The new report by Expert Market Research titled, ‘Global Induction AC Electric Motor Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global induction AC electric motor market, assessing the market based on its segments like types, efficiency ratings, speeds, end uses, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 19.8 billion
• Forecast CAGR (2022-2027): 13.70%
• Forecast Market Size (2027): USD 41.7 billion
The rising demand for induction AC electric motors from the household sector is projected to catalyse the market growth. This can be attributed to the growing adoption of technologically advanced household appliances and equipment, rising disposable incomes, improved standards of living, increased penetration of HVAC systems, and rising global population. In addition, the thriving automotive industry owing to the growing demand for passenger and commercial motor vehicles is anticipated to propel the demand for induction AC electric motors in the forecast period. Furthermore, the market is estimated to be aided by the rapid industrialisation and significant economic growth attained by the emerging countries. Geographically, the Asia Pacific accounts for a significant share in the market and is anticipated to grow considerably in the forecast period owing to the expansion of the manufacturing sector in the region.
Industry Definition and Major Segments
Induction AC electric motor refers to an electrically driven machine which is used to power other industrial equipment by converting alternating current into mechanical energy. Furthermore, induction AC motors can be classified into single phase induction motor and three phase induction motor.
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The induction AC electric motor industry, on the basis of type, can be segmented into:
• < 1 kV
• 1 kV – 6.6 kV
• 6.6 kV
Based on efficiency rating, the market is segmented into:
• IE1
• IE2
• IE3
• IE4
By speed, the market can be divided into:
• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors
On the basis of end use, the market can be segregated into:
• Industrial
• Motor Vehicle
• HVAC
• Household
• Others
The regional markets for induction AC electric motors include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The technological advancements in the HVAC and automotive industry are estimated to propel the demand for induction AC electric motors, thereby bolstering the market growth. Meanwhile, the growing research and development (R&D) activities by the leading companies towards the development of advanced motor solutions are likely to propel the industry growth in the forecast period. The increased investments and adoption of various strategies by the key players operating in the market, including mergers and acquisitions, collaborations, and geographical expansion, are expected to aid the growth of the market in the forecast period.
Key Market Players
The major players in the market are ABB Ltd., Rockwell Automation, Inc., Siemens AG, ARC Systems, Inc., and Sinotech, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
