The global electric motor market reached a value of US$ 122.2 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during the next five years.
An electric motor is an electro-mechanical device that works on the principle of electromagnetic induction. It comprises rotors, stators, bearings, windings, commutators and has low maintenance and energy requirements. It is more economical and has long operating life as compared to its non-electric counterparts. Owing to this, it is widely utilized in fans, pumps, compressors, machine tools, electric cars, power tools, automated robots, turbines, alternators, and rolling and paper mills across the globe.
Global Electric Motor Market Drivers/Constraints:
Electric motors are used in the manufacturing of robots to provide angular movements, acceleration, speed and control. They are also utilized in energy-efficient compressor and conveyor systems. Apart from this, electric motors are used in industrial machinery, aerospace, transportation, household appliances, and heating, ventilating and air conditioning (HVAC) equipment.
Furthermore, governments of several countries are promoting the usage of electric vehicles on account of rising environmental concerns. This is expected to create a positive outlook for the market growth in the upcoming years.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Electric Motor Market Segmentation:
Market Performance by Voltage
Low Voltage Electric Motors
Medium Voltage Electric Motors
High Voltage Electric Motors
Market Performance by Rated Power
Fractional Horsepower Motors
Integral Horsepower Motors
Market Performance by Fractional Horsepower
Fractional Horsepower (< 1/8) Motors
Fractional Horsepower (1/8 – 1/2) Motors
Fractional Horsepower (1/2 – 1) Motors
Market Performance by Integral Horsepower
Integral Horsepower (1 – 5) Motors
Integral Horsepower (10 – 50) Motors
Integral Horsepower (50 – 100) Motors
Integral Horsepower (>100) Motors
Market Performance by Magnet Type
Samarium Cobalt (SmCo5 and Sm2Co17)
Market Performance by Region
Middle East and Africa
Market Performance by Weight
Low Weight Motors
Medium Weight Motors
High Weight Motors
Market Performance by Speed
Medium Speed Motors
Low Speed Motors
Market Performance by Applications
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The global electric motor market is essentially fragmented with the presence of numerous small and large manufacturers who compete in terms of price and quality. Some of the leading players operating in the market are: ABB Group (NYS: US:ABB), Siemens Ag, WEG SA, TECO, Regal Beloit Corporation and Nidec Corporation
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