According to a new report by Expert Market Research, the global electric motor market reached a value of US$ 28 Billion in 2016 and is further expected to reach US$ 37 Billion by 2022.
New York, NY -- (SBWIRE) -- 04/10/2017 -- Electric motor refers to an electrical machine that converts electrical energy into mechanical energy. It works on the principle of electromagnetism and currently represents the biggest consumer of electricity in modern society. Electric motor is considered of great significance as it finds innumerable applications across a wide range of industries. It is used in pumps, industrial fans, lathe machines, compressors, machine tools, disk drives, domestic appliances, power tools, oil & gas, electric vehicles, cement & manufacturing, automated robots, railways, aerospace, mining & metals, chemicals & petrochemicals, utilities as well in heating, ventilation and air conditioning applications.
The global electric motor market has witnessed a healthy growth in recent years. According to a new report by Expert Market Research, the market reached a value of US$ 28 Billion in 2016 and is further expected to reach US$ 37 Billion by 2022. Keeping in mind the rising environmental concerns, governments across various nations have undertaken initiatives encouraging the use of electric vehicles. This has increased the demand for electric vehicles amongst consumers, which has ultimately added to the overall growth of the electric motor market. Moreover, owing to technological advancements, highly efficient electric motors have been introduced with longer operating life, low maintenance and energy consumption. On account of their distinct advantages, there has been a surge in their demand globally. Some of the other growth inducing factors include increasing electricity penetration, growth in end-use industries and rising urbanization and industrialization, particularly in emerging regions.
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Key findings from the report:
- The different types of electric motors available include low voltage electric motors, medium voltage electric motors and high voltage electric motors. In 2016, low voltage electric motors accounted for the largest share of the total global electric motor consumption. They were followed by medium voltage electric motors and high voltage electric motors.
- The major end-use sectors of electric motors include industrial, commercial, residential, agriculture and transport. In 2016, the industrial sector dominated the market with a share of more than a half of the total global consumption. It was followed by commercial sector, residential sector, transport sector, agriculture sector and others.
- Region-wise, Asia-Pacific represented the largest market with a share of around 60% of the total consumption volumes in 2016. Other major markets are North America, Europe, Middle East and Africa and South America.
- Being highly fragmented in nature, the global electric motor market is surrounded by a number of small and big players. Some of the top players include ABB, Siemens, TECO-Westinghouse, Shandong Huali, NIDEC, Regal Beloit, Hyundai Heavy Industries, Leroy Somer, WEG Inc. and others.
Browse summary of the report with table of contents: http://www.expertmarketresearch.com/reports/electric-motors-market
Expert Market Research has analysed the global electric motor market according to type, end-use, major regions and top players:
Market breakup by Type
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Market breakup by End-use
Market breakup by Region
- North America
- Middle East and Africa
- South America
- Regal Beloit
- Hyundai Heavy Industries
- Leroy Somer
- WEG Inc.
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