IMARC Group, a leading market research company, has recently released a report titled Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The study provides a detailed analysis of the industry, including the global electric motor market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Electric Motor Market?
The global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
What is Electric Motor?
Electric motors are devices that convert electrical energy into mechanical energy, facilitating various applications from industrial machinery to household appliances. Fundamental to the concept of electric motors is the efficient transformation of energy with minimal loss, achieved through precise engineering and design. Key characteristics of electric motors include their reliability, durability, and energy efficiency. They play a pivotal role in reducing greenhouse gas emissions when paired with renewable energy sources. Moreover, electric motors emphasize the importance of regular maintenance and proper installation to ensure optimal performance and extend lifespan. Components of a comprehensive electric motor framework include high-quality materials, advanced control systems, and robust manufacturing standards to ensure safety and efficiency. Educational programs and public awareness initiatives about the benefits of electric motors also contribute to their increasing adoption.
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What are the Growth Prospects and Trends in the Electric Motor Industry?
The escalating demand for energy-efficient solutions and sustainable technologies is driving the expansion of the electric motor market. In line with this, the growing investment in renewable energy projects and industrial automation is acting as a powerful catalyst for market growth. Besides this, the burgeoning interest in electric vehicles, smart appliances, and advanced HVAC systems is underscoring the need for more efficient and reliable electric motors, thereby boosting the market growth. Alongside this, the realization of limitations in traditional mechanical systems, such as high energy consumption and increased wear and tear, has led to an uptick in demand for electric motors that are both efficient and durable.
Apart from this, manufacturers and researchers are intensively focusing on innovations like brushless motors, variable speed drives, and integrated IoT features for real-time monitoring, thereby spurring market growth. Furthermore, governmental initiatives and global agreements aimed at reducing carbon emissions are creating a positive market outlook worldwide.
Who are the Key Players Operating in the Electric Motor Market?
The competitive landscape of the market has also been examined with some of the key players being.
- ABB Group
- Siemens Ag
- WEG SA
- TECO
- Regal Beloit Corporation
- Nidec Corporation.
What is Included in Market Segmentation?
The report has categorized the market based on motor type, voltage, rated power, magnet type, weight, speed, and application.
Breakup by Motor Type:
- AC Motor
- Induction AC Motor
- Synchronous AC Motor
- DC Motor
- Brushed DC Motor
- Brushless DC Motor
- Others
Breakup by Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Breakup by Rated Power:
- Fractional Horsepower Motors
- Fractional Horsepower ( 1/8) Motors
- Fractional Horsepower (1/8 - 1/2) Motors
- Fractional Horsepower (1/2 - 1) Motors
- Integral Horsepower Motors
- Integral Horsepower (1 - 5) Motors
- Integral Horsepower (10 - 50) Motors
- Integral Horsepower (50 - 100) Motors
- Integral Horsepower (100) Motors
Breakup by Magnet Type:
- Ferrite
- Neodymium (NdFeB)
- Samarium Cobalt (SmCo5 and Sm2Co17)
Breakup by Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
Breakup by Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
Breakup by Applications:
- Industrial Machinery
- HVAC
- Transportation
- Household Appliances
- Motor Vehicles
- Aerospace
- Marine
- Robotics
- Others
Regional Analysis:
- Asia-Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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