Electric Motors Market - Segment and Forecast upto 2019
Albany, NY -- (SBWIRE) -- 06/14/2016 -- Electric motors are commonly used as a source of mechanical energy in a broad range of residential, industrial and commercial applications such as fans, pumps, compressors, elevators, refrigerators and several other systems. The growing demand for energy conservation and energy efficient appliances is a major force that is fueling the global electric motors market. Increasing number of companies have been investing in this sector to benefit from the many advantages of electric motors. The report identifies and understands similar factors that influence the growth of the market for electric motors. It also determines forces that will hamper the growth and ways of minimizing the restraints.
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The use of electric motors is common in the production of heating and ventilating equipment, household appliances, and motor vehicles. Increasing disposable incomes and resultant elevation in the standard of living will push the global electric motors market. The report focuses on factors such as the drivers, opportunities, restraints, and area-wise segmentation of the electronic motors market. Countries from Asia Pacific, Europe, North America, and Rest of the World contribute the most towards the growth of the electronic motors market. The Asia Pacific region has become the biggest and rapidly growing regional market owing to rising purchasing power and improving economies of countries such as Indonesia, India, China, and Malaysia.
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.
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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.
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.