A report by Marker Research Future (MRFR) estimates the global Induction motors Market analysis 2020 to surge at a substantial CAGR during the forecast period 2016-2027. At this pace, the opportunities in the worldwide induction motors market are estimated to swell up with high valuation by the end of the year 2027.
Motors play a pivotal role in most of the processes. Motors are used in a large number of devices, equipment, and systems. With the increase in the use of these, several motors have also been increasing. Out of all of them, more than 80 % of motors are induction motors. This has significantly boosted the induction motor market size all over the world.
The study also reveals that the escalating industrial and manufacturing activities are a boost for the induction motor market. In fact, the motors being lightweight, built rugged, reliable, and low after-sale maintenance cost are some critical factors that are pushing the demand in the Induction motor market. With the spreading awareness on a high note regarding environmental protection, the induction motors’ low emission rate also contribute to the growing induction motor market.
Moving forward, the global induction motor market is further driven by the elevated need for power savings in households, energy infrastructure, and manufacturing hubs. Induction motors are also used for being reliable, carry smaller loads, and reduce after-sales services and costs. Importantly, they can even assist in saving a substantial amount of energy. Owing to these, the popularity of these motors could also be seen in compressor load applications fans and resulting in high growth of the market.
Another trend motivating the global induction motor market is the expanding focus on plummeting greenhouse gas emissions. This is inducing the use of induction motors in every sector, pouring the demand for induction motors considerably. The global induction motor market will also get an advantage from the rising government funding, which is encouraging manufacturers to invest more and more in induction motor manufacturing.
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Top Market Contenders
The top market contenders in the Induction Motor market are listed as-
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Segmentation of Market: Induction Motors
The Induction motor market has been further studied among various segments such as end-users and product.
The segment of end-users comprises residential, commercial, and industrial.
The segment of the product comprises of direct current, Synchronous, and asynchronous motors.
The global induction motor market has now been spread into the main regions of North America, Europe, and the Asia Pacific. Regionally, North America and Europe are the foremost regions in the global Induction motor market, mainly owing to the high demand and production rate.
The Asia-Pacific region is likely to lead the induction motor market. The high boost in the number of manufacturing and industrial units has pushed demand for induction motor. The mount in railways, metros, bullet trains, and more requires the use of induction motor for stable and reliable operation. The rural economy that chiefly depends on agricultural-related processes uses induction motors for several processes. Even, rapid urbanization has also raised the demand for elevators and escalators, which in-turn has surged the demand for induction motor.
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Just like the APAC region, an increase in the number of power generation plants has also surged the sales of induction motor. The African continent has massive potential for the growth of the induction motor market. In contrast, Latin America has second-largest growth potential for the induction motor market, as per the study conducted.