Electric Motors Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $129 billion by 2020, registering a CAGR of 5.3% during the period 2015-2020. In 2014, Asia Pacific accounted for the highest revenue generating region in world electric motors market followed by Europe.
Portland, OR -- (SBWIRE) -- 07/26/2017 -- Presently, the demand for energy efficient electric motors drives the electric motors market. Although these motors are expensive as compared to conventional motors, the long term environmental benefits offered by premium motors tend to outweigh their initial higher cost. Energy efficient motors increase the efficiency of the machines by approximately 20% as compared to standard motors, which, in-turn, saves the cost of energy consumed. The demand for energy efficient electric motors can be attributed to factors such as the growing electricity cost and rising automobile fuel prices. AC motors are largely used across various industrial applications, whereas DC motors generally find major application in the automobile sector.
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AC motors accounted for the highest revenue generating motor among all type of motors in 2014. Synchronous and Induction are the two main types of AC motors discussed in the report. Brushed and brushless are two major type DC motors discussed in the report. Owing to low maintenance cost, brushless DC motors are majorly used in small applications across various sectors, which has led the brushless type of DC motor to generate higher revenue in DC motor segment. Among all the three types, Hermetic motors are expected to witness the highest CAGR of 7.4% during the forecast period (2015 2020). The growth would be driven by the increasing use of HVAC applications across the world, in turn creating demand for hermetic motors.
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Fractional Horsepower (FHP) Output motors are popularly used for small applications across medical, automotive, residential and industrial manufacturing sectors, occupying nearly 88% of market share in output power segment of electric motors market. However, the Integral Horsepower (IHP) Output motor would register a higher growth over the forecast period due to the increasing demand for the use of IHP motors in water industry and for irrigation purposes.
Key findings of Electric Motors Market
1. Asia Pacific was the highest revenue generating region in the world electric motor market and would consolidate its position over the forecast period
2. Brushless DC motor is the leading segment in the DC motor market, forecast to register CAGR of 4.6% during 2015 - 2020
3. Integral Horsepower (IHP) Output motor would register a double digit CAGR during the forecast period (2015-2020)
4. Motor vehicles accounts for highest revenue generating segment in the electric motors market
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Mergers and acquisitions are identified as prominent development strategies adopted by manufacturers in the market. Allied Motion Technologies Incorporation recently acquired Globe Motors, a precision quality grade electric motor manufacturer. This acquisition has enabled Allied Motion Technologies to provide innovative products and customized solutions to its customers. Prominent Players profiled in the report are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation and Johnson Electric Holdings Limited.