The global electric motor market is majorly being driven by the increasing industrialisation and rising levels of automation in various industrial processes. Other factors contributing to the growth of this market include the conveniences offered by electric motors, technological advancements and the growth of other end-use industries.
According to IMARC’s latest study, “Electric Motor Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue”, the global electric motor market has grown at a CAGR of more than 3% during 2008-2015, reaching a value of more than US$ 25 Billion in 2015. Electric motors are used for a variety of applications in various industries ranging from HVAC equipment to aerospace. This versatility in their use is a result of their longevity, low energy requirements, low maintenance and high tolerance to fluctuating voltages. The surge in industrialisation, urbanization and the penetration of electricity across the globe have resulted in the increased requirement of electric motors. Moreover, various industries are increasingly turning towards automation as it increases productivity, quality, flexibility and reduces operational costs. As automation entails the use of electric motors in the equipment, it is creating a strong demand for electric motors. Other factors such as technological advancements and rising automobile sales are also driving this market.
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IMARC’s report has analysed the key end-use industries of electric motors. The report finds that the industrial sector represents the largest market for electric motors. It was followed by the commercial, residential and agricultural sectors. On the basis of the type of motors, the report has segmented the market into low voltage, medium voltage and high voltage electric motors. Currently, the low voltage electric motors account for the majority of the total global consumption. The report has further segmented this market on the basis of key regions. Asia-Pacific currently represents the largest market for electric motors accounting for majority of the total global consumption volumes. Asia-Pacific is followed by North America, Western Europe, Eastern Europe and Central & South America. The report has also analysed the competitive landscape of the global electric motor market. The key players covered in the report include – ABB Group, Siemens, WEG Industries, TECO-Westinghouse Motor Company, Regal Beloit, Leroy Somer, Shandong Huali, Hyundai Ideal Electric Co., Hyosung Corporation and NIDEC Corporation.
The report provides a detailed roadmap for setting up an electric motor manufacturing plant. The study, which has been done by one of the world’s leading research and advisory firms, covers all the essential aspects of the electric motor market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics including expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the electric motor industry in any manner.
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