Electric motors refer to mechanical devices which work on the basic principle of electromagnetism. Over the years, these motors have gained traction due to their growing usage in a number of applications ranging from hair dryers, toys, electric shavers and extractor fans to washing machines, dishwashers, coffee grinders, microwaves and electric can openers.
The hazard control market is expected to grow at a CAGR of 5.83%, from 2017 to 2022, to reach a market size of $1.63 billion by 2022. The stringent norms for industrial safety, development of unconventional hydrocarbon resources, growing environmental concerns, and growing concern for human resources safety in industries are the major factors driving the hazard control market.
The synchronous motors market is expected to grow from an estimated $17.83 billion in 2016 to $21.49 billion by 2021, at a CAGR of 3.8% from 2016 to 2021. High efficiency associated with synchronous motors, power factor correction capabilities, and stringent regulations are driving the synchronous motors market worldwide. High efficiency associated with synchronous motors makes it superior in comparison to induction motors. This has emerged as a major trend in the synchronous motors market.
The brushless DC motors market is expected to grow from an estimated $5.19 billion in 2016 to $8.15 billion by 2021, at a CAGR of 9.4% from 2016 to 2021. The global market is set to witness growth, due to increased usage of brushless DC motors across major industries such as chemicals, paper & pulp, marine, automotive, food processing, semiconductors, electronics manufacturing and aerospace.
The AC electric motor sales in oil & gas market is projected to reach $13.2 billion by 2023, from an estimated $10.5 billion in 2018, at a CAGR of 4.62% from 2018 to 2023. This can be attributed to the growth of the technological developments in the oil & gas industry. Increasing automation in the oil & gas industry & new discoveries of reserves in the African region offer promising business opportunities for the growth of AC electric motor sales in oil & gas market. The stagnant growth in oil & gas industry can act as a restraint for AC electric motor sales.
The global electric traction motor market is expected to grow at a CAGR of 18.10% from 2018 to 2023 to reach a market size of $28.51 billion by 2023. The increasing demand for carbon emission-free vehicles, increasing transportation system efficiency, and the need for reducing air pollution are expected to drive the electric traction motor market during the forecast period.
The permanent magnet motor market is expected to grow from an estimated market size of $29.50 billion in 2018 to $45.13 billion by 2023, at a CAGR of 8.87%, from 2018 to 2023. The global market is set to witness a significant growth because of the increasing implementation of permanent magnet motors across industries. Growing robotics technology presents a significant opportunity for the permanent magnet motor market.
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.
Future Market Insights (FMI) has recently published a report titled “Electric Motor Market – Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027”. An electric motor is a machine which converts electrical energy into mechanical energy. The machine that converts mechanical energy to electrical energy is known as a generator. Electric motors are of two types: AC motors and DC motors. These motors are used in industrial, residential, commercial and other (transportation, agriculture) end-use sectors for various applications.
Motor testing equipment is used to measure and estimate various performance parameters and electrical characteristics of motors. They are of many types including single-phase motor testing equipment and three-phase motor testing equipment. Motor testing equipment can be either offline where no power is supplied to the motor or online where the power supply is required. Motor testing equipment is used to improve the lifespan and efficiency of motors. Motor testing equipment has inbuilt series of tests that are sequenced automatically and they complete the tests quickly with high accuracy.