The global AC motors market is expected to be driven by the development of energy-efficient systems to alleviate rising concerns pertaining to energy consumption and carbon emissions. Growing population, rise in environmental problems, and emerging energy-shortage, has led to companies focus on research activities to provide green solutions for their technologies and processes. The reduction of carbon dioxide emissions in energy-efficient motors and the provision of a healthier environment are key forces expected to drive the market.
Surging demand for energy-efficient AC motors is also triggered by the consumer appliance manufacturers. The establishment of energy star ratings for consumer appliances has propelled these OEMs to employ more energy-efficient motors in their products. These manufacturers in turn demand AC motors with higher efficiency from manufacturers, ultimately favoring the market. Demand for energy-efficient AC motors is expected to upsurge in the near future owing to rising electricity prices and stringent standards pertaining to electricity consumption. Further, stringent designing and manufacturing standards so as to improve AC motors’ efficiency may encourage global manufacturers to develop energy-efficient motors, fueling the market significantly. Moreover, the growing production of home appliances, motor vehicles, and other motor-driven systems may favorably impact market expansion.
Escalating demand for consumer goods such as air conditioners, heating ventilating and cooling equipment, refrigerators, and washing machines may drive the market substantially. The manufacturing sector, which is the major power consumer in the industries uses AC motors in compressors, small pumps, and robots. Further, various standards and regulations by governments in different countries coupled with certain parameters defined by associations such as IEA and NEMA may impel the replacement of existing standard motors in various sectors further instigating the market demand. Moreover, government incentives in implementing high and premium efficiency AC motors so as to reduce the financial burden on consumers, as well as governments, are expected to augment the market.
However, lack of awareness about the benefits of energy-efficient AC motors may pose a major challenge to the AC motors market. Further, high initial purchase costs may inhibit the AC motors growth in the near future. Furthermore, fluctuations in the price of raw materials may pose a major threat to this market.
The application segment for AC motors comprises three verticals, namely consumer, industrial, and medical. However, the motor vehicle market is expected to witness significant growth closely followed by the heating/cooling and machinery markets. This may be attributed to the rising demand for electric & hybrid vehicles and increasing residential and commercial construction worldwide. AC motors market is highly fragmented due to the existence of a number of global and regional players.
Surging government initiatives & incentives coupled with mounting electricity consumption is anticipated to drive the North American and European market. Additionally, several incentive programs in the U.S. and European countries for early replacement of low efficient electric motors may spur the demand for energy-efficient AC motors. However, this region may not witness exponential growth owing to the shifting of manufacturing plants of several motor vehicles and electronic appliances to Asian countries. However, Asia Pacific is expected to witness significant growth over the next few years owing to increasing purchasing power, continuous production of AC motor-driven applications, and developing economies in India, China, Malaysia, and Indonesia.
Key players in the AC motors market include ABB Ltd., iTouchless, Honeywell International Inc., Bosch Rexroth Ag, General Electric, Siemens AG, Regal Beloit, Simplehuman LLC, Crompton Greaves Power Efficiency Corporation, and WEG Industries. The market is expected to gain prominence over the next few years owing to technological advancements and mergers & acquisitions among key players. For instance, ABB, with the acquisition of Baldor Electric Company is expected to gain a major market share in the North American motors market by expanding its product portfolio in the market. Further, Regal Beloit may significantly contribute to market share owing to leveraging a number of brands it has acquired, such as Marathon motors, Leeson, and GE Commercial Motors.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent..."
In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.