Albany, NY -- (SBWIRE) -- 03/21/2016 -- A recent report from Transparency Market Research (TMR), titled "Induction Motor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023," offers a 360-degree view of the market. The research report covers a detailed segmentation of the global induction motor market. Furthermore, it identifies the segments with the highest growth potential in the global induction motor market.

Broadly, the global induction motor market is segmented on the basis of product, type, application, region, and end use. By product, the global induction motor market is divided into direct current (DC) motors, asynchronous motors, synchronous motors, and others. According to type, the global induction motor market is classified into IE4, IE3, IE2, and IE1. On the basis of application, the global induction motor market is segmented into fans, HVAC, pumps, material handling, refrigeration, compressed air, material processing, and others.

According to end use, the global induction motor market is divided into residential, industrial, commercial building, agriculture, transportation, and others. Regionally, the global induction motor market is classified into Latin America, Europe, Asia Pacific, North America, and the Middle East and Africa. Presently, North American and European developed economies such as the U.S., the U.K, Canada, France, Germany, and Italy constitute the largest markets for this sector in terms of production, exports, and consumption.

On the other hand, emerging economies such as Thailand, Korea, Brazil, India, and South Africa are providing attractive market opportunities for global manufacturers. Hence, companies in the global induction motor market will increasingly invest in these economies in the coming few years. Some of the key companies operating in the global induction motor market are Emerson Electric Company, Baldor Electric Company, Schneider Electric, General Electric, Marathon Electric, Siemens, and Kirloskar Electric Company.

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Players in the global induction motor market will also benefit from the ongoing technological developments in the industry. Presently, an innovative technology in induction motor called copper rotor induction technology is projected to act as a strong substitute to the permanent magnet motor for electric vehicles.

Besides these trends, the global induction motor market will also benefit from the growing need for energy savings in households and the expanding manufacturing and energy infrastructure sectors. Additionally, the growing demand for greenhouse gas reduction around the world is driving the usage of the induction motor in every sector. Moreover, the rising government funding is also attracting manufacturers to invest in induction motor manufacturing.

Nevertheless, the global induction motor market will be challenged by the high installation cost of these motors.

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