Global Induction Motors Market Research Report - Forecast to 2027
Market Highlights
The induction motors market 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 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.
Global Induction Motors Market – 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 – Regional Analysis
North America dominates the global induction motors market. 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 O&G, water treatment, chemical, and pulp & paper industry
fosters the regional market's growth.
Europe stands second in the global induction motors market. Market
growth is driven by the growing pumping requirements in various manufacturing
plants. Also, the presence of a well-established O&G, 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 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.
Global Induction Motors Market – 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 is anticipated to
witness relentless innovations and the development of new products, resulting
in intensifying market competition.
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.
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.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/induction-motors-market-1603
About Market Research Future:
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of diverse industries and consumers worldwide. MRFR's methodology integrates
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