- July 17, 2015
- Transparency Market Research
The global electric motors market is expected to reach a value of $120.68 billion by 2019, at a CAGR of 6.3% from 2013 to 2019
The global electric motors market has witnessed significant improvement in motor technology in the past few decades. The reduction in the frame size of electric motors is a prime example of the same. In the past, the trend of elevated demand for low-weight electric motors had governed the market. All product innovations were aimed at delivering more compact motors as opposed to improved energy efficiency, which is the important factor in innovation efforts at present. Apart from growing consumer demand for more efficient electric motors, the current innovation efforts in the global electric motors market are also driven by the supportive regulatory framework in most countries.
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Regulatory Framework Pushing Production of Efficient Electric Motors
The U.S. Department of Energy (DOE) has actively regulated electric motors’ energy efficiency figures since 1997. The DOE’s latest rule, which has a compliance date of June 1, 2016, is establishing energy conservation standards for different groups of electric motors, which were not previously regulated. This new standard is expected to save around 7 quads of energy and deliver approximately US$41.4 billion in energy savings related to products shipped for the duration of 2016-2045. Such standards are also estimated to prevent around 395 million metric tons of carbon dioxide emissions that would have occurred legally in the absence of these rules.
Favorable consumer trends and regulatory framework, along with the positive outlook of the global manufacturing sector, will fuel the production of high and premium efficiency motors. The availability of financial incentives for systems driven by energy-efficient electric motors will also fuel the growth of the global electric motors. All these factors are predicted to result in growing replacement of outdated electric motors.
Due to the cumulative effect of the aforesaid trends, the global electric motors market is expected to grow at a CAGR of 6.3% during the forecast period of 2013 to 2019. By 2019, the market is expected to be worth US$120.68 billion.
Asia Pacific to Lead Global Electric Motors Market
Though it’s the U.S. DOE setting the standards for electric motors, the North American market for electric motors is expected to demonstrate slow growth in the foreseeable future. Manufacturers of electronic appliances and motor vehicles from Europe and North America are increasingly shifting their manufacturing facilities to the emerging economies of China and India, due to the cheaper availability of labor and other commercial benefits. As a result, Asia Pacific is the fastest growing and largest regional electric motors market. This regional segment held a significant 66% share in the global electric motors market in 2012.
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On the basis of products, the global electric motors market is segmented into hermetic motors, DC motors, and AC motors. The segment of AC motors is the largest product segment and held the bulk of the demand, accounting for over 80% of the market in 2012. On the other hand, the hermetic motors segment is anticipated to display the fastest CAGR of 8.5% during the forecasting horizon. These motors find their application in several industries such as aerospace, motor vehicles, HVAC equipments, industrial machinery, commercial industry, household appliances, and transportation equipment.
Key manufacturers of electric motors in the world are Baldor Electric Company, Danaher Motion, Brook Crompton UK, Asmo, Siemens AG, ARC Systems, Allied Motion Technologies, and Rockwell Automation.
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