Valley Cottage, NY -- (SBWire) -- 07/06/2020 --Various end-use industries, particularly automotive and food and beverages, are deploying advanced electric motors to increase production efficiency. Rising consumer preference towards energy-efficient products is expected to be a major factor that is enhancing the demand for electric motors.
Growing demand for replacement of aging assets and industrial systems is projected to drive the growth of the electric motors market in the forecast period (2019-2028). The global electric motors market is estimated to reach US$ 152 Bn valuation by 2028.
Some Insights Gathered from Market Study:
Electric motors (electric planetary motors) are space-saving, failsafe, and energy-efficient, and could play a key role in the future of electro-mobility.
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Adoption of IoT-enabled electric motors in industrial activities for energy efficiency and performance monitoring will drive global electric motors market growth.
Market focus on technological upgradations such as smart electric motors, will offer manufacturers major opportunities to enhance sales of electric motors among developing economies in Asia.
Ongoing technological advancements in manufacturing techniques and demand for cost competiveness and increased productivity have made automation an inevitable part of modern industries. Such factors are playing a significant role in the global electric motors market growth.
Recent innovation in electric motors market is a new axial flux motor for use in electric vehicles and other applications that require powerful and lightweight motors. It is faster, lighter, and created for electric cars and motorcycles.
Increasing demand for light duty electric motors (i.e. less than 1 HP) in the coming years will influence prominent manufacturers to collaborate with regional distributors and suppliers for expanding their business.
Asia Pacific countries are projected to be prominent marketplaces for electric motors, on the back of growing applications in pumps and fans, especially in India and China.
"Miniaturized and energy-efficient electric motors that reduce energy costs will witness heightened demand, especially for use in domestic applications. Moreover, the adoption of electric vehicles is expected to be fast growing in Europe and the U.S., which will play a pivotal role in market growth," says a FMI analyst.
Electric Motors Market Participants Insights
The global electric motors market is highly fragmented owing to the presence of large number of international and domestic manufacturers. Moreover, numerous manufacturers are offering identical products of varying power output as per end-user requirements. Leading market players are focusing on enhancing their presence in developing economies such as Brazil, India, Mexico, Indonesia, and Thailand, to expand their market presence, resulting in intensifying market competitiveness in emerging markets.
Some of the key participants mentioned in the electric motors market report are Nidec Corporation, General Electric, Siemens AG, ABB Group, WEG S.A, Emerson Electric Co., and Robert Bosch GmbH.
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To Know More about Electric Motors
Future Market Insights (FMI) published a detailed study on the electric motors market, which includes global industry analysis for 2013-2018 and forecast for 2019-2028. The report provides an insightful analysis of the market concentration across seven different regions, through four different segments - product type, power output, application, and end user. The report titled - "Electric Motors" deliberates current installed base, product usage in various applications from domestic to industrial, as well as prevailing trends and technologies. Along with this, detailed value chain analysis pertaining procurement and aftermarket has been presented in the report.
Electric Motors Market to Exhibit 4.8% CAGR During 2019-28, Driven by Growing Energy Efficiency in Motors, Finds FMI
The institution of Minimum Energy Performance Standards (MEPS) will pave way for use of electric motors and obviate issues related to low output efficiency and high consumption of energy