New York, US, May 08, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Motors Market Information by Voltage, Output Power, End-user, and Region – Forecast till 2030″, The market for electric motors will go from USD 142.02 billion in 2023 to USD 214.96 billion in 2031, at a rate of 5.32% from 2023 to 2031.
Electric Motors Market Overview
In order to transform electrical energy into mechanical energy, an electric motor is a type of electrical machine. The majority of today’s electrical motors work by creating force in the form of torque imparted to the motor shaft by interacting between the magnetic field of the motor and the electric current in a wire winding. The three main industries where such motors are most commonly used are industrial, agricultural, and automotive. The need for motors has grown in both the commercial and residential sectors, nevertheless, as a result of urbanization and advancing technology. The HVAC industry has also been identified as the motor deployment industry with the fastest rate of growth.
Market Competitive Landscape:
The important firms active in the market for electric motors include
- General Electric (U.S.)
- Siemens (Germany)
- ABB (Switzerland)
- Robert Bosch GmbH (Germany)
- Emerson Electric Co. (US)
- Hitachi, Ltd. (Japan)
- Johnson Electric Holdings Limited (China)
- Rockwell Automation Inc. (US)
- Among others.
Get Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/2376
ABB and GE, with a wide range of products available for various end-user categories, have a significant amount of electric motors market share. These businesses have the products needed for various applications as well as cutting-edge stators, rotors, and copper rotor technologies, which boosts motor efficiency, performance, and dependability. Additionally, they are industry leaders in a number of fields, including battery production and renewable energy, which helps them find investment opportunities from several clients.
Electric Motors Market COVID 19 Analysis
Every industry has been negatively impacted by the worldwide health catastrophe brought on by the unexpected spread of the new coronavirus, also known as COVID-19. Due to the adoption of severe measures like nationwide lockdowns to limit the virus’s spread, industries must lose a substantial amount of operational time. As a result, the demand for electric-type motors has changed as a result of the illness outbreak. The lack of personnel and travel restrictions have halted production activities and brought the market to a standstill because the market is huge and contains numerous players with broad sales networks dispersed over different nations.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 214.96 billion |
| CAGR during 2022-2030 | 5.32% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, Output Power, End-user, and Region |
| Key Market Opportunities | Increasing use of electric motors in the agriculture sector |
| Key Market Dynamics | Growing demand for improved and energy-efficient electric motors Rapidly growing HVAC industry |
Browse In-depth Market Research Report (110 Pages) on Electric Motors Market:
https://www.marketresearchfuture.com/reports/electric-motors-market-2376
Electric Motors Market USP Covered:
Market Drivers:
Urbanization at a Rapid Pace to Support Market Development
Increased urbanization directly causes a rise in the demand for a variety of services, which opens up the potential for the use of electrical motors. For instance, the increasing volume of construction activities encourages the use of electrical motors because many construction tasks call for motors. Similarly to this, more motors are needed for various domestic applications in the residential sector. A further result of the increasing power demand is an increase in energy-producing capacity. Additionally, the use of electric machinery in the agricultural industry is directly impacted by crop cultivation because motors are crucial for the irrigation of crops. In the upcoming years, these variables are anticipated to favor the growth of the worldwide electric motor market.
Surging Attention to Renewable-Powered Vehicles to Promote Growth
The usage of fossil fuels in automobiles is currently being phased out through a number of projects being launched by the automotive industry. Companies have developed battery-powered electric vehicles and fuel cell electric vehicles (FCEVs) that are powered by fuel cell reactions. As an illustration, Toyota announced in 2019 that it will boost its global output to 30,000 fuel cell stacks by 2020 and had already begun using its hydrogen forklifts, buses, and heavy vehicles. In addition, in December 2018, Hyundai Motor Group unveiled a new plan with the goal of producing 700,000 fuel cell systems annually, of which 500,000 MW will be used for residential and commercial FCEVs.
Market Restraints:
The high cost of motor maintenance is the main factor that can impede the growth of the worldwide market. Its adoption by clients may be hampered in some situations by operational expense, which is sometimes very high. For instance, using a high horsepower motor with a poor load factor results in a large rise in the operation’s cost per hour. However, unlike induction motors, certain motors do not have a self-starting torque. Auxiliaries may also be needed to start single-phase motors, in addition. As a result, due to these factors, market expansion may be hindered.
Buy Now Premium Research Report:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=2376
Electric Motors Market Segmentation
By Voltage
Voltage-based segments of the electric motors market include up to 1 kV, 1 kV–6.6 kV, and Above 6.6 kV. During the forecast period, the up to 1 kV segment is expected to grow at the fastest clip and hold the majority of the share. These electric motors are frequently chosen for numerous items used in homes and businesses.
By Power Output
The electric motors market is divided into two categories: up to 1 HP and above 1 HP, in terms of output power. The up to 1 HP market is anticipated to increase rapidly across the globe. Because more end-user industries throughout the world are adopting them, the need for these electric motors is growing. It is anticipated that the above 1 HP sector would expand in the next years.
By End-use
Industrial, residential, commercial, agricultural, and transportation are the segments of the electric motors market, with respect to end-user. Over the course of the projected period, it’s expected that the industrial category will expand quickly.
Electric Motors Market Regional Insights
Considering the rapidly expanding industrial sector, the Asia Pacific is now the most lucrative electric motors industry and will keep this position going forward. As a result, the region is expected to dominate the market in 2022. The automotive, chemical, fertilizer, and petrochemical industries, among others, are all expanding steadily in the region, and this is expected to create a wealth of new business prospects for those involved in the production of electric motors.
The manufacturing sector has advanced greatly thanks in large part to China. In the production of cement, steel, chemicals, and energy, the country is at the top of the list worldwide. In the petrochemical and refining industries, it also plays a significant role. The nation’s portfolio of industries currently includes a number of new industrial initiatives.
Ask for Customization:
https://www.marketresearchfuture.com/ask_for_customize/2376
Europe will experience exponential growth during the forecast period owing to an increased focus on renewable energy and green energy targets. Additionally, the growing focus on the deployment of electric motors for agricultural and industrial activities will favor the electric motors market demand in the region. In Europe, as per the latest update for targets by European Union for 2030, it includes a 40% reduction in greenhouse gas emissions by 2030 as compared to 1990 levels.
Related Reports:
Automotive Electric Motors Market Research Report Information Report by installation position, By function and By Region – Forecast to 2030
Electric Motors Market for Household Appliances Research Report Information by Type, by Voltage, by Output Power, by Application and by Region – Forecast till 2030
Electric Vehicle Market Research Report Information By Technology, By Vehicle Class, By Vehicle Type, And By Region – Market Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Follow Us: LinkedIn | Twitter