Electric Motor Industry will experience a noticeable growth by 2027
According to Market Research Future (MRFR), the global electric motors market size is estimated to expand at 6.2% CAGR from 2017 to 2023 (forecast period). The report offers a detailed and thorough analysis of the impact of the COVID-19 pandemic on the global electric motors market share.
Electric motors operate on the principle of electromagnetic induction by ensuring the conversion of electrical energy into mechanical energy. Electric motors are commonly used in HVAC applications, compressors, machine tools, pumps, domestic appliances, industrial fans, electric cars, disk drives, power tools, and automated robots. These high-efficiency motors gain popularity over regular motors due to longer operating life, low maintenance, low energy consumption, and a high tolerance for fluctuating voltages, among others.
Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/2376
Based on end-use, the DC electric motors market has been segmented into industrial, commercial, residential, agriculture, and transportation. The residential sector led the industry in 2016 and is predicted to be the fastest-growing end-use in the next five years. Rapid urbanization, a rising population, and an improvement in the standard of living leading to the affordability of high-end home appliances, gadgets, and electronics have contributed to the development of the residential sector.
Based on type, the global electric motors market has been segmented into AC motor, DC motor, and Hermetic motor. Between these, AC motors is expected to dominate the market by 2023. The dominant position of this segment can be due to its wide application in all end-use sectors.
Based on voltage, the global market for electric motors has been segmented into Up to 1 kV, 1 kV–6.6 kV and Above 6.6 kV. Up to 1 kV held the largest market share in 2016 and is predicted to be the fastest-growing electric motor operation segment. Up to 1 kV motors are commonly used for small-scale applications in all end-use applications, are cost-effective, and mostly manufactured by local and prominent players.
Based on the output power, the electric motor industry has been segmented into Up to 1 hp and Above 1 hp. Up to 1 hp dominated the market in 2016 and is predicted to be the fastest-growing output power in the next five years. Up to 1 hp electric motors are commonly used in many home appliances and other small electrical equipment, with a limited output power range making them ideal for all small electrical applications.
Buy Now This Report @ https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=2376
The Asia Pacific accounted for the largest electric motors market share of electric motors in 2016, with China, Japan, India, and major South East Asian countries contributing largely to market growth. The economic upsurge, large-scale industrialization & commercialization, and development in the agricultural sector in the North American and European regions have generated an enormous demand for electrical devices, resulting in an increasing demand for electric motors across the region. The high dependability of the industrial, commercial, residential, automotive, and agricultural sectors over highly efficient electric motors for smooth operation is creating a profitable demand for electric motors and is expected to continue over the forecast period. All of these main factors are expected to stimulate the growth of the market for electric motors during the forecast period.
The key participants identified by MRFR in global electric motors market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Nidec Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Robert Bosch GmbH (Germany), and Emerson Electric Co. (U.S.). Hitachi, Ltd. (Japan), Johnson Electric Holdings Limited (Hong Kong), Rockwell Automation (U.S.), WEG S.A. (Brazil), ARC Systems, Inc. (U.S.), and Toshiba International Corporation (U.S.) are among others.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/electric-motors-market-2376
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Market Research Future
528, Amanora Chambers, Magarpatta Road, Hadapsar
Pune – 411028, Maharashtra, India