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The global induction motor market size reached US$ 20.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.41% during 2023-2028.
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.
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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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global induction motor market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and end-use sector.
Breakup by Product Type:
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Based on the product type, the market has been segmented as single phase induction motor and three phase induction motor.
Breakup by End-Use Sector:
Based on the end use, the market has been segmented into industrial, commercial and residential. The industrial sector currently represents the largest segment.
Breakup by Region:
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Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market.
The competitive landscape of the market has also been examined with some of the induction motor market players being ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings and Regal Beloit.
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.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Product Type, End-Use Sector, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings and Regal Beloit |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global induction motor market was valued at US$ 20.0 Billion in 2022.
We expect the global induction motor market to exhibit a CAGR of 8.41% during 2023-2028.
The rising consumer inclination towards induction motors over conventional motors for reducing emission of greenhouse gases, owing to their numerous properties, such as affordability, durability, easy-functioning, easy maintenance, etc., is primarily driving the global induction motor market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for induction motors.
Based on the product type, the global induction motor market has been segregated into single phase induction motors and three phase induction motors, where three phase induction motors currently hold the largest market share.
Based on the end-use sector, the global induction motor market can be bifurcated into industrial, commercial, and residential. Currently, the industrial sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global induction motor market include ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings, and Regal Beloit.
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