Global Electric Motor Market Overview 2018: Growth, Size, Opportunities, Analysis And Forecast Research Report to 2023

The expansion of the global electric motor market is influenced by various factors like mounting urbanisation and industrialisation, worldwide availability of electricity, low maintenance and consistent technological advancements.

electric motor

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Electric motor is an equipment that transforms the electric energy into mechanical energy. They work on the principle of electromagnetic induction as per which a current induced conductor undergoes force in the presence of magnetic field. On the basis of requirement of the voltage, electric motors can be classified as low, medium and high voltage electric motors. A new research report by IMARC Group, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018–2023”, estimates that the market was more than US$ 93 Billion in 2017. The report further anticipates the global electric motor market to approximately US$ 123 Billion by 2023, at a projected CAGR of nearly 5% over the forecast period.

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Market Drivers/Constraints:

  • Some of the major factors for the growth of the electric motor market are rising urbanisation and industrialisation rates, technological advancements and worldwide availability of electricity. Moreover, the installation cost of an electric motor is comparatively lower than their counterparts like fossil-fuel engines.
  • In addition, numerous industries are shifting towards automation as it is highly efficient, accelerates productivity as well as enhances quality and flexibility. As automation requires the use of electric motor, it has highly contributed to its global demand.
  • Further, electric motors have several applications in different industries. The benefits, such as longevity, low energy requirement, less maintenance expenditure and high tolerance to varying voltages have led to the growth in the demand for electric motors.
  • However, there are several factors that hamper the market growth. For instance, many heavy electric motors are not portable.

Efficiency Insights:

On the basis of efficiency, the electric motor market is segmented as standard efficiency, high efficiency, premium efficiency and super premium efficiency. The standard efficiency electric motor enjoys the dominant share in the electric motor market.

Application Insights:

Pumps and fans represents the largest application segment accounting for the majority of the total global consumption. Pumps and fans is followed by compressors and others.

End-Use Insights:

Based on end-use, commercial HVAC industry represents the biggest market for electric motors. It is followed by the food, beverage and tobacco industry, mining industry and utilities.

Regional Insights:

On a geographical front, Asia-Pacific represents the leading market for electric motors accounting for the majority of the total global consumption volume. Asia-Pacific is followed by North America, Western Europe, Eastern Europe, Central & South America, and Africa and Middle East.

Competitive Landscape:

The electric motor market is fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for new players to enter. Some of the leading players operating in the market are:

  • ABB Group
  • Siemens AG
  • WEG SA
  • Nidec Corporation
  • TECO Middle East

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UAE Electric Motor Market Research Report: https://www.imarcgroup.com/uae-electric-motor-market

GCC Electric Motor Market Research Report: https://www.imarcgroup.com/gcc-electric-motor-market

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Global Electric Motor Market Boosted by Increasing Industrialisation and Automation

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.

electric-motor

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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Contact Us

IMARC Group
Tel: +91-120-415-5099
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: http://www.imarcgroup.com
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