Electric Motor Market to Grow to $141.7 Billion by 2022
Technological advancements and regulatory policies aimed at improving energy efficiency are important factors
SAN FRANCISCO — The global electric motor market was valued at $99.85 billion in 2014 and is expected to reach $141.7 billion by 2022, growing at a compound annual growth rate (CAGR) of 4.5 percent from 2015 to 2022, according to a new report by Grand View Research. Technological advancements and regulatory policies aimed at improving energy efficiency of equipment are vital factors for market development over the forecast period.
The global industry is expected to be driven by increasing electric motor utilization in HVAC equipment, industrial machinery, and household appliances.
AC motors were the largest product segment and accounted for over 70 percent of total revenue in 2014. Gradual replacement of DC motors by AC motors across various applications has been a factor for its growth.
Fractional horsepower motors were the leading output segment and accounted for just under 90 percent of total revenue in 2014. With integral horsepower motors finding greater scope in industrial and commercial applications, they are expected to grow at a faster CAGR than the former. Hermetic motors accounted for over 11.5 percent of North America revenue in 2014. These kinds of motors find application in centrifugal chillers and commercial-scale refrigerators.
Asia Pacific was the leading region and accounted for over 55 percent of global revenue in 2014. High industrial output in China, India, Korea, and Southeast Asia has been a major factor in electric motors growth.
Key companies operating in the global electric motor market include Allied Motion Technologies, Baldor, Franklin Electric Co., Rockwell Automation, and Siemens, among others.
More information is available here.
Publication date: 1/13/2016