The Global Electric Motor Market is estimated to account for US$ 126.4 Bn in terms of value by the end of 2021. Various kinds of electric motors are designed to convert electrical energy into mechanical energy. They are used in appliances like a washing machine, a DVD player, and an electric fan. They are also used in automatic door locks and gas pumps. There are three basic types of electric motors: DC, AC, and three-phase. All three of them can be classified based on the construction, power source, and motion output. These motors are normally optimized for a specific air gap, voltage, and synchronous speed. They are also optimized within the magnetic core saturation constraint.
Global Electric Motor Market: Drivers
Growing demand for energy-efficient motors is expected to fuel growth of the global electric motor market during the forecast period. The demand for energy is likely to grow 37% by 2035 with 1.4% per annum growth rate. As per the U.S, Department of Energy, electric motors accounted for half of the energy usage in March 2020 in the manufacturing sector of the country. Electric motors along with other motors utilized in infrastructure and industrial application account for 53% of the total consumption of electricity around the world. Due to this, various regulations for ensuring effective and efficient energy use are being implemented in several regions. Thus, this factor is expected to boost the market growth during the forecast period.
Global Electric Motor Market: Opportunities
Increase in initiatives taken by government towards use of green vehicles is expected to create several growth opportunities in the global electric motor market during the forecast period. The growing number of government incentives are encouraging sales of electric vehicles to safeguard environment from carbon emissions. This is leading to increased demand for electric motors and their growing technological development. Thus, the market players in the global electric motor market will witness several growth opportunities in the near future.
Global Electric Motor Market: Restraints
High cost of maintenance is likely to restrict growth of the global electric motor market during the forecast period. The cost of maintenance required for electric motor is high. In some cases the operational cost can be expensive due to which customers hesitate to use electric motors. For instance, the use of a high-horsepower motor with a low load factor, the cost per hour of operation significantly grows. This factor can impact the adoption of electric motor, which in turn hampers growth of the global electric motor market.
Global Electric Motor Market - Impact of Coronavirus (Covid-19) Pandemic:
The Covid-19 pandemic significantly impacted the global electric motor market. Several regions around the world were affected by the pandemic. Many countries imposed stringent lockdown regulations during this period to control spread of the virus. Due to the lockdown regulations several industries were shut down temporarily during the pandemic. Various market activities including manufacturing, supply chains, and distribution operations were disrupted. Moreover, the lack of manpower and raw materials further impacted production and demand in various industries. Thus, along with several other markets, the global electric motor market was negatively impacted by the pandemic.
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Key Takeaways:
The global electric motor market was valued at US$ 126.4 Bn in 2021 and is forecast to reach a value of US$ 219.5 Bn by 2030 at a CAGR of 6.9% between 2021 and 2030.
AC type segment held dominant position in the global electric motor market in 2021, accounting for 72.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Electric Motor Market Trends:
Increase in the demand for electric motor in HVAC applications is an emerging trend in the global electric motor market. The demand for electric motors is growing in air conditioning, ventilation and heating applications due to their lucrative features such as lower noise level and high torque. As per the International Energy Agency (IEA), nearly 40% of electricity is utilized for power electric motors. Thus, the demand for electric motor in HVAC is likely to support the market growth in the near future.
Moreover, heavy use of EVs in European regions is expected to augment growth of the global electric motor market during the forecast period. Due to the growing infrastructure, manufacturing, and automobile industries in the region, the demand for electric motor is increasing rapidly in Europe. Moreover, use of electric vehicles is comparatively high in Europe, which further creates strong demand for electric motors in the region. This is trend is likely to continue in the market during the forecast period.
Global Electric Motor Market: Competitive Landscape
Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company
Global Electric Motor Market: Recent Developments
In August 2020, Toshiba Electronic Devices & Storage Corporation collaborated with MikroElektronika. This collaboration is likely to support the use of Toshiba motor driver ICs on Click boards manufactured by Mikroe.
In April 2020, Rockwell Automation Inc. announced the launch of PowerFlex 755 low voltage drive and Kinetix VPC servo motor integration.
