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 an 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 are expected to offer new avenues for industry growth over the coming years. However, instability in raw material price and high purchase cost is 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 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.
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.
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