NEWARK, Del, April 04, 2023 (GLOBE NEWSWIRE) -- Induction motor Market sales are expected to total US$ 40.5 billion globally in 2032. A significant CAGR of 7.4% is anticipated between 2022 and 2032. In 2022, it was valued at about US$ 19.9 billion.
Induction motors do not need much maintenance or practically do not need any. One of the key factors driving up demand for these motors is the absence of slide rings, commuters, or brushes.
A fluctuating magnetic field formed in the stator and the current generated in rotor coils interact to produce torque in an AC electric motor known as an induction motor. In most machines, this kind of motor is chosen over traditional ones.
In comparison to conventional ones, it is stronger and more environmentally friendly. Due to its endurance and low maintenance requirements, it is a suitable choice for the manufacturing and automotive industries. Another important factor contributing to its rising popularity is its ability to function in a variety of weather situations.
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Rising emphasis on lowering greenhouse gas emissions and the desire for energy-efficient products are two main factors contributing to growing popularity of electric cars. According to the International Energy Agency (IEA), 2 million electric vehicle units were sold in the first quarter of 2022, a substantial increase over the previous year.
It was a 75 percent rise over the same time in 2021. Due to expansion of the EV industry, induction motor demand is anticipated to increase. These motors are sought by makers of electric vehicles (EVs) due to their durability, dependability, and need for little maintenance.
Consistent and significant expenditures in power generation are required to meet the surging demand for electricity to sustain global growth. Induction motor use has increased in the electricity sector as a result.
Significant prospects for energy savings and a drop in operating costs exist in both industrial facilities and buildings when electric motor systems are optimized. Motors use about 50% of the nation's electricity, 90% of which is used by AC induction motors, according to the USA Department of Energy.
Key Takeaways from Induction Motors Market Study
- The global induction motors market exhibited a CAGR of 8.3% in the historical period.
- Asia Pacific induction motors market is projected to exhibit growth at a CAGR of around 48.0% in the estimated time frame.
- The USA induction motors market is expected to surpass US$ 6.2 billion by 2032.
- The industrial segment by end-use sector is set to augment at a CAGR of 7.2% from 2022 to 2032.
- China induction motors market is likely to be valued at US$ 10.1 billion by 2032.
“Currently, industrial motors are important in numerous industrial applications since they increase a company's productivity. The fundamental goal of numerous manufacturing organizations nowadays is to maximize production efficiency with induction motors.” – Says a lead analyst.
Competitive Landscape: Induction Motors Market
Top induction motor producers are improving their brand's reputation and image through successful marketing and advertising efforts. They are also taking part in numerous trade shows and events.
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Key Players:
- ABB
- Ametek
- Emerson Electric
- Siemens
- WEG
- Brook Crompton
- Danaher Corporation
- Johnson Electric Holdings
- Regal Rexnord
- Toshiba Corp.
- Hitachi Ltd.
A few well-known businesses are using digital technologies to improve supply chain management, streamline operations, and increase consumer interaction. In order to acquire access to new markets and clients, they are also forming partnerships and collaborations with regional businesses and distributors.
For instance,
- In September 2019, WEG announced the launch of its latest M Mining Series of slip-ring induction motors. The M Mining Series is specifically designed to work without troubles in dusty environments such as iron ore operations.
Induction Motors Market Outlook by Category
By Product Type:
- Single Phase Induction Motors
- Three Phase Induction Motors
By End-use Sector:
- Industrial
- Commercial
- Residential
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Get More Exclusive Insights into Induction Motors Market Study
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the induction motors market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.
The study reveals extensive growth in the induction motors market in terms of product type (single phase induction motor, three-phase induction motor), end-use sector (industrial, residential, commercial), and region.
Table of Content
1. Executive Summary | Induction Motors Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
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