Electric Motors Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Electric Motors Market Information by Voltage, Output Power, End-user, and Region – Forecast till 2031″, The electric motors industry is bound to go from USD 142.02 billion in 2023 to touch USD 214.96 billion in 2031, at a 5.32% rate from 2023 to 2031.
An electric motor is described as a type of electrical machine since it can convert electrical energy into mechanical energy. The majority of electrical motors on the market today operate by interacting between their magnetic field and a wire winding to produce torque that is then applied to the motor shaft, which is how they produce force. The three primary sectors where such motors are most frequently employed are industrial, agricultural, and automotive. In spite of this, urbanization and the development of technology have increased the need for motors in both the commercial and residential sectors. Additionally, the sector with the quickest rate of increase in terms of motor deployment has been found to be the HVAC sector.
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The usage rate of electrical motors has been elevated by the rising urbanization, which eventually raises the demand for a range of services. For instance, because there are so many construction-related tasks that require motors, the volume of building activities is increasing, which supports the usage of electrical motors. In the home sector, additional motors are required for a variety of domestic applications. Increasing energy-producing capacity is another impact of the rising demand for electricity. Crop cultivation also has a direct impact on the use of electric machinery in the agricultural sector because motors are essential for watering of crops. These factors should help the global electric motor market grow over the future years.
Through a number of initiatives made by the automotive industry, the use of fossil fuels in cars is gradually being phased out. Fuel cell electric vehicles (FCEVs), which are powered by fuel cell reactions, and battery-powered electric vehicles (BEVs) have both been developed by businesses. For instance, Toyota stated in 2019 that it would increase its global production to 30,000 fuel cell stacks by 2020 and had already started employing its hydrogen forklifts, buses, and heavy vehicles. A new strategy was also launched by Hyundai Motor Group in December 2018 with the aim of producing 700,000 fuel cell systems annually, of which 500,000 MW will be used for residential and commercial FCEVs.
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The biggest factor standing in the way of the global market’s expansion is the substantial cost of motor maintenance. In some circumstances, its operational expense, which can be rather considerable, may prevent clients from adopting it. An increase in the operation’s cost per hour is shown, for example, when a high horsepower motor is used with a low load factor. Some motors do not, however, have a self-starting torque like induction motors do. In addition, single-phase motors could also require auxiliary devices to start. Therefore, these elements may prevent the market from expanding.
Up to 1 kV, 1 kV-6.6 kV, and Above 6.6 kV are the voltage-based sectors of the electric motors industry. Up to 1 kV is anticipated to experience the highest growth and hold the bulk of market share during the time of the forecast.
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In terms of output power, there are two segments of the electric motor market: up to 1 HP and over 1 HP. Globally, a substantial expansion of the up to 1 HP market is projected.
According to end-user, the electric motors market is divided into industrial, residential, commercial, agricultural, and transportation sectors. The industrial category is anticipated to grow quickly during the anticipated time frame.
Asia Pacific is currently the most lucrative market for electric motors and will continue to be so, given the fast-growing industrial sector. The area is anticipated to rule the market in 2022 as a result. Along with other industries, the petrochemical, chemical, fertilizer, and automotive sectors are all gradually growing in the area, and this is anticipated to open up a wide range of new business opportunities for individuals in the electric motor manufacturing industry.
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