Booming heating, ventilation and air conditioning industry to drive the Global Electric Motor Market through 2026
According to TechSci Research report, “Global Electric Motor Market By Type (AC Motors, DC Motors and Hermetic Motors), By End Use (Residential, Commercial, Industrial, Transportation and Others), By Output Power (Above 1HP and Upto 1HP), By Region, Competition Forecast & Opportunities, 2016 – 2026’’, the Global Electric Motor Market is projected to cross USD160 billion by 2026, on account of growing demand from various small scale industries such as paper and pulp, textile industry and others. Moreover, shifting trends towards electrical vehicle technology along with regulations such as Minimum Energy Performance Standards (MEPS) to bolster the Global Electric Motor Market through 2026.
Global Electric Motor Market can be segmented based on type, end use, output power and region. In terms of type, the market can be bifurcated into AC motors, DC motors and hermetic motors. The rising demand from automotive sector, owing to the high efficiency AC motors fuels the Electric Motor industry growth. Although, the DC motors segment is forecasted to grow at a faster rate owing to their high starting torque, simple operation and easy design.
The high share of AC motors is attributable to extensive applications in irrigation industry to modern day robotics. Moreover, they are lighter in weight and cheaper and are extensively used in Heating, Ventilation and Air Conditioning (HVAC) industry. Improvements in permanent magnetic materials and highly efficient low cost electronics has increased the use of AC motors in automotive industry. However, DC motors are expected to grow at a faster rate owing to the rapidly increasing popularity of vehicle features like, adjustable mirrors, motorized seats and sunroof systems. The Hermetic motor segment will witness a CAGR of 6.41% from 2021 to 2026 due to the easy transportation, less maintenance and easy handling. The segment’s growth is attributed to the demand from HVAC equipment manufactures and their suitability in such applications.
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In terms of end use, the market is segmented into residential, commercial, industrial, transportation and others. The industrial segment dominates the market owing to the increased demand, as maximum industries depend on motorized automation. This segment includes metal and mining, oil and gas, paper and pulp, home appliances, renewables and water and wastewater industries which use electric motors for compressors, boilers and pumps at different stages of production. In terms of output power, the market is segmented into above 1HP and upto 1HP. Upto 1HP segment is expected to lead the market owing to its application in various small scale industries such as textile mills, healthcare and paper and pulp industries.
In the Global Electric Motor Market, Asia-Pacific is the largest contributor with around 37% market share in 2020. China is the largest contributing country in the region with around 53% share in 2020, followed by Japan, India and South Korea. Growing urbanization and manufacturing sector in China are contributing to the country’s leading market position. In India increasing industrialisation, and introduction of various major government initiatives such as Make in India, Smart City Mission, affordable housing, AMRUT, etc., are expected to positively influence the Electric Motors Market in India during forecast period.
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ABB Limited, Siemens AG, Schneider Electric SE, Nidec Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Johnson Electric Holdings Limited, Toshiba Corporation, General Electric Company, WEG Industries, etc. are among the leading players operating in Global Electric Motor Market. Companies operating in the market are using organic strategies such as product advancement through addition of new features, partnerships, mergers and collaborations to boost their share in Global Electric Motor Market.
“Growing Heating, Ventilation and Air Conditioning (HVAC) industry, increasing global electricity consumption and rising demand from automotive, railways and renewables sectors across the globe are boosting demand for electric motors, globally. Moreover, rising urbanization, technological advancements in industrial sector and shifting of world towards electric vehicle technology have also been positively influencing the market. Continuance of such upward trend in industrial and automotive segments across the globe is expected to drive the Global Electric Motor Market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Electric Motor Market By Type (AC Motors, DC Motors and Hermetic Motors), By End Use (Residential, Commercial, Industrial, Transportation and Others), By Output Power (Above 1HP and Upto 1HP), By Region, Competition Forecast & Opportunities, 2016 – 2026” has evaluated the future growth potential of Global Electric Motor Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Global Electric Motor Market.
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