The global electric motor market size was estimated at USD 99.85 billion in 2014. The industry is characterized by increasing demand for high-efficiency motors in HVAC, household appliances, and industrial machinery to reduce energy losses and improve the overall performance of the appliances/machinery.
Technological advancements have paved way for higher efficiency and integration of electric motor-drive components thus reducing compatibility issues that are otherwise persistent in end-user specific applications.
Also, advent of better insulation materials has improved operational life and efficiency. The automotive industry has been their major end-user on account of finding progress in a variety of applications that range from power generation to hydraulic systems.
They are widely used in compressors, industrial fans, pumps, domestic appliances, lathe machines, machine tools, power tools, HVAC applications, disk drives, electric cars and automated robots. These high-efficiency motors, which are also called as premium efficiency motors, are gaining importance over their conventional counterparts due to longer operating life, low energy consumption, low maintenance, and a high tolerance for fluctuating voltages.
Premium motors are expensive than the standard ones; however, consumers are now foreseeing the future and understanding long-term benefits associated with the former ones. Eventually, energy efficient and low noise motors are expected to gain traction. The use of premium motors increases the efficiency of the application by approximately 20% as compared to standard motors, which in turn saves energy, thus enabling cost savings in the long term.
Countries such as India, U.S., China, Brazil, and Argentina are the major markets, where the adoption rates of energy efficient motors are high in both industrial and agricultural sectors. As per the survey was done by Energy & Fuel User’s Journal 2011, over 77% of electric motors used in Asian countries are for irrigation purposes. With agriculture sector in these economies evolving through technology transfer and efficient irrigation practices, the scope for electric motors growth in the region is expected to increase significantly.
North America electric motor market revenue by product, 2012-2022, (USD Million)
On the basis of products, the global industry has been segmented into AC, DC and hermetic motors. AC motors are further segmented into synchronous and induction. DC motors can be segmented into brushed and brushless.
AC motors were widely used forms with their applications ranging from modern day robotics to irrigation pumps. The market value for AC type was estimated at USD 70.18 billion with North America accounting for over 16% of its value in 2014. Growing sales of electric vehicles and subsequent scope of AC motors in the same is expected to drive the segment’s growth over the future.
Large scale DC motors are used for propulsion in electric vehicles & elevators and as a drives in rolling mills. To an extent, these motors have been replaced by AC motors in various applications that range from automotive to industrial machinery.
Power Output Insights
On the basis of power output, the global industry has been segmented into integral horsepower output and fractional horsepower output. Integral horsepower output was the leading segment with a market value of USD 12,040.7 million in 2014. Integral HP motors generate power output that varies from 1HP to 400HP and is rated 600 volts or below. These motors find applications in industrial and commercial purposes such as industrial blowers, compressors, conveying equipment and variable frequency drives.
On the basis of application, the global industry has been segmented into industrial machinery, motor vehicles, HVAC equipment, aerospace & transportation and household appliances among other niche segments such as petroleum refining, plastics & rubber, and textile mills.
Motor vehicles segment was the largest application and accounted for over 51% of the overall revenue in 2014. The usage of electric motors in the automotive industry has exponentially increased due to the advent of low-cost and highly efficient electronics accompanied by improvements in permanent magnetic materials.
Regional markets analyzed in the report include North America, Europe, Asia Pacific, and LAMEA (Latin America, Middle East, and Africa). On a global level, Asia Pacific accounted for 57% of the USD 99.9 billion industry in 2014.
Growth in the region was promoted by high demand for synchronous AC motors which grew at 7.8% y-o-y in 2013. High industrial output in China, India, Korea and Southeast Asia, particularly in automotive, consumer appliances and machinery sectors, has been a major factor for synchronous motors’ growth.
The global electric motor market share is dominated by multinational companies that are integrated into providing services associated with electric motors. Key companies operating globally include Ametek Inc., Allied Motion Technologies Inc., Baldor Electric Company Inc., Siemens, Johnson Electric Holdings Ltd., Rockwell Automation, Franklin Electric Co., and Asmo Co. Ltd.
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