The global medium and high power motors market size was estimated at USD 51.57 billion in 2014. The incentive for energy efficient electric motor driven systems paired with the positive outlook of manufacturing industries may spur demand over the coming years. In addition, growing replacement of less efficient and old products along with the implementation of stringent regulations across several countries is estimated to escalate industry growth.
Favorable government initiatives encouraging the use of these products among consumers is also expected to propel demand over the next few years. Increasing need for energy efficiency and improving financial position and economic condition of industrial users has instigated Industrial users to invest in energy efficient products in order to improve their production and reduce operational cost.
The continuous increasing cost of energy coupled with government subsidies on premium efficiency motors is expected to offer new avenues for industry growth over the coming years. However, instability in raw material price and high purchase cost are anticipated to hinder industry growth. Additionally, lack of awareness regarding the prolonged benefits may also pose a challenge to industry growth over the next few years.
AC motor market is expected to dominate the global revenue accounting for over 75% of the overall share in the forecast period; growth is expected to be driven by low cost and high power characteristics. Other factors fueling growth in this segment include reliable & low maintenance operation and speed variation caused by AC products.
DC motor market is anticipated to exhibit a CAGR of more than 6.5% over the forecast period. The segment is expected to grow rapidly over the next few years owing to advantages such as providing excellent speed control acceleration and deceleration, design simplicity, and cheap drive design. In addition, they also overcome the disadvantages of AC counterparts such as the inability to operate at low speeds and production of eddy currents.
High voltage motors market is estimated to account for a significantly larger share over the next few years. This may be attributed to a wide scale of applications including power plants, steel plants, industrial plants, compressors, pumps, and crushers.
Medium voltage segment is estimated to account for a significant share, which may increase over the coming years owing to the several benefits offered by medium voltage counterparts such as ruggedness, better reliability, and easy maintenance.
The industry is categorized on the basis of applications into automotive, HVAC equipment, industrial machinery, aerospace & transportation, and commercial. Industrial machinery is anticipated to account for majority share throughout the forecast period owing to the diversified array of industrial applications including oil & gas, medical equipment, pulp and paper, and mining and construction equipment.
The commercial sector accounted for more than 11% of the overall revenue in 2014, which is expected to increase over the forecast period. This may be attributed to the increasing adoption of energy efficient electric motors across water treatment and power generation industries.
Asia Pacific medium and high power motors market is expected to emerge as the dominant region accounting for more than 65% of the total share over the next few years, which may be attributed to rapid industrialization and favorable government regulations. Additionally, rising industrial electricity consumption standards may also spur demand in this region.
North America and Europe medium and high power motors market are also expected to witness high growth over the forecast period owing to increasing replacement of aging products. RoW is anticipated to exhibit moderate growth over the next few years which may be attributed to growing economic condition of developing countries especially in Latin America and the Middle East.
Key industry participants include Rockwell Automation Inc., Baldor Electric Company Inc., Regal Beloit Corp., Johnson Electric Holdings Ltd., Franklin Electric Co. Inc., Brook Crompton UK Ltd., Asmo Co. Ltd., ARC Systems Inc., Danaher Motion LLC, Siemens AG, Ametek Inc., and Allied Motion Technologies Inc.
Manufacturers emphasize on investing in R&D for developing innovative and cost-efficient solutions in order to offer maximum product differentiation for expanding and maintaining their position in the highly competitive ecosystem.
Report Attribute |
Details |
Market size value in 2020 |
USD 77,687.7 million |
Revenue forecast in 2022 |
USD 88,928.0 million |
Growth Rate |
CAGR of 7.0% from 2016 to 2022 |
Base year for estimation |
2015 |
Historical data |
2013 - 2015 |
Forecast period |
2016 - 2022 |
Quantitative units |
Revenue in USD million and CAGR from 2016 to 2022 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Voltage, product, application, and region. |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; Mexico; U.K.; Germany; China; India; Japan; Brazil |
Key companies profiled |
Allied Motion Technologies Inc.; Ametek, Inc.; ARC Systems, Inc.; Asmo Co., Ltd.; Baldor Electric Company, Inc.; Brook Crompton UK Ltd; Danaher Motion LLC; Franklin Electric Co., Inc.; Johnson Electric Holdings Ltd.; Regal Beloit Corp.; Rockwell Automation Inc.; and Siemens AG. |
Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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