One of the key drivers for the growth of Electric motors market is the increasing adoption of electric motors in the industrial machinery along with household appliances. The increase in need of more efficient electric motors for achieving efficiency in usage of energy along with cost effectiveness is driving the growth of the market. The electric motors are used in agricultural equipment. The growth of the agricultural sector and the increase in use of motor operated equipment in the agricultural sector is further expected to drive the demand of the electric motors market.
The global electric motors market is majorly driven by growth in demand for energy efficient electric motors. The upsurge in environmental awareness is leading to higher implementation of the motors that provide energy efficiency, and thus subsidize significantly towards the growth of electric motors market. The increase in the utilization of electric motors by the rapidly expanding agricultural sector is also anticipated to contribute to the growth of the electric motors market.
Industry Top Key Players:-
- ABB Ltd.
- Siemens AG
- General Electric Company
- Nidec Corporation
- Denso Corporation
- Allied Motion Technologies, Inc.
- Ametek, Inc.
- Robert Bosch GmbH
- Emerson Electric Co.
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Heat Exchanger Market – Segmentation
Global Heat Exchanger Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Global electric motors market has been segmented based on type, voltage, output power, end-use and region. Based on type the market is segmented into AC motor, DC motor and Hermetic motor. Among these AC motors, is projected to dominate the global electric motors market through 2023.
The easy availability of the alternating current power is also leading to the increased use of AC electric motors, thereby driving the growth of the market. The AC electric motor can be manufactured in various sizes ranging from a few watts to thousands of kilowatts, which makes its useful in all types of applications thereby leading to the growth of the market.
Asia-Pacific accounts for the highest market share
Asia-Pacific region is expected to dominate the Electric motors market, and is projected to grow at the highest CAGR. The growth of the Electric motors market in Asia-Pacific region is attributed to the rapid growth in the agricultural sector. The rapid industrialization and the intense setting up of manufacturing industries which require the use of electric motors of various capacity is expected to drive the market of the electric motors in the region.
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