“Electric Motor market is expected to represent steady growth rate over the forecast period”, says Visiongain report
05 September 2019
Visiongain has launched a new ICT report Electric Motor Market Report: Forecasts by product Type (AC motor, DC Motor and Hermetic Motor), by Output Power (Integral Horsepower, Fractional Horsepower), by Voltage Range (9V and below 10-20 V, 21-60 V, and 60 V and Above) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
An electric motor is a machine that converts electrical energy into mechanical energy. Different motor possess different working mechanism but every motor uses the power from electro, magnetic field. Electric Motor is a mature market and has grown to several applications. One of the major applications of the electric motor is automotive. Electric motor for automotive applications is a multi-billion dollar application sector and represents a significant revenue opportunity for the companies operating in the value chain. Based on the region, Asia Pacific is projected to expand with the highest CAGR.
Urbanization and industrialization in developing economies are primarily driving the growth of the global electric motor market for various applications. Although electric motor finds applications in almost all industry verticals, technological advancements across various industries are creating new revenue pockets for the companies to target. For instance, the development of electric vehicles and demand for SUVs in the automotive sector is expected to create significant revenue opportunities for the companies catering automotive sector. The industrial sector is also one of the prominent applications of electric motors. Different industries have different purchasing requirements based on the size of the company. The most general specifications companies take into considerations while purchasing electric motors are temperature rise /insulation, maximum starting current, minimum stall time, power factor range, efficiency, and test standard, and load inertia among others.
Some of the major trends identified in the global electric motor market are demand for energy-efficient motors, an increase in the price for a motor with an increase n steel price, demand for customized electric motors from multiple industry verticals, and development of high power to weight ration motor for specialized applications.
Some of the major companies operating in the global electric motor market are ABB GROUP, ARC SYSTEMS INC., BROOK CROMPTON UK LTD., DENSO CORPORATION, DR. FRITZ FAULHABER GMBH CO. KG, EMERSON ELECTRIC CO., MAXON MOTORS AG, REGAL BELOIT CORPORATION, ROCKWELL AUTOMATION INC., and SIEMENS AG.
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