According to the latest report by IMARC Group, titled "Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global induction motor market reached a value of US$
20.0 Billion in 2022. An induction motor refers to an alternative current (AC) electric motor that is generally used for generating torque. It comprises stator, rotor, shaft, bearings and casing that uses the principle of electromagnetic induction that allows the rotor to start and create movement. It is commonly equipped with pumps, refrigerators, wind tunnels, furnaces, washing machines, conveyors, winders and industrial equipment. It is mainly designed for producing motion by altering electrical energy into mechanical energy, which is extensively used across the manufacturing and automotive industries. These motors are simple and robust, can easily operate in harsh conditions and require less maintenance, due to which they are gaining widespread prominence among the masses.
Global Induction Motor Market Trends:
The global market is primarily driven by the rising demand from the automotive industry. This is supported by the escalating utilization of three-phase induction motors in the manufacturing of vehicles since it offers enhanced speed regulation and high efficiency. In line with this, the widespread preference for electric vehicles (EVs) due to an enhanced focus on sustainable development among the masses is further propelling the market growth. Moreover, continual technological advancements in the product manufacturing processes and the integration of smart induction motor monitoring systems (SEMS) in vehicles are acting as major growth-inducing factors. Additionally, the increasing investments in infrastructural development projects across multiple countries are creating a positive market outlook. Other factors, including rapid industrialization and urbanization, the growing need for power savings across manufacturing hubs, households and energy infrastructure, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the product sales. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 32.8 Billion by 2028, expanding at a CAGR of
8.41% during 2023-2028.
- On the basis of the product type, the market has been bifurcated into single- and three-phase induction motors.
- Based on the end-use sector, the market has been segmented into industrial, commercial and residential. Currently, the industrial sector holds the leading position in the market.
- On the basis of the regional insights, the market has been divided into the Asia Pacific, North America, Europe, the Middle East and Africa and Latin America. Amongst these, the Asia Pacific region accounts for the largest market share.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings and Regal Beloit.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal