Research report published by Proficient Market Research “Induction Motors Market (By Type – Single-phase Induction Motors, and Three-phase Induction Motors; By Application– Commercial, Industrial, Residential, and Others) Market Growth, Future Prospects, Government & Defense) Post COVID-19 Scenario 2020 – 2028”, states that the global induction motors market is expected to grow at a CAGR of 13.3% during the forecast period from 2020 to 2028.
Increasing demand for minimizing greenhouse gas emissions is key trend for the market. This increases the utilization of induction motors in various sectors such as industrial, residential, commercial buildings, agriculture, transportation. In addition, economical cost of the motors as well as low maintenance cost are the factors driving the induction motors market especially in the electric vehicles segment. Induction motors have the ability to work under varying climatic conditions, which is another major factor driving its demand. It is used in a various types of machinery, as it is more powerful as well as eco-friendly compared to the conventional motors in the market. Moreover, durability, easy functioning, affordability and easy maintenance are some of the other major factors fueling the demand for induction motors.
Some of the major players in the global induction motors market, such as Emerson Electric Co., Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Toshiba Corporation, ABB Ltd., Baldor Electric Company, Nidec Motors Corporation, Regal Beloit Corporation, and WEG Electric Corp.
Read Summary Of The Report: https://proficientmarket.com/report/1432/induction-motors-market
On the basis of type, the global induction motors market is segmented into following categories:
In 2019, the three-phase induction motors segment led the overall induction motors market in terms of market value accounting for over 65% of the global market. Three-phase induction motors are cost-effective, maintenance-free, robust, and can operate in any environmental condition. They are widely used in automotive, healthcare, oil and gas, and manufacturing industries. Three-phase induction motors are used in heavy duty application whereas, single-phase induction motors are used for light and regular applications.
On the basis of end-use, the global induction motors market is segmented into following categories:
Download Sample Pages: https://proficientmarket.com/sample/1432
In 2019, the industrial end-use segment led the overall induction motors market in terms of market value owing to the growing industrial sector across the world. Moreover, the shift towards industrial automation, coupled with the increasing consumer confidence as well as promising investment plans triggers demand for the induction motors in the industrial end-use segment. Residential end-use segment is expected to witness high demand during the forecast period from 2020 to 2028.
In 2019, Asia Pacific held the largest share in the induction motors market owing to the rising adoption of induction motors in electric vehicles, due to their improved efficiency and lightweight, replaced the DC motors. In addition, the growth in the HVAC industry leads to high demands for induction motors in Asia Pacific region. Moreover, rapid industrialization and growing manufacturing sector in countries such as China and India are fueling the demand for numerous end-user applications of induction motors.
Browse Adjacent Markets: Machinery And Equipments Market Research Reports & Consulting
Recent Industry News:
About Proficient Market
Proficient Market team is comprised of well skilled and equipped personnel ready to concur any upcoming challenges in the market sector for both individual people and organization around the world. We know time is money, and therefore we ensure we solve your problem within the shortest time possible to prevent delays or missing any opportunities. We use globally accepted techniques with a little innovation from our staff in solving all your market research related challenges.
We have worked with numerous numbers of organization and personnel in different field including public relation firms, marketing agencies, advertising agencies, the nonprofit organization, political communication agencies and many more. We provide detailed and accurate market forecast and cover all the competitive landscapes, provide detailed market segmentation, trending issues, and strategic recommendation to ensure that our customers are always ahead of their competitors.