The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Induction motor is an electrical motor commonly used in industries and households for a variety of applications. Running at a less than synchronous speed, induction motor is also known as asynchronous motor. As per the phase type of the electric current, induction motor is of two types: single phase induction motor and three phase induction motor. The three phase induction motor is a self-start motor unlike the single phase induction motor. Induction motors have major applications in the industrial, commercial, and residential sectors. The global induction motor market is expected to reach $15,810.3 million by 2019, growing at a CAGR of 12.4% from 2014 to 2019.
The global induction motor market has been segmented on the basis of three categories, namely, type, application, and geography. The type segment includes single phase induction motor and three phase induction motor. In 2014, the three phase induction motor had a majority share of about 68% in the global induction motor market. Widely used in motor and drive applications, the market for three phase induction motor is estimated to grow at a double-digit CAGR during the forecast from 2014 to 2019. They are used in lathes, drilling machines, agricultural & industrial pumps, lifts, and cranes among other applications.
The research report also analyzes the three phase induction motor market on the basis of motor types - squirrel cage induction motor and slip ring induction motor. The segmentation according to application includes industrial, commercial, and residential sectors. Based on geography, the induction motor market has been classified into North America, Europe, Asia-Pacific, and rest of the world (RoW).
ABB Ltd. (Switzerland), one of the key players in the global induction motor market in 2014, launched a series of motors designed to accelerate high inertia loads, such as axial fans. These fans are currently in demand with plant operators seeking to comply with new air quality regulations, such as the Clean Air Act in the U.S.
The major players offering various products in the induction motor market include Nidec Motor Corporation (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), WEG Electric Corp. (Brazil), and Emerson Electric Co. (U.S.) among others. These key players are focusing on expanding their market base through the adoption of market strategies which includes both organic (new product developments) and inorganic (strategic alliances and acquisitions) expansions.