Electric Motor Market Brief Overview by Research Cosmos

Electric Motor Market Analysis Size, Growth rate and Overview:

Electric Motor Market was valued at USD 108.5 billion in 2017 and is expected to reach almost USD xx billion by the end of 2022, growing at a CAGR of around 6.2% over the predicted period.

Electric motors are widely used in industrial fans, compressors, pumps, tower machines, machine tools, household appliances, HVAC applications, disk drives, power tools, electric cars and automated robots. These high-efficiency motors are becoming more important than standard engines because of their increased service life, low power consumption, low maintenance and high resistance to voltage fluctuations.

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Electric Motor Market Key Drivers, Challenges, and Opportunities:

The growing need to reduce energy consumption in energy-intensive industries is expected to drive the growth of low-power electric motors around the world. In a manufacturing industry, electric motors can account for about 70% of total energy consumption, and the highest electricity consumption comes from the operation of the industry's compressors, where half of the energy consumed is used by the engines. Therefore, to limit this, industries use more energy efficient electric motors to reduce operating costs, which stimulates the growth of the electric motor market. Large electric motors need more power to operate in their respective applications.

However, the portability of electric motors is a key restriction of the market. For superior and optimal performance, suppliers manufacture large electric motors for various industrial and commercial applications. These engines require a lot of energy, which adds to their overall cost. The portability and installation of large electric motors and their integrated systems are among the main concerns of the suppliers. The problems associated with heavy electric motors make it difficult for the market to grow.

Growing concern about reducing energy consumption and pollution, as well as the need to develop and implement energy-efficient, is expected to increase the demand for highly energy-efficient IE4 electric motors in years to come. IE4 electric motors are more efficient than IE3 motors and can also work with frequency converters. The demand for energy-efficient engines and the development of IE4 engines creates great opportunities for engine manufacturers.

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Electric Motor Market – Regional Presence:

The Asia-Pacific region ranks first in the world market due to the increase in disposable income and increasing industrialization in several countries such as Malaysia, Indonesia, India and China. The government, which offers incentive programs and stringent regulations on electricity consumption to replace less efficient engines, is fueling demand in this region.

Some of the Key Players Profiled in this Electric Motor Market Report are:

Baldor Electric Company, Danaher, Asmo Co Ltd, AMTEK and Regal Beloit are some of the leading companies active in the global market of electric motors.

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