Electric Motor Market to Hit USD 237.9 Billion by 2031, Growing at a CAGR a 5.5 % | By TMR
Growth in HVAC equipment, consumer appliances, automotive, mining, and industrial machinery is driving the demand for AC and DC electric motors.
Wilmington, Delaware, United States, Nov. 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global electric motor market stood at US$ 145.5 billion in 2022 and is projected to reach US$ 237.9 billion in 2031. The global electric motor market is anticipated to expand at a CAGR of 5.5% between 2022 and 2031.
Leading players in the global electric motor industry focus on developing innovative and highly-efficient electric motors to meet sustainability challenges. For instance, Turntide Technologies has developed a smart motor based on switched reluctance (SR) technology and smart power electronics to enable end-use industries to save costs and tackle climate change issues. Market players should focus on product development based on R&D in electric motor manufacturing to gain maximum revenue benefits.
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Energy-efficient motor (EEM) adopts improved motor design and high-quality materials to reduce motor energy losses, thus enhancing motor efficiency. The cost of energy is anticipated to increase in the near future due to environmental issues and the availability of limited resources. Electric motors account for a major share of electric energy in industries. Thus, adopting energy-efficient motors is projected to help save a significant amount of electricity. It would also help reduce the production of greenhouse gases and the total environmental cost of electricity generation.
Induction motors consume a lot of electrical energy for irrigation and industrial purposes in developing economies. In India, the agriculture and industrial sectors are growing rapidly. Similarly, electrical energy consumption is also increasing in the country. Hence, the Government of India focuses on using energy-efficient electric motors in the agriculture and industrial sectors.
Electric motors are used extensively in the automobile sector. Demand for electric vehicles has been rising globally due to the aim to reduce carbon emissions and surge in fuel prices. According to Catalyst research, 4.2 million electric vehicles (EVs) were sold worldwide in the first half of 2022.
Industrial DC motors such as electric forklift motors are used widely in the mining sector. Electric forklift motor offers enhanced safety, improved performance, and high efficiency. An increase in demand for electric motors in various end-use industries is anticipated to fuel market expansion during the forecast period.
Prominent Entities operating the market are:
- ABB Group
- Allied Motion Technologies Inc.
- Buhler Motor GmbH
- Johnson Electric
- Mitsubishi Heavy Industries
- Nidec Corporation
- Robert Bosch GmbH
- Siemens AG
- Toshiba Corporation
Key Takeaways of Market Report
- Global electric motors market to generate absolute dollar opportunity worth US$ 237.9 billion until 2031.
- Global electric motors market from 2022 to 2031 is 5.5%
- The global electric motors market is valued at US$ 145.5 billion in 2023.
- The global electric motors market stood at US$ 140.2 billion in 2021.
Electric Motor Market: Growth Drivers
- Electric motors are used in various end-use industries such as HVAC equipment, automobile, packaging, mining, oil and gas, and industrial automation. These end-use industries are witnessing exponential growth due to rapid industrialization. This is driving the demand for industrial motors. Demand for heating, ventilation, and air conditioning is increasing due to rapid urbanization and the rise in disposable income of consumers in emerging economies.
- The cost of energy is anticipated to increase in the near future due to environmental issues and the availability of limited resources. Electric motors account for a major share of electric energy in industries.
- Thus, the adoption of energy-efficient motors is projected to help save a significant amount of electricity. It would also help reduce the production of greenhouse gases and the total environmental cost of electricity generation.
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Electric Motor Market: Regional Landscape
- Asia Pacific is anticipated to account for a significant market share during the forecast period owing to rapid urbanization, expansion in various end-use industries, and growth in national and local policies & programs to incorporate energy-saving machines in the region.
- Additionally, the presence of numerous manufacturers is likely to augment market development in the Asia Pacific. Strategies for the electric motors market keep evolving owing to the changing government policies and systematic adoption of technology in the region.
- North America is anticipated to record considerable market progress in the near future, owing to the rise in demand for electric motors in several end-use industries such as industrial automation and automotive in these regions.
Electric Motor Market: Key Players
- ABB Group announced the acquisition of Siemens’ low-voltage NEMA motor business. The company aims to establish itself as a leader in electric motors and expand its product portfolio through the acquisition.
Electric Motor Market: Segmentation
- AC Motor
- DC Motor
- Separately Excited
- Below 1 KW
- 1 KW – 2 KW
- 2 KW – 375 KW
- Above 375 KW
- Below 1 HP
- 1 HP – 500 HP
- Above 500 HP
- Inner Rotor
- Outer Rotor
- Aerospace & Defense
- Industrial Machinery
- HVAC Equipment
- Process Industry
- Mining Industry
- Others (Consumer Appliances, etc.)
- Direct Sales
- Indirect Sales
- North America
- Asia Pacific
- Middle East & Africa
- South America
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