Reportocean.com have announced the addition of a new report titled " Global Electric Motors Market and Forecast to 2026"
Delhi, India -- (SBWIRE) -- 11/25/2019 -- Based on the latest insights in the report title " Electric Motors Market [By Type (AC Motor, DC Motor, Hermetic Motor); By Voltage (Upto 1 kV, 1 kV - 6.6 kV, Above 6.6 kV); By Output Power (Upto 1 hp, Above 1 hp); By End-User (Automotive, Agriculture, Residential, Commercial, Industrial, Others); By Region]: Market Size & Forecast, 2018 - 2026", by Report Ocean, the Market is estimated to reach USD 157.4 billion by 2026.
The growth of the electric motors market can be primarily attributed to its diverse applications across a number of industries, namely construction, healthcare, automotive, packaging, and consumer good industries. Aside from this, the market is also being driven due to its surging demand as a household appliance, growing support from the government in developing high efficiency electric motors, and its increasing usage in various HVAC applications. The rising adoption of electric automobiles is anticipated to aid the growth of the market even further. Additionally, the imperative need to curb down vehicle emissions and carbon footprint will translate into a positive demand for electric vehicles in the coming years. The usage of electric vehicles results in a number of key advantages, most notably it drastically reduces the overall harmful vehicle emissions in the environment. These vehicles are reportedly being used as a means to reduce carbon, nitrogen, and other emissions of harmful compounds from diesel and gasoline vehicles.
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On the other hand, strict regulations concerning the use of these motors and its high maintenance cost can severely impact the growth of the market. However, the proliferating demand from various emerging economies and advancements in technologies are expected to provide new opportunities of growth for the market in the near future. The report published by Polaris Market Research on the global electric motors market revealed the growth to be at a notable pace. Furthermore, the market is expected to reach a valuation of USD 157.4 billion by the end of the forecast period in 2026.
The global electric motors market has been segmented in terms of type, voltage, output power, and end-user.
By type, the market segments into hermetic motors, AC motors, and DC motors. Back in 2017, the AC motor segment of the market held the highest share percentage due to its rising demand from industries like paper & pulp, chemicals, and agriculture. These are most commonly used in industrial applications and machine tools.
By voltage, the market comprises Above 6.6 kV, 1 kV - 6.6 kV, and Upto 1 kV.
By output power, the market comprises Upto 1 hp and Above 1 hp.
By end-user, the market segments into commercial, residential, industrial, agriculture, automotive, and others.
The global electric motors market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. Asia Pacific held the most dominant position in the electric motors market back in 2017 and is expected to hold on to its dominance over the ongoing forecast period. Herein, the presence of various booming industries like automotive, construction, healthcare, and agriculture, fast-paced industrialization, and the favorable government policies that are being imposed are driving the growth of the regional market.
The global electric motors market comprises a host of key players. Some of the companies profiled includes like Allied Motion Technologies, Denso Corporation, Emerson Electric Co., General Electric Company, Inc., Baldor Electric Co., ABB Ltd., Rockwell Automation, Inc., Ametek, Inc., Siemens AG, Bosch Group, Hitachi, Ltd., and Regal Beloit Corporation
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