February 28, 2023 09:27 ET | Source: Market.Us Market.Us

New York City, New York, UNITED STATES

Pune, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Electric Motor Market size accounted for USD 131.4 billion in 2022 and is projected to reach USD 249.6 billion by 2032, exhibiting a CAGR of 6.8% in the forecast period (2023-2032). An electric motor converts electrical energy to mechanical energy. It is composed of a rotor, bearings, stator, air gap and windings. Because they can handle angular movements as well as other factors like torque requirements, acceleration and speed, AC motors are an excellent choice for robotics system makers.

There are three types of DC motors: permanent, series, and shunt. AC motors can be used for synchronized machines or reluctance. Many electric motors can be found in OEM-based products such as pumps, conveyor systems, fans, compressors and other industrial machines. The integration of electronic hardware and sensors are possible to create AC and DC motors. This allows for predictive maintenance, which minimizes downtime.

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Due to their high efficiency and the increased demand for machine control in the automotive sector, the electric motor market is expanding. Energy-efficient motors have been developed to achieve maximum motor output. Global growth in the electric motors market has been driven by the adoption of efficient motors for appliances. Electric motors are in high demand for HVAC (heating, ventilation  and air conditioning) applications due to their low noise and torque. According to the International Energy Agency (IEA), electric motors consume around 40% of electricity. Electric motors are more energy efficient, lighter and can operate at a faster speed. FHP motors have seen a rise in demand because of their use in material handling systems. Due to the widespread adoption of motors between 21-60V in HVAC industries, these motors will be in great demand.

Factors affecting the growth of the Electric Motor industry?

There are several factors that can affect the growth of the Electric Motor industry. Some of these factors include:

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Top Trends in Electric Motor Market

Electric motors are becoming more popular because of the increased service demand that urbanization has brought. Because electric motors are essential for many construction operations, the rise in building activity encourages the use of electric motors. Motors are in high demand in residential areas for a variety of domestic reasons. High demand for electricity causes an increase in energy generation capacity. Crop production directly influences the adoption of electric devices within the agricultural industry, motors are used to power them, and are vital for crop irrigation. These elements will be used to expand the electric motor industry globally in the coming years.

HVAC also known as Heating, Ventilation, and Air Conditioning system provides air quality and thermal comfort in indoor spaces. They are a key component of modern infrastructure, especially for large office buildings and shopping malls. Due to the continuous growth in their commercial and industrial sectors, Asia Pacific is seeing a steady increase in HVAC systems demand. The HVAC system is also connected to the construction industry, which will fuel the global market over the next decade.

This industry is seeing a growing number of collaborations and partnerships among many entities. These collaborations had different goals depending on their purpose. There are many reasons for which collaborations were formed, such as the production of vector promoters or the acquisition or establishment of manufacturing facilities and the out/in licensing of vector manufacturing technology.

Asia Pacific was the biggest market for electric cars and held the largest revenue share. This is due to substantial investments in industrialization, as well as improvements in agriculture in countries such Australia, India and South Korea. The growth prospects for the market are expected to be improved by the increased production of electric vehicles in countries such as Japan and China, as well as the presence of established OEMs like Honda Motor Co., Ltd., Hyundai Motor Company, Nissan Motor Corporation, Toyota Industries Corporation. followed by APAC, Europe and North America will  see a significant growth in the market. These are the best markets for premium efficiency engines. They are used in HVAC, electric cars and industrial applications. Due to government funding, the market for motors is expected to expand rapidly in Latin America, Africa, and the Middle East. These regions are witnessing a rise of motors in oil and gas sectors. The rapid development of the mining sector and the significant demand cement in the construction industries help in the growth of this market.

There are many small and large players in the competitive market. Companies are focusing on Research and developments for improving the effectiveness of their products. Investments are forced from the manufacturers for the product developments to meet the customer needs. Companies are trying hard to create premium quality products and high-value products at minimum cost in order to be competitive in a price-sensitive market.

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Electric Motor Market : Scope of the Report

For many applications, electric motors are used as power sources, which include transportation and power, the company can expand its market share and its global reach. The industrial sector has experienced significant growth in power demand over the last few years. Heat and Power devices combined are bein introduced to the market. Which has resulted in an increase in the electric machines. The rise in the demand of automobiles and the introduction of electric vehicles has resulted in the growth of the market. The demand for heating and cooling in the residential, commercial as well as industrial areas has resulted in the growth of the HVAC market globally. The main market which is driving the growth of the HVAC market is the countries with developing economies as the demand for commercial spaces is growing, and also the standard of living in the countries is increasing.

The main restraint of the market is the high maintenance cost of the motors. The high maintenance cost and operational costs of the motors can prevent the customer from adopting it. If a electric motor with high horsepower is used along with a low load factor, the cost per hour of the electric motor increases. Some of the motors do not have self-starting torque such as induction motors, auxiliaries may be needed to start the single-phase motors. These are the factors which ould limit the market growth.

The increase in globalization has led to an increase in urbanization globally. According to the U.N. 56% of the total world's population lives in urban areas. In developed countries, 79% of the population lives in cities. Over the next few years this number is expected to rise in next few years. The demand for domestic and industrial goods will rise with rapid urbanization. Renewable energy production is growing at a significant rate globally. The U.S. EIA also known as Energy Information Administration states that renewable energy makes up to 12% of the total energy consumption in the country. According to the state Grip Corp. of China about 43% of China’s energy requirement can be fulfilled by renewable energy. The main product from the renewable resource is an electric motor, which will result in a rise in the demand for the electric motor market.

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Report Segmentation of the Electric Motor Market

Due to its widespread use in various applications, which also includes irrigation pumps and advanced industrial operations the AC motors segment dominates the market globally. Due to the increase in electric vehicles and the booming transportation industry, the DC motors market will see significant growth in the market. The rising demand from the emerging economies is driving the growth of the Hermetic motors which are used for heating, compression, and ventilation. This segmental growth is expected during the forecast period.

The market can be divided into two types, which consist Intergral Horsepower (Above 1HP) and Functional Horsepower (Upto 1HP). Due to the increase in the use of the electric motor having a power range upto 1HP in small-scale industry such as textile mills, paper and pulp, etc. which will result in the growth of the Fractional Horsepower segment. The main source of investment for the Integral Horsepower(Above 1HP) is the  Large-Scale Businesses.

Due to an increase in investments in the electric vehicles and automotive industries which are trying to reduce carbon emission globally, the motor vehicle segment will dominate the market globally. The growing demand for the industrial secto and the rising demand for the energy-efficient motors drives the demand for industrial machinery. In the forecasted period the growth of the electrical appliance segment will be boosted by the rapid development of the products like vacuum cleaners, washing machines, as well as refrigerators. 

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Recent Development of the Electric Motor Market

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