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The global induction motor market reached a value of US$ 18.4 Billion in 2021.
According to the estimates by IMARC Group, the global induction motor market is expected to exhibiting a CAGR of 8.48% during 2022-2027.
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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