Electric Motors Market New Tech Developments and Leading Key Players Update 2018
Market Highlights:-
The global Electric motors market will be driven by the increasing applications and the huge installations of electric motors in marine, oil and gas, energy and power and other industries. These industries are dependent on use of machines which require constant power supply. The industrial machines supply power and in turn, drive the electric motors market. The policy makers are focusing on public transit infrastructure, with very less pollution for tackling of the air pollutant emissions, mostly in the densely populated cities and megacities. The other factors which are driving the automotive connectors market is the increasing level of urbanization in all the developing economies, the increasing urbanization and the increasing automation in various industry sectors.
One of the key drivers for the growth of Electric motors market is the increasing adoption of electric motors in the industrial machinery along with household appliances. The increase in need of more efficient electric motors for achieving efficiency in usage of energy along with cost effectiveness is driving the growth of the market. The electric motors are used in agricultural equipment. The growth of the agricultural sector and the increase in use of motor operated equipment in the agricultural sector is further expected to drive the demand of the electric motors market.
The global electric motors market is majorly driven by growth in demand for energy efficient electric motors. The upsurge in environmental awareness is leading to higher implementation of the motors that provide energy efficiency, and thus subsidize significantly towards the growth of electric motors market. The increase in the utilization of electric motors by the rapidly expanding agricultural sector is also anticipated to contribute to the growth of the electric motors market.
Industry Top Key Players:-
The key players of global electric motors market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Nidec Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), and Emerson Electric Co. (U.S.). Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), Rockwell Automation (U.S.), WEG S.A. (Brazil), ARC Systems, Inc. (U.S.), and Toshiba International Corporation (U.S.) are among others.
Segmentation:-
Global electric motors market has been segmented based on type, voltage, output power, end-use and region. Based on type the market is segmented into AC motor, DC motor and Hermetic motor. Among these AC motors, is projected to dominate the global electric motors market through 2023. The dominant position of this segment can be attributed to its wide application in all end-use sector. Based on voltage the market is segmented into Up to 1 kV, 1 kV–6.6 kV and Above 6.6 kV. Up to 1 kV dominated the market in 2016 and is projected to be the fastest-growing operation segment for electric motors. Up to 1 kV motors are extensively used for small-scale application in all end-use applications, they are cost-effective and largely manufactured by local and prominent players. Based on the output power, the market is segmented into Up to 1 hp and Above 1 hp. Up to 1 hp dominated the market in 2016 and is projected to be the fastest-growing output power over the next five years. Up to 1 hp electric motors are extensively used in numerous home appliances and other small electrical equipment, the low output power range makes them ideal for all small-scale electrical applications.
Market Research Analysis:-
Asia-Pacific region is expected to dominate the Electric motors market with highest CAGR due to the high industrial output in developing nations such as India and China in automotive sectors as well as consumer electronics sector. The rapidly increasing agricultural sector in the region with use of advanced technology in agricultural equipment is further expected to drive the demand for electric motors in the Asia-pacific region.
Amongst all output power, the integral horsepower is expected to grow rapidly. The integral horsepower electric motors find applications in industrial and commercial purposes such as industrial blowers, compressors, conveying equipment and variable frequency drives which further drives the market of electric motors.
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