The market for electric motors was estimated at $106.3 billion globally in 2020 and is anticipated to grow to $207.3 billion by 2030, with a CAGR of 6.6% from 2021-2030. An electric motor transforms electrical energy into mechanical energy. Electric shavers, fans, electric toothbrushes, pumps, robots, and windshield scrubbers are just a few examples of the many uses of electric motors. Industries like robotics, automotive, pharmaceutical, and healthcare all use micro-motors. It is compact, light, and has a strong torque. Electric motors are increasingly being used in industrial settings because of their high efficiency, great torque, durability, exceptional controllability, and reliability. Some major market growth drivers are the rise in demand for electric motors from electric car applications, robotics technologies, and HVAC applications.
MARKET INSIGHTS
- Companies are getting more active in energy management programs run by the government. By participating in such programs, businesses not only boost their competitiveness but also directly benefit from lower expenses, less susceptibility to energy price swings, and increased cost savings. It will present a sizable window of possibility for the electric motor industry to expand throughout the forecast period.
- Growing HVAC Application Adoption will Fuel the Development of the Electric Motor Market. The demand for cooling and heating in commercial, residential, and industrial buildings has expanded the heating and air-conditioning (HVAC) business. As a result, the supply of HVAC equipment in buildings is being prioritized as a crucial component during new construction operations. Additionally, it has increased long-term demand for the use of electric motors. The major drivers to the expansion of the HVAC business are developing economies because commercialization is increasing, so huge space is required to expand the business; this will improve that region's standard of living.
- Around the world, efforts to reduce fertilizer import costs and encourage domestic fertilizer production are gaining momentum. The fertilizer industry has seen major reform in several nations, notably China and India. An example of this is the Make in India project for the chemical industry. Around the world, there is a growing trend toward reopening closed fertilizer plants and constructing new ones, which is anticipated to boost the expansion of the electric motor market during the projected period.
- Natural gas production has significantly increased due to the application of technologies like horizontal directional drilling and hydraulic fracturing (fracking). Natural gas usage has increased due to its affordability and environmental advantages, and similar trends are anticipated in the coming years. It will probably lead to more infrastructure projects using natural gas, raising the demand for electric motors globally.
- On the other hand, industrial motors with significant power ratings create a substantial amount of vibration, strain, and temperature while operating, which could severely affect electronic parts and lead to their failure. Furthermore, it is anticipated that throughout the projection period, small and medium-sized business operators will need to be aware of the advantages of smart motors for various applications, which will hinder the electric motor market.
BY GEOGRAPHY
Asia-Pacific is anticipated to become the most profitable area. It results from increasing demand from sectors like manufacturing, the auto industry, and the power generation industry. Additionally, the area is a hub for automated processes, and there is a big need for electric cars. The region is also experiencing a marked rise in electricity demand due to China's and India's growing urbanization.
China has played a significant role in advancing the global manufacturing industry. The nation leads the world in producing steel, chemicals, electricity, and cement. It is also a major participant in the refining and petrochemical sectors. Many new construction activities are waiting to be added to the nation's portfolio of industries.
The Chinese government recently approved new refinery projects with the involvement of foreign firms. The ultimate investment strategy for constructing a sizable petrochemical complex and integrated refinery in Northeast China was made in January 2022 by a joint venture led by Aramco. The new facility will be in the city of Panjin. It is anticipated to be ready by 2024 and have a 300,000 BPD capacity.
MARKET SEGMENTATION
· Motor Type
· AC Motor
- Synchronous Induction AC Motor
- Synchronous AC Motor
· DC Motor
- Brushless DC Motor
- Brushed DC Motor
· Hermetic Motor
· Power
· Fractional HP Output
· Integral HP Output
· Application
· Industrial Machinery Motor Vehicles
· Industrial Machinery
· HVAC Equipment
· Household Appliances
· Aerospace & Transportation
· Others
· Regional
· North America
- U.S.
- Canada
· Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
· Latin America
· Middle East & Africa
KEY PLAYERS
· Amtek Inc.
· Baldor Electric company, Inc.
· Asmo Co., Ltd.
Franklin Electric Co., Inc.
