Report Code : A31691
The global AC electric motor market has witnessed significant growth over the past decade, owing to benefits associated with electric motors, growth in electric motors in industrial machinery, HVAC, and other end-user industry. In addition, rise in demand for energy-efficient electric motors drives the growth of the market. However, high capital investment is anticipated to restrain the market growth. Conversely, rise in use of electric motor in machinery and transportation is projected to provide remunerative opportunities for the expansion of the global AC electric motor industry.
Sonia Mutreja - Manager
Construction and Manufacturing at Allied Market Research
According to a new report published by Allied Market Research, titled, “AC electric motor Market," The ac electric motor market size was valued at $17.5 billion in 2022, and is estimated to reach $27.9 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.
AC electric motor possesses high torque, requires less maintenance, has low noise level, and provides better torque to weight ratio. The motor is used in various applications such as automobile, industrial machinery, and robotics. All these factors drive the growth of the global AC electric motor market. Major players such as Mitsuba Corporation, Portescap, and Siemens AG launched new electric motors in the market. For instance, in September 2021, ERGO Hestia provided an Industry 4.0 solution to decrease motor failures. To reduce the danger of breakdowns, it gives its clients the use of remote monitoring of AC electric motors. A conventional motor is transformed into a smart, wirelessly linked device via Smart Sensor.
Rise in popularity of AC electric motors, owing to electronic computation in automation and construction applications drives the demand for motors in luxury automobiles and transportation vehicles, which fuels the growth of the market.
Growing environmental concerns and the desire for sustainable practices have made both, buyers and industries search for more advanced green technologies. In the AC electric motor market, there is a growing demand for energy-efficient electric vehicles as organizations strive to lower their carbon impact and follow strict strength efficiency regulations. Renowned for their exceptional ability to transform electrical power into mechanical electricity, these motors have gained attention from several industries. In sectors such as manufacturing, HVAC systems, and automotive applications, electric motors are essential for employing tools and equipment, which is driving the AC electric motor market.
Rise in demand for electric motor is witnessed in heating, ventilation, and air conditioning (HVAC) applications, owing to features such as high torque and lower noise level.In addition, lack of raw materials, disruption in supply chain, and lack of manpower are major factors that restrain the market growth. Also, high initial costs related to these AC electric motors pose a restraint, specifically for smaller scale business. The technicalities associated with design and implementation, consisting of problems with heat dissipation, size, and weight, can obstruct seamless integration of high voltage AC electric motors. Such factors impede the growth of AC electric motor market share.
Investment in infrastructure development by private players and government funding is expected to offer lucrative opportunities for the AC electric motor market growth. For instance, in December 2023, as per article published in NDTV the Indian Railways launched one of the most powerful locomotive engines named as “Wag12B” which consists of a high-power motor of 12000 HP. This engine has the capacity to carry 6000 tons freight at the speed of 120 kmph. The Indian Government is planning to build 800 such engines by 2025. Such initiatives are expected to drive the demand for high voltage AC electric motors during the forecast period. In addition, key players in the market are using the product launch strategy to strengthen their product portfolio.
For instance, in June 2022, Nidec Corporation unveiled SynRA (Synchronous Reluctance Motor with Aluminum Cage Rotor) for the U.S. market, marking the world's inaugural synchronous reluctance (SR) motor equipped with an aluminum cage rotor. SynRA integrates the high efficiency of an SR motor with the fundamental principles of a cage-type induction motor. This innovative motor design combines the advantages of both technologies, offering enhanced performance and efficiency. Nidec's introduction of SynRA reflects its commitment to advance the motor technology and meet the evolving needs of the U.S. market, is driving the demand for energy-efficient and high-performance motors.
Companies are increasingly participating in government-led energy management programs. By participating in such programs, apart from contributing to national energy and carbon savings, businesses directly take advantage from lower costs, reduced exposure to fluctuations in energy prices, and increased competitiveness. For instance, in November 2023, the Japan Government decided to reevaluate its criteria for calculating subsidies for individuals purchasing electric vehicles (EVs) and other environmentally friendly vehicles. In 2024, manufacturers' initiatives, such as expanding the infrastructure of EV charging points and improving responses to vehicle malfunctions, are expected to be included as assessment criteria for the subsidy program. This move aligns with the government's broader objective of achieving net-zero greenhouse gas emissions by 2050. Such factors are expected to drive the AC electric motor market growth.
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AC electric motor Market by Output Power (1000 HP up to 10000 HP, 10000 HP up to 20000 HP, 20000 HP up to 30000 HP), by End-User Industry (Transportation, HVAC, Industrial machinery, Others), by Sales Type (New Sales, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032
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