Induction Motor Market Presented Global Trends and Industry Growth of Key Segments by 2023
The global induction motor market is driven by the elevated need for power savings in households, manufacturing hubs, and energy infrastructure. Induction motors are also known as asynchronous motors. These motors are used because they are reliable, carry smaller loads, and reduce aftersales service and cost. Importantly, they can help save a substantial amount of energy. Induction motors are used widely in applications such as compressor load applications, fans, and others.
The global induction motor market is driven by technological advancement. This trend is projected to offer significant growth opportunities to companies that are operating in the global induction motor market. One of the new technologies that are gaining traction in the global induction motor market is called copper rotor induction motor. This motor serves as a strong alternative to the permanent magnet motor used in electric vehicles.
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Another trend driving the global induction motor market is the rising focus on reducing greenhouse gas emissions. This is revving up the use of induction motors in every sector, driving the demand for induction motors substantially. The global induction motor market will also benefit from the rising government funding, which is encouraging manufacturers to invest in induction motor manufacturing.
By product, the global induction motor market is segmented into synchronous motors, direct current (DC) motors, asynchronous motors, and others. According to type, the global induction motor market is classified into IE1, IE2, IE3, and IE4. On the basis of application, the global induction motor market is divided into HVAC, fans, pumps, compressed air, material processing, material handling, and others. According to end use, the market is segregated into residential, industrial, commercial building, agricultural sector, transportation, and others.
Regionally, the global induction motor market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe constitute the largest markets for induction motors in terms of consumption, production, and exports. On the other hand, emerging economies such as Korea, Brazil, India, China, Thailand, and South Africa are presenting massive opportunities for global manufacturers.
Although the aforesaid trends will drive the global induction motor market, it will be suppressed by cost issues. The installation cost of induction motors is quite high, which is restraining the global induction motor market. Moreover, many manufacturers in the global induction motor market are not able to get the required resources to start manufacturing these motors, challenging the market further.
Companies mentioned in the research report
Product innovation is one of the key strategies adopted by companies in the global induction motor market. The key players operating in the global induction motor market are Marathon Electric, Kirloskar Electric Company, Regal Beloit Corporation, ABB Ltd., Emerson Electric Company, Schneider Electric SE, Siemens AG, and Baldor Electric Company.
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