Electric Motor Market To Attain $141.7 Billion in 2022
Based on a new report by Grand View Research, the global electric motor market is expected to attain the $141.7 billion mark by 2022, from the $99.85 million value that it had in 2014. the said market is also estimated to grow at a compound annual growth rate (CAGR) of 4.5 percent from 2015 up to 2022. It was determined that over the forecast period, some of the vital aspects for market development in this industry include improving energy efficiency equipment and technological advancements.
The global industry is expected to be motivated by growing electric motor utilization in HVAC equipment, household appliances, aerospace and transportation, and industrial machinery.
The largest product segments and accounted for over 70 percent of the total revenue in the past two years is AC motors. The continuous replacement of DC motors by AC motors across various applications has been an essential aspect for its growth.
For 2014, fractional horsepower motors were the primary output segment and accounted for just under 90 percent of the total revenue that year. Because of the fact that integral horsepower motors find greater scope in commercial and industrial applications, they are eyed to grow at a faster CAGR than the former. In 2014, hermetic motors accounted for more than 11.5 percent of North America. These types of motors find application in centrifugal chillers and commercial-scale refrigerators.
The leading region and considered to have over 55 percent of global revenue in 2014 is the Asia Pacific region. It is said that one of the major factors in electric motors growth in the Asia Pacific is the high industrial output in Korea, China, India, and Southeast Asia.
Some of the key companies operating in the global electric motor market include Ametek Inc., Baldor Electric Company Inc., Franklin Electric Co., Allied Motion Technologies, Siemens, Johnson electric Holdings Ltd., Asmo Company, and Rockwell Automation.
You can view the other report information here.