FMI, Dubai: Newly released data by Future Market Insights (FMI) forecasts the electric motors market to exhibit year-on-year (YoY) growth of 4.2% in 2021 to total 1.2 billion units. As per the report, demand in the DC motors segment will grow by 2.2% to 339 million units in 2021, while the AC Motors segment was up 5.1% to 837 million units.
According to Future Market Insights (FMI), increasing automation and robotics in industrial production sector have fueled the demand for electric motors. The market also is gaining from rapid technological advancement and advent of industrial 4.0.
The electric motors market however registered moderate decline in its sales volume in FY2020 due to the unforeseen COVID-19 pandemic. Demand from major end-use industries like automotive, oil & gas, and other waned. Contrary to this, sections of medical sector were not affected due to increase in demand amid the adoption of COVID-19 precautionary measures.
Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to operating advantage linked with it, its prime advantage is its speed torque characteristics which has raised the application for electric motors in various end uses, owing to which the AC electric motors have secured a prominent share in the global Electric motors market.
The growing requirement for pumping application from agriculture, water treatment plants, oil & gas sector and other industries is expected to drive the electric motors market in the forecast period.
Increasing number of players are focusing on research and development related to electric motors, which is anticipated to contribute towards market growth in the years to come.
“The electric Motors market is anticipated to grow at a strong pace driven largely by increasing demand for innovative and energy-efficient products across industries. Raising automation and digitalization in various end-use sectors are key factors fueling the demand for electric motors. Industry participants are investing in expansions, strategic alliances, and cost-effective solutions to gain a competitive advantage,” says a Future Market Insights analyst.
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Key Takeaways from Electric Motors Market Study
- <1HP. Power output electric motors are projected to hold over 80% volume share of the global market in 2021, owing to robust demand for various applications.
- The AC Electric motors are set to hold over 71.6% of the market share on value basis by the end of forecast period.
- East Asia will remain a primary market, backed by rising demand from the automotive & residential sector. It is expected to account for over 22.7% of the demand registered in globally in 2021.
- Electric motors for robotics application set to surge at CAGR of approximately 5.9% over the coming decade.
- The U.K. is emerging as a key market in Europe, with a valuation of over US$ 5.4 Bn in 2021, and anticipated to grow with 5.4% CAGR in the forecast period.
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Companies operating in Electric Motors market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool.
- For instance, In, On January 24, 2019 Bosch assumed full control of of EM-motive, one of Europe’s most successful manufacturers of electric motors.
- On August 3rd, 2021, Nidec Corporation acquired stocks of Mitsubishi Heavy Industries Machine Tool Co., Ltd. and announced an outline for its new subsidiaries.
Manufacturers are also focusing on the expansion of their product portfolio to maintain high customer base across the globe
- For instance, On 5 Feb, 2021 Johnson Electric Launches Low Voltage DC Motor Solutions for Smart Furniture. The LVDC motor solutions are designed for actuators used in smart recliners, height adjustable desks, hospital beds and other smart furniture products.
- On February 16th, 2021 Regal announced a collaboration with Rexnord's PMC segment to create world-class power transmission technology.
Some of the prominent players operating in the Land Survey Equipment Market profiled by FMI are:
- General Electric
- Robert Bosch GmbH
- Hitachi, Ltd.
- Nidec Corporation
- WEG S.A.
- Siemens AG
- ABB Group
- Regal Beloit Corporation
- Toshiba Corporation
- Johnson Electric
- Hyosung Corporation
Find More Valuable Insights on Electric Motor MarketTop of Form
The research report analyzes demand for Electric Motors. The global Electric motors market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of power output, product type, application, end use and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100HP
- 100 – 300 HP
- 300 – 500HP
- Above 500HP
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
- General Machinery
- Centrifugal Machinery
By End Use:
- Oil & Gas
- Power Generation
- Food & Beverages
- Pulp & Paper
- Air Separation Plant
- Other Manufacturing
- HVAC & Refrigeration
- Municipal Water Treatment
- Electric vehicles
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Answered in the Report
· What is the current valuation of the land survey equipment market?
· At what rate did the land survey equipment market expand in the last 5 years?
· What is the land survey equipment market demand outlook?
· What are the key trends prevailing in the land survey equipment market?
· What is the North America land survey equipment market outlook?
· What is the cumulative share of the top five companies in the land survey equipment market?
· At what rate will the land survey equipment market grow in Europe?
· Which are the top 5 countries exhibiting high demand for land survey equipment?
· At what rate will the Japan land survey equipment market grow?
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centres in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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