Electric motor market size to exceed US $ 220 billion by now

Tokyo, October 6, 2021 (GLOBE NEWSWIRE) – Tokyo, 06 October, 2021 (GLOBE NEWSWIRE) – The Global electric motors market Cut was valued at $ 163 billion in 2020. The machine that converts electrical energy into mechanical energy is known as the electric motor. Compared to traditional motors, electric motors offer various advantages such as low initial cost with the same rated power. It has a longer lifespan due to the less moving parts. Electric motors are mainly used in the industrial, residential, commercial, agricultural and transportation sectors.

Precedence Research, recently announced report on “Electric Motor Market (By Type: Alternating Current (AC), Direct Current (DC); By Power Output: 1 HP; by type of rotor: outer rotor, inner rotor; by End User: Industrial, Residential, Commercial, Agricultural, Transportation) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021-2030 ”.

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The crucial factors responsible for the growth of the market are:

• Penetration of robotics and automation in end-use industries
• Investments in intelligent factory automation
• Increase in public expenditure for wastewater management
• Innovation and technological progress
• The increase in R&D spending by market leaders

Scope of the Eelectric Mmotor MMarlet

Regional snapshots

Asia-Pacific dominated the global electric motor market in 2020 and is expected to increase the market in the coming years. The main factor attributed to its growth is rapid industrialization; Asia-Pacific countries are moving towards Internet-based industrial operations in every sector.

Nidec Corporation announced in February 2017 that it had completed the previously announced acquisition of the electric power generation, motors and drives division of Emerson Electric Co. The acquired company has a solid business base, ‘a well-known brand and a large customer base, mainly in North America and Europe. These factors are expected to create a positive impact on the electric motor market in the near future.

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Highlights of the report

• On the basis of type, the AC segment is the most dominant in the electric motor market due to its advantages such as less maintenance and longer life.
• The above 1 hp motors are the main contributor to the electric motor market. Factors contributing to the growth of the above 1 hp segment are their compactness, light weight and low maintenance requirements.
• The inner rotor segment held the largest share of the electric motor market. These motors are used in robotics, CNC machines, automatic door openers, and metal cutting and forming applications in the manufacturing, automotive and consumer electronics industries.
• Based on the end user, the industrial segment held the preponderant share in terms of revenue.

Market dynamics

Driver

Electric motors are used in infrastructure, large structures and industries around the world. Each year, nearly 30 million engines are sold for industrial use alone. Manufacturers of electric motors invented and challenged the global market as the focus shifted to reducing pollution. The company wants to completely rethink the technology of electric motors for use in electric automobiles. Last year, Rolls-Royce, Siemens and Airbus entered into a cooperation with the aim of building a short-term flight demonstrator that will be a substantial advance in the hybrid-electric propulsion of commercial aircraft. Thus, innovation and technological advancement will lead to the growth of the electric motors market during the forecast period.

Associated reports

Detention

A few Chinese manufacturers control the prices of raw materials such as permanent magnets, steel bars, copper wires, and fine precision metals such as special alloys, which are needed to create electric motors. There is little product differentiation and the market dominance of specific suppliers is determined by the price of the product. The resulting price changes must be absorbed by other manufacturers / suppliers in the market. For example, when the price of rare earth permanent magnets fluctuates during the manufacturing process, manufacturers and suppliers are unable to pass the price change on to end users.

Opportunities

Increasing government support in the form of tax exemptions and incentives to promote environmentally friendly electric vehicles powered by electric motors also provides opportunities for the electric motor market to flourish. Around the world, countries have set 2050 targets to reduce automobile emissions. They began to promote the production and sale of electric vehicles as well as the associated charging infrastructure. The U.S. government, for example, spent $ 5 billion in 2017 to encourage electric vehicle infrastructure, such as charging stations. Electric vehicles with electric motors are becoming more and more popular in Europe due to the aggressive actions taken to decarbonize society. These factors are acting as an opportunity in the electric motors market.

Challenges

The electric motor market is highly fragmented, with a significant number of domestic and international manufacturers. In this industry, the quality of the products is a fundamental criterion of distinction. The regulated market caters primarily to industrial buyers and maintains high product quality, while the unorganized market offers low cost options to tap local markets. These factors are the main challenges for companies that supply quality electric motors.

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Recent developments

• B&R, a leading provider of machine and plant automation solutions, was acquired by ABB in 2017.
• For example, on January 24, 2019, Bosch acquired full ownership of EM-motive, one of the most successful electric motor producers in Europe.
• Nidec Corporation announced the main lines of its new subsidiaries on August 3, 2021, after purchasing the shares of Mitsubishi Heavy Industries Machine Tool Co., Ltd.
• Johnson Electric, for example, launched low-voltage DC motor solutions for smart furniture on February 5, 2021. Actuators for smart recliners, height-adjustable desks, hospital beds and other smart furniture products use LVDC motor solutions.

The main players operating in the market are ABB Group, Hitachi, WEG, General Electric, Maxon Motors AG AMETEK. Inc., Bosch, Siemens AG, ARC Systems, Inc., Rockwell Automation, Inc., Toshiba Corporation, Asmo Co., Ltd., Nidec Motor Corporation, DENSO, Emerson Electric.

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