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.
