As per the latest report by IMARC Group, titled “Europe Induction Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Europe induction motor market reached a value of US$
3,207 Million in 2021. An induction motor is a type of AC electric motor in which the magnetic field of the stator winding is used to produce an electric current in the rotor via electromagnetic induction, which is required to produce torque. The essential elements of an induction motor are the stator and rotor. Also known as an asynchronous motor, an induction motor can also be prepared without electrical connections to the rotor. In Europe, induction motors have gained immense popularity as they consume less energy and better for the environment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Europe Induction Motor Market Trends:
In recent years, the growing adoption of electric vehicles (EVs) in the European region due to the fluctuating prices of crude oil and increasing concerns regarding the environment represent the primary factor bolstering the market growth. Besides this, the development of Industry 4.0, coupled with the rising penetration of automated machinery across several sectors, has augmented the demand for induction motors. Furthermore, national authorities are working to accelerate digital manufacturing and lower barriers to entry. As a result, these organizations have started following the standards set by organizations such as the International Electrotechnical Commission (IEC) and the National Electrical Manufacturers Association (NEMA). Apart from this, high investments made by manufacturers in research and development (R&D) activities to produce hybrid electric vehicles have escalated the product demand in the region. Moreover, they are also focusing on technological advancements in power electronics supported by the digitalization of smart homes. Looking forward, the market is expected to grow at a CAGR of
3.88% during 2022-2027.
- Based on the product type, the market has been segmented into single and three phase induction motors.
- On the basis of the end use sector, the market has been segregated as industrial, commercial and residential sectors.
- On the geographical front, the market has been divided into Germany, France, the United Kingdom, Italy, Spain and others.
- The competitive landscape of the industry has also been examined, with the detailed profiles of the key players operating in the industry.
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