Induction Motors Market Projected to Reach USD 44.8 billion, at a 9.50% CAGR by 2032 – Report by Market Research Future (MRFR)
Induction Motors Market Growth Boost by Growing Technology Advancements, Application Scope and Industry Trends
New York, US, May 30, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Induction Motors Market Information By Product, Type, Application, End-Use, and Region – Forecast till 2032″, As per projections, the induction motors market will increase from USD 21.6 billion in 2023 to USD 44.8 billion by 2032, at a rate of 9.50% between 2023 and 2032.
Induction Motors Market Overview
A variable magnetic field generated in the stator and current induced in the rotor’s coils interact to produce torque in an induction motor, an AC electric motor. Since it is more potent and environmentally benign than conventional motors, it is utilised in most machinery. Its exceptional resilience makes it a good choice for manufacturing and automotive applications because it requires minimal maintenance. Another important factor influencing demand for it is its capacity to function in a variety of climate circumstances.
The need for products with lower energy consumption and the growing emphasis on lowering greenhouse gas emissions are the main drivers of the expansion of electric cars. According to the International Energy Agency (IEA), 2 million electric vehicles were sold globally in the first quarter of 2022, a 75% increase from the same time in 2021. Due to induction motors’ strong, dependable, and low maintenance characteristics, the demand for them is anticipated to increase as the electric vehicle (EV) sector expands.
Market Competitive Landscape:
The affluent firms active in the market for induction motors include
- Emerson Electric Company
- Regal Beloit Corporation
- ABB Ltd.
- Schneider Electric
- SE Marathon Electric
- Kirloskar Electric Company Siemens AG
- Baldor Electric Company
- Among others.
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Induction motors market leading companies spend a lot of money on research and development to expand their product lines, which will drive the worldwide market’s expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic initiatives to increase their presence. The marine scrubber sector must provide affordable products if it is to grow and thrive in a more competitive and challenging market environment.
Induction Motors Market COVID 19 Analysis
The COVID-19 outbreak has had a negative effect on market growth, primarily because operations in the discrete manufacturing sector have been suspended. For instance, the Government of Canada’s Monthly Survey of Manufacturing, 2021 reports that in April 2021, manufacturing sales decreased by 2.1% to USD 57.1 billion due to reduced sales across 11 of 21 industries. Additionally, the COVID-19 epidemic has had a severe influence on the production facilities of the automotive industries globally, which has significantly slowed the expansion of the market under study.
|Market Size 2032||2032: USD 44.8 Billion|
|CAGR during 2023-2032||9.50% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Type, Application, End-Use and Region|
|Key Market Opportunities||High demand and output pace.|
|Key Market Dynamics||Dependable and minimal post-purchase maintenance costs.|
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Induction Motors Market USP Covered:
Electric automobiles employ highly developed and powerful induction motors as their power source. For automotive applications, motors should have features like a strong starting torque, a high-power density, decent efficiency, etc. For electric vehicles that focus on performance, induction motors are the favored option due to their low cost. It can survive harsh environmental conditions, which is another benefit. These benefits have led to the Indian Railways beginning to switch over from DC motors to AC induction motors. A three-phase induction motor is used for propulsion in the Mahindra Reva e2o.
Induction motors will be used in automobiles and buses made by major automakers like TATA Motors. TVS Motors, a two-wheeler company, will introduce an electric scooter with an induction motor as its primary form of propulsion. By implementing energy-efficient systems in the production of food and beverage, textile and clothing, and automotive industries, nations like Australia, Singapore, and Australia are concentrating on pursuing initiatives like Industry 4.0, fostering the demand for induction motors. These elements are therefore bolstering the market expansion for induction motors.
The automotive industry is under tremendous pressure to change in response to emerging technologies and shifting consumer preferences. Due to ongoing technical breakthroughs, automakers are concentrating on creating effective vehicle motors for diverse systems. The market for automotive induction motors is anticipated to grow during the projected period as a result of rising consumer demand for goods with convenience and safety features. Other important factors influencing market expansion include the increasing electrification of vehicles and the requirement for passenger automobiles in industrialized nations like Europe and North America to include antilock braking and electronic stability control systems.
The high cost of building a manufacturing facility is a significant barrier that holds back the market for induction motors. The induction motor market is dominated by a number of major competitors on a global scale. Customers from all over the world are drawn to the black market because the local suppliers offer affordable motors. As a result, the market for induction motors as a whole does not receive recognition.
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Induction Motors Market Segmentation
By Product Type
Synchronous motors, asynchronous motors, direct current motors, and other types are included in the segmentation of the induction motors market based on type. Market share in the synchronous motors category was substantial.
Types of induction motors are IE1, IE2, IE3, and IE4. The market share leader is the IE1 category. IE1 motors fall under the international efficiency standard. The outputs of IE1 motors range from 0.75kW to 355kW. Pole numbers for the IE1 motors are 2, 4, 6, 8, 10, and 12. The IE1 motors offer a 500–3600 rpm speed range. IE1 motors are 40% more efficient than IE3 motors and 20% more efficient than IE2 motors. IE1 motors are frequently designed to run for more than 6000 hours annually.
Pumps, HVAC fans, material processing, compressed air, material handling, and other applications are included in the segmentation of the induction motors market based on application. HVAC fans, which are used to move air via heating, ventilation, and air conditioning (HVAC) systems, led the induction motors market in 2022. They are a crucial part of air management systems that circulate or remove stale air from buildings.
Residential, industrial, agricultural, transportation, and other end uses are included in the segmentation of the induction motors market based on end use. The industrial sector is anticipated to command the greatest market share in 2022. Three-phase induction motors are widely used in industrial applications due to their reliability and low cost.
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Induction Motors Market Regional Insights
Due to increased market player investment and increased output in the automotive industry, the North American Induction Motors Market will lead this market. As EV sales in the North American region have increased, induction motor utilisation has surged in the automotive industry, which will benefit the local market.
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