The global electric AC motors market is estimated to reach USD 166.5 billion by 2026 growing at a CAGR of 8.8% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Electric AC Motors Market Share, Size, Trends, & Industry Analysis Report, By Type (Induction AC Motors, Synchronous AC Motors); By Application (Automotive, Agriculture, Residential, Commercial, Industrial, Others); By Region: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the Induction AC Motors segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
The
increasing automation in various industrial processes, and use of electric AC
motors in diverse applications such as healthcare, construction, automotive,
and consumer goods among others is expected to support the market growth.
Increasing use of electric AC motors in infrastructural development, and rising
construction activities especially in the developing economies accelerates the
market growth. Other driving factors include rising demand for household
appliances, growing use in HVAC applications, and government support for
development of high efficiency electric AC motors. Growing demand from emerging
economies, and technological advancements are factors expected to provide
numerous growth opportunities in the electric AC motors industry during the
forecast period.
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Asia-Pacific
generated the highest revenue in the market during 2017, and is expected to
lead the global market throughout the forecast period. The presence of emerging
industries such as healthcare, agriculture, construction, and automotive,
substantial initiatives in research and development, and favorable government
policies drive the market growth. Rapid industrialization and growth of manufacturing
industry further support the strengthening of electric AC motors industry in
the region. The increasing sale of passenger vehicles, coupled with high
penetration of electric vehicles in countries such as China, and Japan
increases the adoption of electric AC motors in the region.
The
different types of electric AC motors include induction AC motors, and
synchronous AC motors. In 2018, the induction AC motors segment accounted for
the highest share in the electric AC motors industry owing to the increasing
demand from industries such as agriculture, paper & pulp, and chemicals.
Some key features offered by induction AC motors include controlled
acceleration, simplicity, low-cost, quiet, long-lasting, and low power demand
on start, among others.
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The
well-known companies profiled in the electric AC motors market report include
Siemens AG, Kirloskar Electric Company, Johnson Electric, Rockwell Automation,
Inc., Baldor Electric Company, Allied Motion Technologies Inc., Ametek Inc.,
Asmo Co. Ltd., Franklin Electric Co. Inc., and ABB Limited among others. These
companies are consistently launching new products to enhance their offerings in
the electric AC market. With the advancement of technologies, companies are
innovating and introducing new customized products to cater the growing needs
of the customers. Leading companies are also acquiring other companies, and
enhancing their product offerings to improve their market reach.
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