Electric Motor Market Overview:
Electric Motors Market is expected to garner $129 billion by 2020, registering a CAGR of 5.3% during the forecast period 2015-2020. Electric Motors market is in a mature stage of its lifecycle and has the potential to even grow further in the years to come. The market has been witnessing tremendous technological advancements in the last few years due to which, the current electric motor market is gaining traction.
The market is quickly shifting towards highly efficient electric motor systems. Electrical energy is converted into mechanical energy, the electric motors find wide adoption in industrial fans, compressors, pumps, lathe machines, machine tools, domestic appliances, heating ventilating and air conditioning applications, disk drives, power tools, electric cars and automated robots. Other applications include industrial, residential, transportation, and agriculture. Electric motors are used in industrial applications, such as mining & metals, oil & gas, chemicals & petrochemicals, cement & manufacturing, and utilities. In transportation applications, it is used in railways, electric vehicles, and aerospace. Highly efficient motors, which are also called as premium efficiency motors, are gaining importance over standard motors due to varied benefits such as longer operating life, low energy consumption, low maintenance, and high tolerance for fluctuating voltages among others.
Lower energy consumption by energy efficient motors is an ace advantage of these motors over standard motors. Although expensive as compared to conventional motors, the long-term environmental benefits offered by the premium motors tend to outweigh the initial premium cost of these motors. The need for improved efficiency and low power consumption by the applications of motors would continue to grow and generate demand for high efficiency motors.
The widespread awareness of the green vehicles amongst customers and increasing number of government incentives to promote green vehicles in order to safeguard the environment from carbon emissions is ultimately contributing to the growth of the electric motors market. Therefore, the electric cars are in great demand amongst customers and ceasing this opportunity, the market players are launching different electric cars to meet the customer demands. Telsa, a giant in manufacturing electric cars has launched an electric car in North American region and has plans to launch its next electric car in the European market. The market players such as ABB Group Ltd. and Ametek Incorporation have launched novel products in the market. Key companies profiled in the report are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Baldor Electric Company Inc., Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation and Johnson Electric Holdings Limited.
The global electric motor market is segmented based on the types of electric motors, output power of electric motors, the applications where electric motors are being used and geography. Type of motors segment explains AC, DC and Hermetic motors. AC motors are further classified into synchronous and induction motors whereas, DC motors are segregated into brushed and brushless DC motors. The applications of electric motors discussed, are Industrial machinery, Motor Vehicles (automobiles), Heating Ventilating and Cooling (HVAC) equipment, Household appliances, Aerospace and Transportation and Other Commercial Applications. Regional market analysis of the electric market is done for North America, Europe, Asia-Pacific and Latin America Middle East & Africa. The study of the global market shows that the North America region is the prominent end user market for premium efficiency motors that are used in electric cars, industrial and HVAC applications.
- The report provides an overview of the global market, with special reference to market trends, market structure, driving factors, challenges in the industry, scope and opportunities in the electric motor market
- Porters Five Forces model is used to analyze the potency of buyers & suppliers, and the competitive structure of the market, which would enable market players to develop effective strategies
- The segmental study of the global market provides in-depth analysis of the type of motors, latest technologies in the market, their applications and end users of the motors in various geographies
- The current and future trends on the global market enhance the attractiveness of the market
- Drivers & opportunities are examined to identify the current factors, which are responsible for the growth of the market, and upcoming technologies that would help the market to grow in future
- Value chain analysis provides a systematic study of the key intermediaries involved, which would in turn help the stakeholders to formulate appropriate strategies
ELECTRIC MOTOR MARKET SEGMENTS
The global electric motors market is segmented by type of motors, output power, applications and geography.
Market by Motor Type
- Alternating Current (AC) Motor
- Synchronous AC Motor
- Induction AC Motor
- Direct Current (DC) Motor
- Brushed DC Motor
- Brushless DC Motor
- Hermetic Motors
Market by Output Power
- Integral Horsepower (IHP) Output
- Fractional Horsepower (FHP) Output
Market by Application
- Industrial machinery
- Motor Vehicles
- Heating Ventilating and Cooling (HVAC) equipments
- Household appliances
- Aerospace and Transportation
- Other Commercial Applications
Market by Geography
- North America
- Asia Pacific