New York, USA, Jan. 12, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global induction motor market is estimated to generate $31,627.5 million by 2026 and grow at a significant CAGR of 12.1% from 2019 to 2026. As per our analysts, the robust structure of induction motor and can be operated in any climatic conditions, which is the significant factor predicted to drive the growth of the global induction motor market over the forecast period. Additionally, induction motors are highly reliable, cost effective, and requires less maintenance, which is expected to propel the global market growth in the coming years. However, the power factor of these motors drops at a higher rate during the light load condition leading to the decrease in the efficiency of the motor, which is estimated to hamper the market growth by 2026.
Three-phase Segment to be Most Lucrative
By type, the three-phase segment is predicted to subjugate the global industry and account for $14,938.6 million by 2026. This is mainly because the three-phase induction motor is extensively used in the industrial and construction industry, owing to its economical price.
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Industrial Segment to Account for Largest Market Share
By application, the residential segment is expected to hold the largest share in the market and account for accounted for $10,826.4 million in the projected timeframe. This can be majorly owing to wide-ranging usage of three phase induction motor in industrial application for very high inertia load.
Asia-Pacific Region to Dominate the Global Industry
By region, the North America market for induction motor is anticipated to witness a robust growth in the estimated timeframe and reach up to $9,259.7 million by 2026, owing to the increasing adoption of induction motors for residential application in the region.
Prominent Market Players
The key players operating in the global induction motor industry include -
- Siemens AG
- Baldor Electric Company
- Schneider Electric SE
- ABB Ltd.
- Emerson Electric Company
- Regal Beloit Corporation
- Marathon Electric
- Kirloskar Electric Company
- Regal Beloit Corporation
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Further, the report presents and outlines several aspects of these key players such as recent strategic moves, developments, product portfolio, business performance, and SWOT analysis.
In September 2019, WEG, the motor and drive manufacturer unveiled the ‘M Mining Motor Series’ of slip-ring induction motors, which are especially designed for use in the dusty environments such as cement sector and iron ore operations.
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