Global Non-Volatile Memory Market Research Report: Forecast to 2023 Global Electric Motors Market Research Report: Forecast to 2023 Page |1 Copyright © 2017 Market Research Future. Global Non-Volatile Memory Market Research Report: Forecast to 2023 VIEW REPORT PRESS RELEASE SAMPLE REPORT Page |2 Copyright © 2017 Market Research Future. Global Non-Volatile Memory Market Research Report: Forecast to 2023 Summary As per Market Research Future (MRFR)’s assessment, the global electric motors market is anticipated to thrive at a CAGR of 6.2% during the forecast period 2017 to 2023. The key advantages offered by these motors over conventional motors are longer life span, reasonable maintenance cost, lower energy consumption, etc. These factors are poised to aid demand generation for electric motors over the next couple of years. Electric motors are widely used for applications in HVAC, compressors, pumps, machine tools, electric cars, etc. It is anticipated to pave its way across more domains in the years to come. This, in turn, is expected to boost the growth pattern of the electric motors market over the assessment period. Also, the growth of the end-user industries is likely to reflect on the future trajectory of the market. It is presumed to propel the expansion of the electric motors market across the review period. Electric motors are gaining popularity owing to its energy efficiency. The growing concerns regarding carbon emissions are promoting the adoption of electric motors, thus, augmenting the market. Also, a similar trend is expected to be witnessed in the upcoming years. The global electric motors market is a growing space; mainly due to the widespread adoption of electric motors across industries. The spreading awareness towards the benefits of optimization of electricity and its impacts on the environment is leading to greater adoption of energy-efficient motors, which can curtail power consumption. The market is majorly driven by an increase in demand for energy efficient electric motors. Increased usages of electric motors in the rapidly growing agricultural sector are also expected to contribute to the growth of the market. The increase in the use of electric motors by various industrial machinery and household appliances is projected to drive the growth of the market, too. The increasing use of electric motors in the booming automobile sector alongside, various other end-user industries is a key factor fostering the growth of the electric motors market during the forecast period. Ever since its invention, electric motors have become a subject of extreme importance for modern engineers. These devices have brought about some of the biggest advancements in the fields of engineering and technology. Apart from agriculture electric motors find their applications in wide range of industrial applications including pump drives (solar & conventional), robotic equipment, railroad, electric vehicles (AGV’s, tugs, go-carts), aerial lifts, amusement rides, automobile lifts (mobile and floor mounted) exercise equipment, mobile HVAC, chemical, O&G pumping and so on. Page |3 Copyright © 2017 Market Research Future. Global Non-Volatile Memory Market Research Report: Forecast to 2023 Market Segmentation By motor type, the global electric motors market has been segmented into AC, DC, and hermetic. The AC segment has a larger consumer base which is likely to support its dominant position in the marketplace over the assessment period. By voltage, the electric motors market has been segmented into upto 1 kV, 1 kV–6.6 kV, and above 6.6 kV. Among these, the upto 1 kV segment contributes significantly towards the development of the market. It held the maximum market share in 2016 and is forecasted to become the fastest growing segment between 2017 and 2023. Its growth can be primarily attributed to its wide range of small-scale applications in the end-user industries. The global electric motors market, by output power, has been segmented into upto 1 hp, and above 1 hp. The upto 1 hp segment, which accounted for maximum market share in 2016, is expected to exhibit the highest CAGR across the review period. By end-use, the electric motors market has been segmented into industrial, commercial, residential, agriculture, and transportation. Among these, the residential segment is projected to grow significantly owing to the exponential population growth and rapid urbanization. Page |4 Copyright © 2017 Market Research Future. Global Non-Volatile Memory Market Research Report: Forecast to 2023 Regional Analysis The Asia Pacific region leads the global electric motors market. Factors such as the economic upsurge, advancements in the agricultural sector, and proliferation of electrical appliances in the region drive the growth in the market. Recent boom in the manufacturing industries in the region is considered as a key driving force behind the growth of the regional market. The increasing emphasis on the adoption of energy efficient electric motors across end-uses in the region would contribute to the growth of the APAC electric motors market. On the other hand, the electric motors market in developed regions such as North America and Europe are expected to witness enormous growth. These regions are becoming increasingly aware of the advantages of these energyefficient, cost-effective electric motors. Moreover, diversification of the agricultural industry in North America and Europe has been pushing up the growth of the electric motors market. Furthermore, growth in the industrial, commercial, residential, and automotive sector in these regions positively impacts the growth of the market. Competitive Landscape Well-established, the electric motors market appears to be competitive due to the presence of several large and small players. Players incorporate strategic initiatives acquisition, partnership, collaboration, expansion, and product launch. These initiatives help them to gain a competitive advantage as well as to maintain their positions in the market. Manufacturers emphasis on innovations in terms of product development and new manufacturing processes. Besides, high growth prospect demonstrated by the market would attract several new entrants to the market. Resultantly, the competition in the market is expected to intensify further due to many product launches and the entry of several new manufacturers. Manufacturers strive to develop standard and custom designed electric motors that can be useful for numerous applications and can provide superior performance and long-term service for demanding industrial power-source applications. Emphasizing on quality, maintaining quality standards, and using adept technologies & the latest production techniques, these manufacturers develop products that can give maximum output. Key players leading the global electric motors market include Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric Company (US), Denso Corporation (Japan), Nidec Corporation (Japan), Allied Motion Technologies, Inc. (US), Robert Bosch GmbH (Germany), Ametek, Inc. (US), Hitachi, Ltd. (Japan), Emerson Electric Co. (US), Johnson Electric Holdings Limited (Hong Kong), WEG SA (Brazil), Rockwell Automation (US), Toshiba International Corporation (US), and ARC Systems, Inc. (US) among others. Page |5 Copyright © 2017 Market Research Future. Global Non-Volatile Memory Market Research Report: Forecast to 2023 Industry Updates: In March 2019, Atlas Copco, a Swedish industrial company, has introduced mobile electric VSD compressors. In September 2018, UQM Technologies, Inc, an American manufacturer of electrical motors, generators, fuel cell compressor systems, motor controllers, and hybrid systems, has announced the launch of its latest range of PowerPhase® HD2 Electric Motor Inverters at the Electric & Hybrid Vehicle Technology Expo. June 12, 2019 ---- Exro Technologies Inc. (the US), a leading global player involved in development and commercialization of Dynamic Power Management (DPM) technology and system architecture for rotating electrical machines announced the development of complete electric motor and battery system solution. The new architectural design of it's Intelligent Energy Management System (IEMS) is capable of addressing the critical relationship between an electric motor and the lithium-ion battery. Exro's IEMS marks energy usage between lithium-ion battery cells and the electric motor, which leads to improving the performance and savings. The full IEMS product line offers maximum benefits of enhanced performance, efficiency, and increased battery life. Page |6 Copyright © 2017 Market Research Future. Global Non-Volatile Memory Market Research Report: Forecast to 2023 owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools. Page |7 Copyright © 2017 Market Research Future.
According to Market Research Future (MRFR), the electric motors market has been witnessing an increasing growth, worldwide, and is estimated to continue to grow over the next few years. MRFR, in its recently published study report, also asserts that the global electric motors market is forecasted garner a significant growth by 2023, registering over 6.2% CAGR throughout the anticipated period (2017 – 2023).
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