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Electric Motor Market Outlook 2016-2020 Compared to 2021-2031 Forecast
Driven by increasing focus on research and development and investment in Industrial sector, the electric motor market will rise at 5.6% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered during 2016-2020.
With the penetration of robotics and automation in the last decade, across a plethora of industry verticals encompassing electronics manufacturing, food & beverage industries and automotive. Furthermore, investments in smart factory automation, particularly is massive production plants, have been growing constantly. With the increasing adoption for automation and robotics technology, electric motor demand will be boosted in regards to its use in drive units. The growth rate of the electric motor market growth is thus expected to be in proportion to that of industrial automation and robotics.
Demand of electric motor is also set to be buoyed from residential appliances segment wherein low power capacity motor are primarily used. The Electric motor market has been perceived as a high volume-high value market.
As per Energy Association estimates, 40% of total energy used in industries is consumed to drive electric motor. In lieu of the same, emphasis on promoting the use of high efficiency motor.
Developed as well as developing countries are expected to usher in sound growth opportunities of the product via new units as well as replacement sales. Expansion of usage scope towards untapped end use verticals is expected to be augur the growth of electric motor on long term basis.
In the coming years, the demand for electric motor will witness healthy growth with Industrial Robotics, Energy, Residential Appliances and Municipal Water Utilities being the key growth enablers.
How will the Expansion of Municipal Water Treatment Market Benefit Electric Motor Sales?
The robust rate of investments in civic infrastructure involving municipal water supply and wastewater treatment process will call for a hefty rate of pumps thus involving a proportionate rate of electric motor to be sold and installed. With the electric motor market growth in intermediate stages and clocking nearly double digit growth rates in next 5 years, the new unit sales of electric motor will be highly sought.
Another supporting factor for growth promotion is that electric motor and associated pumps for heavy duty water supply process are priced at premium which will prove as a value proposition for the OEMs when coupled with installation and aftersales services.
What Is the Impact Of COVID-19 Crisis On Electric Motor Market?
Lockdown imposed across various countries has negatively impacted the manufacturing sector in terms of production output and supply procedures coupled with slowdown of demand and order intake from customers. However, with subsequent financial quarters of the initial pandemic outbreak, the resumption of industrial manufacturing activities are being permitted by the regional authorities. The electric motor market growth is also expected to gain rebound in growth within 3-4 quarters of upcoming fiscal.
Nonetheless, several distributers and manufacturers stockpiled the equipment to ensure sufficient supplies during the pandemic. Additionally, increase in the new product developments post COVID-19 has increased the usage for robotics and digitally operated machineries which is driving the demand for the electric motor.
Despite the difficult situation, economies are steadily recovering from the effect. Company activities have begun to grow at a slow and steady pace as supply and distribution networks recover. Considering this, the pandemic is unlikely to have a long-term effect on the Electric Motor Market.
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Electric Motor Market by Category
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100HP
- 100 – 300 HP
- 300 – 500HP
- Above 500HP
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
- General Machinery
- Centrifugal Machinery
By End Use:
- Oil & Gas
- Power Generation
- Food & Beverages
- Pulp & Paper
- Air Separation Plant
- Other Manufacturing
- HVAC & Refrigeration
- Municipal Water Treatment
- Electric vehicles
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Electric Motor Market Competitive Landscape
Companies operating in Electric Motor Market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool.
- For instance, In, On January 24, 2019 Bosch assumed full control of of EM-motive, one of Europe’s most successful manufacturers of electric motors.
- On August 3rd, 2021, Nidec Corporation acquired stocks of Mitsubishi Heavy Industries Machine Tool Co., Ltd. and announced an outline for its new subsidiaries.
Manufacturers are also focusing on the expansion of their product portfolio to maintain high customer base across the globe
- For instance, On 5 Feb, 2021 Johnson Electric Launches Low Voltage DC Motor Solutions for Smart Furniture. The LVDC motor solutions are designed for actuators used in smart recliners, height adjustable desks, hospital beds and other smart furniture products.
- On February 16th, 2021 Regal announced a collaboration with Rexnord’s PMC segment to create world-class power transmission technology.