New York, NY 6 Jan 2020:
Global electric motors market is anticipated to reach over USD
157.4 billion by 2026 according to a new study published by Polaris Market
Research. In 2017, the AC motor segment dominated the global market, in terms
of revenue Asia-Pacific is expected to be the leading contributor to the global
market revenue of electric motors during the forecast period.
The diverse applications of
electric motors in majority of industries such as healthcare, construction,
packaging, automotive, and consumer goods among others are expected to support
the growth of this market. Other driving factors include rising demand for
electric motor in household appliances, growing use in HVAC applications, and
government support for development of high efficiency electric motors are
propelling the market growth. However, high maintenance costs, and stringent
regulations hampering the market growth. Growing demand from emerging economies,
and technological advancements are factors expected to provide numerous growth
opportunities in the coming years.
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The growing adoption of
electric vehicles is expected to support market growth of electric motors. The
increasing requirement to reduce vehicle emissions and global carbon footprint
drives the demand for electric vehicles. Use of electric vehicles offer
benefits such as low maintenance costs, reduced harmful vehicle emissions,
while providing comparable power. Electric vehicles are increasingly
being used to restrict the emission of carbon, nitrogen, and other harmful
compounds from gasoline and diesel vehicles. This is one of the largest
ancillary industry which is pushing the demand for electric motors globally.
Asia-Pacific generated the
highest revenue in the market in 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 market growth in the region.
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The different types of
electric motors include AC motors, DC motors, and hermetic motors. In 2017, the
AC motor segment accounted for the highest market share owing to the increasing
demand for AC motors from industries such as agriculture, paper & pulp, and
chemicals. They are majorly used in industrial applications and machine tools.
Some key features offered by AC motors include controlled acceleration, low
power demand on start, adjustable operational speed, adjustable torque limit,
and reduced power line disturbances among others.
The well-known companies
profiled in the report include Emerson Electric Co., Rockwell Automation, Inc.,
Ametek, Inc., Siemens AG, Denso Corporation, Bosch Group, Baldor Electric Co.,
ABB Ltd., Hitachi, Ltd., General Electric Company, Allied Motion Technologies,
Inc., and Regal Beloit Corporation among others. These companies launch new
products and collaborate with other market leaders to innovate and launch new
products to meet the increasing needs and requirements of consumers.
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