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.
Albany, NY -- (SBWIRE) -- 01/05/2017 -- 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.
The report analyses the global electric motors market by segmenting it on the basis of parameters such as output power, application, type, and geography. Evaluating each segment and its contribution towards the electric motors market, the report provides estimations and statistics on the market scenario. The various trends and opportunities in different regional markets are discussed at length to support the growth of the electric motors market and improve market capitalization.
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An in-depth section on the competitive landscape of the electric motors market provides key insights into the numerous industry leaders and stakeholders and their operations. Aspects such as company profile, financial overview, business strategy, SWOT analysis, and recent developments in the electric motors industry are covered using Porter's five force analysis and value chain analysis.
Overview of the global electric motors market
The worldwide market for electric motors is expected to be worth an estimated US$120.68 billion by 2019, growing at a 6.3% CAGR during 2013-2019. Electric motors has a wide area of applications in numerous industries and functions such as motor vehicles, household appliances, industrial machinery, aerospace and other transportation equipment, HVAC equipments, and commercial industry.
Countries across the globe have become increasingly aware about conserving energy, as a result of which, the demand for energy efficient electric motors has been on the rise. High and premium efficiency electric motors are being applied in various areas of operation and governments have become strict in implementing energy regulations. The usage of these optimum electric motors also reduces the financial burden on consumers and governments. Moreover, electric motors are used widely in the production of motor vehicles, heating ventilating and cooling equipment, and household appliances, leading to a rise in demand. Improving standard of living and increasing disposable income in developing countries is also expected to propel the electric motors market.
On the other hand, fluctuations in the prices of raw material and high purchase price of energy efficient electric motors are expected to inhibit the growth of the global electric motors market.
Asia-Pacific is the fastest-growing and largest regional market for electric motors owing to improving economies and rising purchasing power in countries such as India, Malaysia, China, and Indonesia. Government initiatives and mounting electricity consumptions are expected to drive the North American and European electric motors market.
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Companies mentioned in the research report
The global electric motors market is highly fragmented and has many international and domestic players vying to carve a niche for themselves in this competitive market. Some of the leading players in the electric motors industry include Johnson Electric Holdings Ltd., Baldor Electric Company, Inc., Ametek, Inc., Danaher Motion LLC, Siemens AG, Brook Crompton UK Ltd., Allied Motion Technologies Inc., and Franklin Electric Co., Inc.
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