New York
City, 21 January 2019: 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.
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.
Competitive Landscape and Key Vendors:
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.
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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