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The global induction motor market reached a value of US$ 17.5 Billion in 2020. Induction motor, also known as, asynchronous motor, is an AC electric motor which can be made without any electronic connections to the rotor. Used in a majority of machinery today, the motor is more powerful and environment-friendly in comparison to the conventional motors currently available in the market. The unique robustness of the induction motor makes it a suitable choice for the automotive and manufacturing industry. Its ability to work under varying climatic conditions is another major factor that is driving its demand.
The motor is absolutely safe to be used in heavily polluted and explosive work conditions. With high durability, it can be used for years without worrying for maintenance. It has applications in pumps, small fans, electric shavers, cranes, crushers, textile industry, oil extracting mills, etc. Another major factor driving the demand of induction motors is their environment-friendly nature. A major trend influencing the market is the rising focus on the reduction of emission of greenhouse gases and the rising demand of products that consumer less energy. With induction motors consuming significantly lesser energy compared to conventional motors, they represent a better alternative for the environment. Affordability, durability, easy-functioning and easy maintenance are some of the other major factors that are also driving the demand of induction motors. Looking forward, IMARC Group expects the global induction motor market to exhibit moderate growth during 2021-2026.
This report provides a deep insight into the global induction motor market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the induction motor industry in any manner.
The global induction motor market reached a value of US$ 17.5 Billion in 2020.
According to the estimates by IMARC Group, the global induction motor market is expected to exhibit moderate growth during 2021-2026.
The growing adoption of induction motors for several industrial purposes based on their steady performance in heavily polluted and explosive work conditions, represents one of the key drivers for the global induction motor market.
The rapid shift from conventional motors towards induction motors to reduce the greenhouse gas emissions and minimize the energy consumption, represents one of the key trends in the global induction motor market.
The sudden outbreak of the COVID-19 pandemic negatively impacted the market growth as the implementation of stringent lockdown regulations across several nations has led to temporary shutdown of numerous end-use industries for induction motors.
On the basis of the product type, the market has been bifurcated into single phase and three phase induction motors, where three phase induction motor currently account for the largest market share.
On the basis of the end use, the market has been classified into industrial, commercial, and residential sectors. At present, the industrial sector leads the global market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific holds the largest market share.
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