Global Induction motor Market is valued approximately at USD 11.92 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 12.30% over the forecast period 2019-2026. Induction motors are used for motor and drive application thus have huge demand from different industry verticals such as automotive, oil & gas, oil and others. Induction motors are energy-efficient motors that offer benefits over other motors such as synchronous motors. Induction motors are constructed with improved manufacturing technique and with superior material, induction motor have higher service factors, longer insulation and bearing life. Induction motors use copper for rotors in motors & pumps lead to improved performance and energy-efficient motors thus is most commonly used electric motors. Energy-efficient motors also have lower waste heat output and less vibrations that lead to increased reliability and efficiency. Copper Die-cast rotor technology in induction motors & pumps lead to energy-efficient motors. Induction motors are the highly common electrical motors utilized in most applications. Rising demand for electric vehicle, Technological advancement and Low maintenance as compared to other motors are key driving factors of the market growth. According to the International Energy Agency, total number of electric cars on the road across the globe reached more that 3 million units in 2017, with an expansion of more than 50% as compared to that in 2016. Various regions across the globe are witnessing growth in electric vehicle market. Further, growing industrial base in developing economy is expected to create significant growth opportunity in the market over the forecast period. However, highly fragmented market comprises of numerous small and large manufacturers who compete in terms of price and quality as a result, intensive rivalry is observed globally that is expected to restrain the market growth over the forecast period of 2019-2026.
The regional analysis of global Induction motor market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing adoption of induction motors in electric automobiles and in industries such as aerospace, automobile and defense sector. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growing automotive industry, growing demand for energy efficient motor would create lucrative growth prospects for the Induction motor market across Asia-Pacific region.
Major market player included in this report are:
Nidec Motor Corporation
WEG Electric Corp.
Emerson Electric Co.
Kirloskar electric company
Regal Beloit electric corporation
Schneider electric SE
Baldor electric company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Single Phase Induction Motor
Three Phase Induction Motor
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Induction motor Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers