NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The electric motor market size is set to reach $135.2 billion by 2022. The market is primarily driven by increasing usage of electric motor across several industries, increasing compliance for energy efficient electric motors, growing demand from residential and commercial sectors, and increasing replacement of out dated electric motors.
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The key trend observed in the global electric motor market is the development of high power to weight ratio for electric motors. Vendors are developing electric motors with high power to weight ratio as large electric motors have portability and high energy consumption issues. For example, Siemens researchers in 2015 developed a type of electric motor with a weight of 50 kilograms. The company claims that the motor delivers a continuous output of about 260 kilowatts – five times more than comparable drive systems. The motor was specially designed for use in aircraft.
Replacement of out dated electric motors play a key role in driving the global demand of electric motor market. The technologically advanced electric motors save energy and costs related to it, cause minimum noise and have greater self-life. Currently, there is high traction for advanced electric motors as these are easier to install and maintain. Different industrial and commercial users of electric motors are replacing their out dated motors with the advanced electric motors for higher efficiency and productivity in their operations.
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Larger electric motors transmit more power in their respective applications. However, portability of electric motors is a key disadvantage of these motors and is hindering the growth of the electric motor market. For higher and better performance, vendors manufacture electric motors of larger size for different industrial and commercial applications. These motors require high energy, thus creating additional burden to its overall cost. Size of these motors is dependent on the electric supply and voltage at the site of applications; therefore, its weight and size are needed to be maintained. Portability of large electric motors and the systems driven through it are the major concerns for its vendors.
The key players in the electric motor market are AMETEK Inc., Johnson Electric Holdings Limited, ASMO Co. Ltd., Franklin Electric Co. Inc., Robert Bosch GmbH, Denso Corporation Inc., Siemens AG, SL Montevideo Technology, ARC Systems Inc. and ABB Ltd.
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