Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The global induction motor market was worth US$ 12.7 Billion in 2017. Induction motor, also known as, asynchronous motor, is an AC electric motor which can be made without any electronic connections to the rotor. Used in a majority of machinery today, the motor is more powerful and environment-friendly in comparison to the conventional motors currently available in the market. The unique robustness of the induction motor makes it a suitable choice for the automotive and manufacturing industry. Its ability to work under varying climatic conditions is another major factor that is driving its demand.
The motor is absolutely safe to be used in heavily polluted and explosive work conditions. With high durability, it can be used for years without worrying for maintenance. It has applications in pumps, small fans, electric shavers, cranes, crushers, textile industry, oil extracting mills, etc. Another major factor driving the demand of induction motors is their environment friendly nature. A major trend influencing the market is the rising focus on the reduction of emission of greenhouse gases and the rising demand of products that consumer less energy. With induction motors consuming significantly lesser energy compared to conventional motors, they represent a better alternative for the environment. Affordability, durability, easy-functioning and easy maintenance are some of the other major factors that are also driving the demand of induction motors. Looking forward, the market value is projected to reach US$ 22.7 Billion by 2023, expanding at a CAGR of 10.2% during 2018-2023.
Based on the product type, the market has been segmented as single phase induction motor and three phase induction motor.
Based on the end use, the market has been segmented into industrial, commercial and residential. The industrial sector currently represents the largest segment.
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market.
The competitive landscape of the market has also been examined with some of the key players being ABB, Ametek, Emerson Electric, Siemens, WEG, Baldor Electric, Brook Crompton, Danaher Corporation, Johnson Electric Holdings and Regal Beloit.
This report provides a deep insight into the global induction motor market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the induction motor market in any manner.
Key Questions Answered in This Report:
How has the global induction motor market performed so far and how will it perform in the coming years?
What are the key regional markets in the global induction motor industry?
What are the key product types in the global induction motor industry?
What are the key end-use sectors in the global induction motor industry?
What are the price trends of induction motors?
What are the various stages in the value chain of the global induction motor market?
What are the key driving factors and challenges in the global induction motor market?
What is the structure of the global induction motor market and who are the key players?
What is the degree of competition in the global induction motor market?
How are induction motors manufactured?
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