Induction Motors Market Size Analysis:
Induction Motors Market Size is projected to be worth USD 55.63 billion by 2028, registering a CAGR of 9.51% during the forecast period (2022-2030). The market was valued at USD 17.48 billion in 2020.
Global Induction Motors Market Size – Competitive Analysis
Highly competitive, the Induction Motors Market Size appears to be fragmented owing to the presence of several well-established players accounting for a substantial market share. Players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and product technology launch to gain substantial competitive advantage.
These players emphasize on new product development initiatives and geographical expansion. The global Induction Motors Market Size is anticipated to witness relentless innovations and the development of new products, resulting in intensifying market competition.
CAGR | 9.51% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | End User and Application |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
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The Induction Motors Market Size is growing rapidly, mainly due to the significant superiority of induction motors over other high speed electric motors. Besides, the increasing awareness regarding environmental protection and the low emission rate of induction motors significantly contributes to market growth. Induction motors (asynchronous motors) with its rugged built, lightweight, and cost efficiency work efficiency offer reliably low after-sale maintenance.
Moreover, the spurring rise in burgeoning oil gas, pulp paper, and chemical industries escalate market growth. According to Market Research Future (MRFR), the global Induction Motors Market Size is projected to grow at a rapid pace during the forecast period (2016-2027). The introduction of innovative technologies to enhance safety performance and declining component prices have increased the sales of induction motors exponentially.
Induction motors provide cost-efficient and sustainable solutions based on customers' needs, enabling them to remote monitoring of operations. These high speed motors enhance plant operations, saving time and cost while reducing waste and redundancies. Conversely, non-suitable applications where these motors need a high load to start are major applications projected to impede the market growth. Nevertheless, future technological upgrades would support market growth throughout the forecast period.
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Global Induction Motors Market Size – Segments
The report is segmented into three dynamics;
By End User : Residential, Commercial, and Industrial.
By Product : Synchronous, Direct Current and Asynchronous Motors.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Induction Motors Market Size – Regional Analysis
North America dominates the global Induction Motors Market Size. The largest market growth attributes to the high demand and production rate of high speed motors in the region. Besides, the increased use of synchronous motors due to their variable frequency drive and high energy efficiency, and low maintenance costs, substantiate the regional market growth. Moreover, the burgeoning OG, water treatment, chemical, and pulp paper industry fosters the regional market's growth.
Europe stands second in the global Induction Motors Market Size. Market growth is driven by the growing pumping requirements in various manufacturing plants. Also, the presence of a well-established OG, chemical, and water wastewater industry boosts the regional market growth. Additionally, constant upgrades in manufacturing sectors across the region boost the growth of the market. The increasing emphasis on adopting the energy-efficient synchronous motor in the region contributes to market growth.
The Asia Pacific region Induction Motors Market Size is growing rapidly. Factors such as the boom in manufacturing industries and the increasing emphasis on adopting energy efficient induction motors in the region influence the market growth. Furthermore, the presence of the largest mining and pulp and paper industries in the region foster the growth of the market. Moreover, the oil gas market in the region propels the demand for synchronous motors.
Industry/ Innovation/ Related News
November 27, 2020 ----- ABB Motors and Generators (Switzerland), a leading global of synchronous motors and generators, launched a new series of high-output motors in India, expanding its portfolio with high-output series induction motors. The new low voltage IEC induction motors are designed to reduce the overall size of the equipment, keeping them compact by minimizing space and total cost of ownership.
This launch would strengthen ABB's presence in segments such as cement, metals, pulp paper, and water wastewater, along with applications including fan, pump, among others. The new range of M3BP motors would also help customers save space and cost due to the motors being sturdiest in the market.
Major Players
Players leading the global induction motor market are Regal Beloit Corporation, Emerson Electric Company, ABB Ltd., Marathon Electric, Schneider Electric SE, Baldor Electric Company, and Kirloskar Electric Company Siemens AG, among others.
Table Of Contents
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Landscape
5 Market Dynamics
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