Steady Growth in Synchronous Motors 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.

Brushless DC Motors Market Growing Strong

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.

AC Electric Motor Sales in Oil & Gas Market Growing

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.

Global Permanent Magnet Motor Market Attractive

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.

Electric Motors Market Growing Strong

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.

Surging Demand Fuels Motor Testing Equipment Market

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.