventilating and cooling equipment, and motor vehicles.
Asia Pacific to Lead the Global Market Due to Consumption from Emerging Economies
The global electric motors market is spread across various regions such as Asia pacific, Latin America, North America, Middle East & Africa, and Europe. Among these, Asia pacific is leading the global market due to growing disposable income and rising industrialization in various countries such as Malaysia, Indonesia, India, and China. These countries are responsible for the growth of Asia Pacific electric motors market. Government providing incentive programs and stringent regulations on consumption of electricity for replacing lower efficient electric motors is driving the demand in this region.
Some of the key companies operating in the global electric motors market are Danaher, Baldor Electric Company, AMTEK, Asmo Co Ltd., and Regal Beloit. These companies are dominating the highly fragmented market of electric motors. There are numerous domestic and international players in the market offering different quality and price in the market thus, intensifying the competition.
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