The Global Electric Motors Market to Reach US $135 Bn by 2022
According to a new market report published by Credence Research “Electric Motors Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the global electric motors market is expected surpass US$ 135 Bn by 2022, with rising demand for electric motor driven systems (EMDS) such as electric appliances, heating, ventilating and air conditioning (HVAC) equipment, motor vehicles and others.
Moreover, rising need to reduce electricity consumption and mandatory regulations to use energy efficient EMDS which support higher energy efficiency standards IE2 and IE3 are expected to influence the growth of the replacement market. The rising adoption of premium and high energy efficient electric motors particularly developed markets such as the U.S., Europe and Japan is expected to drive the growth of the overall electric motors market. In addition, rising industrialization and growing construction industry is expected to spur the demand for electric motors in Asia Pacific, Middle East and South America.
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In 2014, AC motors accounted for the majority of revenue share of 80.0% in the overall electric motors market and commonly used in most of the electric motor driven systems. AC motors are used in range of residential as well as industrial applications. DC motors are commonly found in the speed control applications. The market for DC motors is expected to see a significant growth through the forecast period with rising production of motor vehicles.
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Low voltage electric motors which have output capacity below 0.746 KW accounted for largest revenue share of 48.3% in 2014. Low voltage electric motors are also known as fractional horsepower (FHP) electric motors and found its applications in automotive, HVAC equipment, home appliances, office machinery and several other low voltage applications. Medium and high voltage electric motors are commonly used in industrial applications. Stringent energy consumption regulations and government subsidiaries to replace low energy efficient electric motors is motivating industrial users to replace their less efficient electric motors with high efficiency or premium efficiency motors. This is expected to spur the demand for medium and high voltage electric motors from industrial sector.
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Automobile is the largest application segment for electric motors and accounted for around 31.3% revenue share of the global electric motors market. Electric motors used in HVAC applications are expected to see the fastest growth through the forecast period 2015 – 2022 with growing construction industry particularly in Asia Pacific. In addition, stringent electricity consumption and environment protection and rising electricity prices, are forcing households across the world to replace their less efficient electric motor driven systems (EMDS) with high energy efficient electric motor driven systems. Significant demand for electric motors is also expected from industrial as well as commercial sectors.
The electric motor manufacturing industry is highly fragmented and comprises large number of recognized international players as well as small domestic players. Some major players in this industry include Baldor Electric Company, ASMO Co Ltd, Regal Beloit, Brook Crompton UK Ltd, AMTEK Inc, Franklin Electric Co., Inc., Danaher Motion LLC, Rockwell Automation Inc, Siemens AG and Allied Motion Technologies Inc.
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