The global induction motor market size was estimated to be US$ 15 billion in 2020 and is expected to reach US$ 30.3 billion by 2031 at a CAGR of 6.6%.
An induction motor is an air conditioner electric motor in which force is produced by the response between a fluctuating magnetic field produced in the stator and the flow initiated in the loops of the rotor.
It, otherwise is called, asynchronous motor, is an AC electric motor which can be made with no electronic associations with the rotor. Induction motors are turning out to be more famous on the grounds that they are tough, can deal with more modest loads, and have lower after-deals expenses and administrations.
In October 2018, WEG Japan was granted a significant agreement for the inventory of four Flameproof Tube-Cooled motors and extra parts for a huge scope compost creation plant in the Center East province. It is utilized in a larger part of hardware, as it is more impressive and eco-accommodating contrasted with the regular motors on the lookout. Riveting usefulness settles on it as an appropriate preference for the auto and assembling applications, as it requires less support. Its capacity to work under differing climatic conditions is another main consideration that is driving its demand.
Another primary aspect driving the interest of induction motors is their current circumstance cordial nature. A significant pattern impacting the market is the rising spotlight on the dropping-off of emission of ozone depleting chemical substances and the rising interest of items that consumes lesser energy. With induction motors consuming fundamentally lesser energy contrasted with customary motors, they act as a superior option for the environmental conservation.
Further, the spread out demand for electrical energy to support worldwide advancement requires reliable hefty demand in power supply generation that has driven the utilization of induction motors in power domain.
The business is profiting with severe government enactment requiring the utilization of harmless to the ecosystem and manageable vehicles. Thus, there are more electric vehicles out and about, which is pushing up the demand for induction motors. Ford dispatched an electric Mustang Mach-E which is a crossover SUV and an electric F-150 pick-up motortruck in November 2019. Tesla additionally uncovered a cybertruck for a solitary motor RWD performance, which is planned to be delivered in late 2021.
Subsequently, the electric vehicle market is driving the demand for induction motor in the automobile industry. Because of great government approaches, it is relied upon to observe comparative development in the coming years, especially during 2022-2032.
Global Induction Motor Market Value Share Analysis, by Geography (2022)
The report titled “Global Induction Motor Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is the historic period, 2022 is the base year, and 2023 to 2032 is the forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Induction Motor Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Induction Motor market is segmented as type, application and region. Based on type, the Induction Motor market is segmented into Single-phase Induction Motor, Three-phase Induction Motor, other. Based on application, the Induction Motor market is segmented into Chemical industry, Logistics industry, Engineering and manufacturing industry, others.
Based on geography, the Global Induction Motor Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Induction Motor Market. Further, market share of prominent companies in the Global Induction Motor Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Induction Motor companies. The Global Induction Motor Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Induction Motor business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, mergers and acquisitions, a new product launched and geographic expansion in the Global Induction Motor Market.
The key players of the Global Induction Motor Market are ABB, Emerson, GE, TECO, Regal-Beloit, Nidec, Siemens, Tatung, Hitachi, WEG, Bosch Rexroth, SEW-Eurodrive, Cummins, YASKAWA, Toshiba, VEM, NORD, Landert, ABM Greiffenberger, SPG, Brook Crompton, Sterling Electric, Wolong, XEMC, JLEM, Huali Group, Jiangte, WNM, Ydmotor, Dazhong, and others.
Global Induction Motor Market Key Segments:
Based on type
Based on application
By Region
The Global Induction Motor analysis market has been assessed for the years 2019 to 2031.
Major players operating in the global Global Induction Motor market include ABB, Emerson, GE, TECO, Regal-Beloit, Nidec, Siemens, Tatung, Hitachi, WEG, Bosch Rexroth, SEW-Eurodrive, Cummins, YASKAWA, Toshiba, VEM, NORD, Landert, ABM Greiffenberger, SPG, Brook Crompton, Sterling Electric, Wolong, XEMC, JLEM, Huali Group, Jiangte, WNM, Ydmotor, Dazhong.
Based on type, the Global Induction Motor market is segmented into Single phase induction motor and Three phase induction motor.
The global Global Induction Motor market size is estimated to reach USD 15 Billion by 2031.
The global Global Induction Motor market is estimated to expand at a CAGR of 6.6% through 2031.
Copyright © 2024 Same Page Management Consulting Pvt. Ltd. (insightSLICE) | All Rights Reserved