Induction motor Market revenues are estimated to reach $40.5 billion globally by 2032. Between 2022 and 2032, a 7.4% compound annual growth rate is expected. It was estimated to be worth $19.9 billion by 2022.
Induction motors require very little, if any, maintenance. The lack of sliding rings, commuters, and brushes is a major reason driving growing demand for these motors.An induction motor produces torque by interacting the fluctuating magnetic field created in the stator with the current generated in the rotor coils. In most machines, this type of motor is preferred over conventional ones.
In comparison to conventional ones, it is stronger and more environmentally friendly. Due to its endurance and low maintenance requirements, it is a suitable choice for the manufacturing and automotive industries. Another important factor contributing to its rising popularity is its ability to function in a variety of weather situations.
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Rising emphasis on lowering greenhouse gas emissions and the desire for energy-efficient products are two main factors contributing to growing popularity of electric cars. According to the International Energy Agency (IEA), 2 million electric vehicle units were sold in the first quarter of 2022, a substantial increase over the previous year.
It was a 75 percent rise over the same time in 2021. Due to expansion of the EV industry, induction motor demand is anticipated to increase. These motors are sought by makers of electric vehicles (EVs) due to their durability, dependability, and need for little maintenance.
Consistent and significant expenditures in power generation are required to meet the surging demand for electricity to sustain global growth. Induction motor use has increased in the electricity sector as a result.
Significant prospects for energy savings and a drop in operating costs exist in both industrial facilities and buildings when electric motor systems are optimized. Motors use about 50% of the nation’s electricity, 90% of which is used by AC induction motors, according to the USA Department of Energy.
Key Takeaways from Induction Motors Market Study
- The global induction motors market exhibited a CAGR of 8.3% in the historical period.
- Asia Pacific induction motors market is projected to exhibit growth at a CAGR of around 48.0% in the estimated time frame.
- The USA induction motors market is expected to surpass US$ 6.2 billion by 2032.
- The industrial segment by end-use sector is set to augment at a CAGR of 7.2% from 2022 to 2032.
- China induction motors market is likely to be valued at US$ 10.1 billion by 2032.
“Currently, industrial motors are important in numerous industrial applications since they increase a company’s productivity. The fundamental goal of numerous manufacturing organizations nowadays is to maximize production efficiency with induction motors.” – Says a lead analyst.
Competitive Landscape: Induction Motors Market
Top induction motor producers are improving their brand’s reputation and image through successful marketing and advertising efforts. They are also taking part in numerous trade shows and events.
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Key Players:
- ABB
- Ametek
- Emerson Electric
- Siemens
- WEG
- Brook Crompton
- Danaher Corporation
- Johnson Electric Holdings
- Regal Rexnord
- Toshiba Corp.
- Hitachi Ltd.
A few well-known businesses are using digital technologies to improve supply chain management, streamline operations, and increase consumer interaction. In order to acquire access to new markets and clients, they are also forming partnerships and collaborations with regional businesses and distributors.
For instance,
- In September 2019, WEG announced the launch of its latest M Mining Series of slip-ring induction motors. The M Mining Series is specifically designed to work without troubles in dusty environments such as iron ore operations.
Induction Motors Market Outlook by Category
By Product Type:
- Single Phase Induction Motors
- Three Phase Induction Motors
By End-use Sector:
- Industrial
- Commercial
- Residential
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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