According to the latest report by IMARC Group, titled “Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024,” the global induction motor market size reached a value of US$ 14 Billion in 2018. Induction motors, also called asynchronous motors, are alternating current (AC) motors in which the torque is generated by the reaction between the current and a varying magnetic field. They have a simple and rugged structure, require minimum and low-cost maintenance, and offer high dependability and proficiency. Induction motors have two parts – a stator and a rotor. Magnetic effects of currents generated by both these components help in producing the force that is required for creating a rotation in the motor. As compared to synchronous and direct current (DC) motors, induction motors offer various advantages, which include ease of operation in different environmental conditions, high starting torque, speed variation, and durability.
Global Induction Motor Market Trends:
Induction motors are primarily used for industrial purposes, which require steady state performance and good dynamics over a wide range of speeds. However, the speed variation causes the problem of real time flux estimation. In order to overcome this problem, market players have been investing in the introduction of sensorless control schemes for induction motors. Besides this, there has been a significant rise in environmental concerns, which has escalated the demand for electric vehicles (EVs) across the globe. This has positively influenced the demand for induction motors as they are considered suitable for different driving cycles, high power density, wide operating speed, high starting torque and improved power factor necessary for the proper functioning of EVs. On account of these factors, the market is expected to reach a value of US$ 24 Billion by 2024, registering a CAGR of 9.8% during 2019-2024.
- The report has bifurcated the market according to the product type, which includes single phase and three phase induction motors.
- The market has been categorized on the basis of the end use, which covers the industrial, commercial and residential sectors. Amongst these, the industrial sector is the largest end user of asynchronous motors.
- On the geographical front, Asia Pacific represents the biggest market for induction motor, accounting for the majority of the total market share. The growth in the region can be justified by the rising demand for EVs and rapid expansion in the heating, ventilation and air conditioning (HVAC) industry. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being ABB Asea Brown Boveri Ltd, AMETEK, Inc., Emerson Electric Co., Siemens AG, WEG Equipamentos Elétricos SA, Brook Crompton Group, Danaher Corporation, Johnson Electric Holdings Limited, and Regal Beloit Corporation.
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