- The global production of electric motors has drastically increased in recent years.
- AC motors are the fastest growing segment in the market.
- Asia-Pacific is currently the largest market for electric motors regionally.
The electric motor sales market is projected to grow at a CAGR of 6.26% from 2016 to 2021 to reach $127.6 billion by 2021. Increasing demand for power utilities and automobile production along with the rise in commercial and residential infrastructure growth, especially in the developing economies, are the major factors for driving the market.
Electric motors are widely used in all the sectors and the global production of electric motors are drastically increased in recent years due to increase in the utilization of motors for maximum output from the major sectors such as industrial, agriculture, residential, commercial, and transportation. The market is classified by type into AC and DC motors. AC motors are the fastest growing segment in the market. With increasing applications in end-user industries such as, transportation, chemicals, and many others, the AC motors segment is expected to dominate the market till 2021.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the timing relay market. These include Siemens (Germany), ABB (Switzerland), General Electric (US), Schneider Electric (France), Eaton (Ireland), and Rockwell Automation (US).
AC motors would dominate the global electric motor sales market
The electric motor sales market in this report has been classified based on type into the following segments, namely, AC & DC motors. The AC motors segment dominated the electric motor sales market in 2016. With the growing demand for AC motors in various industries such as paper & pulp, cement, wastewater treatment and chemicals, the AC motors market is expected to grow during the forecast period. Hence, the market size of the AC motors segment is the largest.
< 1 kV is the largest voltage type-based market segment
The report also segments the electric motor sales market by voltage range, which includes > 6.6 kV (high), 1 kV–6.6 kV (medium), and < 1 kV (low). < 1 kV voltage range-based electric motor sales market is expected to dominate the market by 2021 . This growth is majorly driven by Asia-Pacific due to the rapid industrialization and urbanization in the region. Moreover, the countries in all the other regions are undergoing rapid developments in the power sector; in turn, aiding the growth in demand for < 1 kV electric motors.
In this report, the electric motor sales market has been analyzed with respect to the following regions, namely, Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. Asia-Pacific is currently the largest market for electric motors, and it is projected to grow at the highest CAGR during the forecast period. China accounted for the majority share in Asia-Pacific in 2016. In Asia-Pacific, the growth of the market can be attributed to factors such as buoyant growth in the agriculture sectors, massive investments in industrialization, and upgrading and replacing aging infrastructure. These factors are driving the market in this region. The figure given below shows the regional scenario of the market from 2016 to 2021.