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Electric Motors Market

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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
Global Non-Volatile Memory Market Research Report: Forecast to 2023
Global Electric Motors Market
Research Report: Forecast to
2023
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Copyright © 2017 Market Research Future.
Global Non-Volatile Memory Market Research Report: Forecast to 2023
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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.
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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.
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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.
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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.
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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.
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Copyright © 2017 Market Research Future.
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