Worldwide electric AC motors market is projected to reach $166.5 billion by 2026 growing at a CAGR of 8.8% over the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The report offers a comprehensive analysis pertaining to current market dynamics and predicts future trends. The induction AC motors segment procured maximum revenue in the global market in 2018. Over the coming years, the Asia-Pacific pacific market is estimated to emerge as the leading contributor to the worldwide market revenue, cites the report.
Following are some of the significant factors driving the electric AC motors market:
- The surge in automation across multiple industrial processes, and the extensive use of electric AC motors in varied applications including healthcare, automotive, construction, and consumer goods among others is anticipated to support industry growth.
- Growing adoption of electric AC motors across construction and infrastructural activities particularly in developing nations will accelerate market growth.
- High demand for household appliances, growing use in HVAC applications, and favorable government initiatives for developing high-efficiency electric AC motors will support market expansion.
- The global electric motors market is bound to witness several opportunities in the coming years owing to factors like increasing demand from developing economies paired with advancements in technology.
In terms of geographical development, the Asia-Pacific electric AC motors market registered maximum revenue in the global market in 2017 and is likely to lead the global market over the forecast period, as per the report. Market growth in the region is primarily driven by the existence of developing industries such as healthcare, construction, automotive, and agriculture along with burgeoning R&D initiatives, and supportive government policies. In addition, rapid industrialization coupled with growth in the manufacturing industry would further contribute in strengthening the region’s electric AC motors market. Furthermore, the increasing sale of passenger vehicles, along with high permeation of electric vehicles in some parts of the region such as China, and Japan also accelerates the product’s adoption within APAC, cites the report.
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The report also sheds light on the different types of electric AC motors, namely synchronous AC motors and induction AC motors. The induction AC motors segment garnered the maximum share in the electric AC motors industry in 2018 owing to the increasing demand from industries such as paper & pulp, agriculture, and chemicals. Significant features provided by induction AC motors include simplicity, controlled acceleration, low-cost, long-lasting, quiet, and low power demand on start, among others.
The report also delivers a comprehensive analysis of the electric AC motors market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, application spectrum, and regional landscape is also contained within the report. In addition, company profiles of market majors have been highlighted in the report under business overview, product benchmarking, financials, and recent developments.
The competitive landscape of the electric AC motors market includes numerous key players such as Siemens AG, Johnson Electric, Kirloskar Electric Company, Rockwell Automation, Inc., Allied Motion Technologies Inc., Baldor Electric Company, Ametek Inc., Franklin Electric Co. Inc., Asmo Co. Ltd., and ABB Limited among others. These firms are steadily launching new products in a bid to enhance their portfolio in the electric AC motors market. Due to the advancement of technologies, manufacturers are innovating and launching new customized products to meet the growing demands of the customers.