Electric Motors market is in a mature stage of its lifecycle and has the potential to even grow further in the years to come. The market has witnessed tremendous technological advancements in the last few years due to which, the current electric market is gaining traction. The market is quickly shifting towards highly efficient electric motor systems. Electrical energy is converted into mechanical energy, the electric motors find wide adoption in industrial fans, compressors, pumps, lathe machines, machine tools, domestic appliances, heating ventilating and air conditioning applications, disk drives, power tools, electric cars and automated robots. Other applications include industrial, residential, transportation, and agriculture. Electric motors are used in industrial applications, such as mining & metals, oil & gas, chemicals & petrochemicals, cement & manufacturing, and utilities. In transportation applications, it is used in railways, electric vehicles, and aerospace. Highly efficient motors, which are also called as premium efficiency motors, are gaining importance over standard motors due to varied benefits such as longer operating life, low energy consumption, low maintenance, and high tolerance for fluctuating voltages among others.
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Lower energy consumption by energy efficient motors is an ace advantage of these motors over standard motors. Although expensive as compared to conventional motors, the long-term environmental benefits offered by the premium motors tend to outweigh the initial premium cost of these motors. The need for improved efficiency and low power consumption by the applications of motors would continue to grow and generate demand for high efficiency motors.
The world electric motors market is estimated to garner $129 billion by 2020, registering a CAGR of 5.3% during 2015-2020. The widespread awareness of the green vehicles amongst customers and increasing number of government incentives to promote green vehicles in order to safeguard the environment from carbon emissions is ultimately contributing to the growth of the electric motors market. Therefore, the electric cars are in great demand amongst customers and ceasing this opportunity, the market players are launching different electric cars to meet the customer demands. Telsa, a giant in manufacturing electric cars has launched an electric car in North American region and has plans to launch its next electric car in the European market. The market players such as ABB Group Ltd. and Ametek Incorporation have launched novel products in the market. Key companies profiled in the report are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Baldor Electric Company Inc., Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation and Johnson Electric Holdings Limited.
The global electric motor market is segmented based on the types of electric motors, output power of electric motors, the applications where electric motors are being used and geography. Type of motors segment explains AC, DC and Hermetic motors. AC motors are further classified into synchronous and induction motors whereas, DC motors are segregated into brushed and brushless DC motors. The applications of electric motors discussed, are Industrial machinery, Motor Vehicles (automobiles), Heating Ventilating and Cooling (HVAC) equipment, Household appliances, Aerospace and Transportation and Other Commercial Applications. Regional market analysis of the electric market is done for North America, Europe, Asia-Pacific and Latin America Middle East & Africa. The study of the global market shows that the North America region is the prominent end user market for premium efficiency motors that are used in electric cars, industrial and HVAC applications.
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Chapter: 1 INTRODUCTION
1.1 Report description
1.2 Key benefits
1.3 Key segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
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