Induction Motors Market Analysis:
Induction Motors Market is projected to be worth USD 55.63 billion by 2028, registering a CAGR of 9.51% during the forecast period (2022-2030). The market was valued at USD 17.48 billion in 2020.
The induction motors market is growing rapidly, mainly due to the significant superiority of induction motors over other high speed electric motors. Besides, the increasing awareness regarding environmental protection and the low emission rate of induction motors significantly contributes to market growth. Induction motors (asynchronous motors) with its rugged built, lightweight, and cost efficiency & work efficiency offer reliably low after-sale maintenance.
Moreover, the spurring rise in burgeoning oil & gas, pulp & paper, and chemical industries escalate market growth. According to Market Research Future (MRFR), the global induction motors market is projected to grow at a rapid pace during the forecast period (2016-2027). The introduction of innovative technologies to enhance safety & performance and declining component prices have increased the sales of induction motors exponentially.
Induction motors provide cost-efficient and sustainable solutions based on customers' needs, enabling them to remote monitoring of operations. These high speed motors enhance plant operations, saving time and cost while reducing waste and redundancies. Conversely, non-suitable applications where these motors need a high load to start are major applications projected to impede the market growth. Nevertheless, future technological upgrades would support market growth throughout the forecast period.
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Global Induction Motors Market – Segments
The report is segmented into three dynamics;
By End User : Residential, Commercial, and Industrial.
By Product : Synchronous, Direct Current and Asynchronous Motors.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Induction Motors Market – Regional Analysis
North America dominates the global induction motors market. The largest market growth attributes to the high demand and production rate of high speed motors in the region. Besides, the increased use of synchronous motors due to their variable frequency drive and high energy efficiency, and low maintenance costs, substantiate the regional market growth. Moreover, the burgeoning O&G, water treatment, chemical, and pulp & paper industry fosters the regional market's growth.
Europe stands second in the global induction motors market. Market growth is driven by the growing pumping requirements in various manufacturing plants. Also, the presence of a well-established O&G, chemical, and water & wastewater industry boosts the regional market growth. Additionally, constant upgrades in manufacturing sectors across the region boost the growth of the market. The increasing emphasis on adopting the energy-efficient synchronous motor in the region contributes to market growth.
The Asia Pacific region induction motors market is growing rapidly. Factors such as the boom in manufacturing industries and the increasing emphasis on adopting energy efficient induction motors in the region influence the market growth. Furthermore, the presence of the largest mining and pulp and paper industries in the region foster the growth of the market. Moreover, the oil & gas market in the region propels the demand for synchronous motors.
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Major Players
Players leading the global induction motor market are Regal Beloit Corporation, Emerson Electric Company, ABB Ltd., Marathon Electric, Schneider Electric SE, Baldor Electric Company, and Kirloskar Electric Company Siemens AG, among others.
