DC Electric Motors Market Status, Price, Business Opportunities, Key Findings and Industry Outlook 2023
Electric Motors Market Synopsis:
As per Market Research Future (MRFR)’s assessment, the global electric motors market is anticipated to thrive at a CAGR of 6.2% during the forecast period 2017 to 2023. The key advantages offered by these motors over conventional motors are longer life span, reasonable maintenance cost, lower energy consumption, etc. These factors are poised to aid demand generation for electric motors over the next couple of years.
The market is majorly driven by an increase in demand for energy efficient electric motors. Increased usages of electric motors in the rapidly growing agricultural sector are also expected to contribute to the growth of the market. The increase in the use of electric motors by various industrial machinery and household appliances is projected to drive the growth of the market, too.
Electric motors are widely used for applications in HVAC, compressors, pumps, machine tools, electric cars, etc. It is anticipated to pave its way across more domains in the years to come. The increasing use of electric motors in the booming automobile sector alongside, various other end-user industries is a key factor fostering the growth of the DC Electric Motors Market during the forecast period. Ever since its invention, electric motors have become a subject of extreme importance for modern engineers. These devices have brought about some of the biggest advancements in the fields of engineering and technology.
Global Electric Motors Industry Segmentation:
By motor type, the global electric motors market has been segmented into AC, DC, and hermetic. The AC segment has a larger consumer base which is likely to support its dominant position in the marketplace over the assessment period.
By voltage, the electric motors market has been segmented into upto 1 kV, 1 kV–6.6 kV, and above 6.6 kV. Among these, the upto 1 kV segment contributes significantly towards the development of the market. It held the maximum market share in 2016 and is forecasted to become the fastest growing segment between 2017 and 2023. Its growth can be primarily attributed to its wide range of small-scale applications in the end-user industries.
The global electric motors market, by output power, has been segmented into upto 1 hp, and above 1 hp. The upto 1 hp segment, which accounted for maximum market share in 2016, is expected to exhibit the highest CAGR across the review period.
By end-use, the electric motors market has been segmented into industrial, commercial, residential, agriculture, and transportation. Among these, the residential segment is projected to grow significantly owing to the exponential population growth and rapid urbanization.
Competitive Dashboard:
The key players of the electric motors market profiled in this MRFR report are ABB Ltd. (Switzerland), General Electric Company (U.S.), Siemens AG (Germany), Nidec Corporation (Japan), ARC Systems, Inc. (U.S.), Allied Motion Technologies, Inc. (U.S.), Denso Corporation (Japan), Ametek, Inc. (U.S.), Emerson Electric Co. (U.S.), Robert Bosch GmbH (Germany), Hitachi, Ltd. (Japan), Rockwell Automation (U.S.), Johnson Electric Holdings Limited (Hong Kong), WEG S.A. (Brazil), and Toshiba International Corporation (U.S.)
Regional Analysis
The Asia Pacific region leads the global electric motors market. Factors such as the economic upsurge, advancements in the agricultural sector, and proliferation of electrical appliances in the region drive the growth in the market.
Recent boom in the manufacturing industries in the region is considered as a key driving force behind the growth of the regional market. The increasing emphasis on the adoption of energy efficient electric motors across end-uses in the region would contribute to the growth of the APAC electric motors market.
On the other hand, the electric motors market in developed regions such as North America and Europe are expected to witness enormous growth. These regions are becoming increasingly aware of the advantages of these energy- efficient, cost-effective electric motors.
Moreover, diversification of the agricultural industry in North America and Europe has been pushing up the growth of the electric motors market. Furthermore, growth in the industrial, commercial, residential, and automotive sector in these regions positively impacts the growth of the market.
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