Induction Motor Market

2021-2030 Analysis and Review Induction Motor Market

Induction Motor Market

Induction Motor Market By Type of Motor, By Application - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

11-04-2022 REP-HC-139345 110 pages Format

Global Induction motor market is estimated to grow at a CAGR of 12.9% during forecast period (2022-2030). Global Induction motor market is primarily driven by rising demand for electric vehicle, technological advancement coupled with rapid industrialization in emerging countries (China, India and others). In addition, low cost and maintenance as compared to other motors such as synchronous motors are also some of the major factors triggering the demand for induction motors. There is a tremendous pressure on the countries on a global forefront to cut the greenhouse gases emission and for this they are promoting the electric vehicles globally. On 12 December 2015 “Paris agreement” was signed by 175 countries which aimed at reducing the global CO2 emission by 28% by the end of 2025.

Induction Motor Market

The growing demand for electric vehicles is offering huge opportunities for the adoption of induction motors. Moreover, technological advancements in the induction motors are also escalating the adoption of induction motors. Copper rotor induction motor is the new advancement gaining traction in the global induction motor. As per Copper Development Association Inc., the induction motor has witnessed significant advantages after the introduction of copper in the windings. For instances in higher-grade steel core, improved cooling fan design, improved bearings and insulation etc. Other than copper rotor motors, other advancements driving the global induction motor market include switched reluctance motors, permanent magnet motors and others. However, there is an introduction of novel stator winding technique that deliver more power while in taking less energy.

Low Cost Feature Remains as The Key Market Driver

Induction motor cost is low as compared to other motors which lead to high adoption of induction motors thereby fueling the market growth globally. Induction motors are asynchronous motors including single phase and three-phase motors. Induction motors are very cheap as compared to synchronous and DC motors due to the modest design of the induction motors. Thus, induction motor is highly preferred for fixed speed applications where Ac line power can be easily attached such as in industrial applications, in commercial and domestic applications as well. The three-phase induction motor are widely adopted in different applications such as in residential, industrial and commercial. The cost of induction motor is one of the major benefits towards its adoption. The components used in the synchronous motors such as PM motors are very similar to the asynchronous such as copper wire, stator, laminations and rotor laminations. However, in synchronous motor instead of copper bars in the rotor, PM motors have permanent magnets these magnets are made of rare earth materials that are more expensive as compared to copper. Thus, use of copper bars in the induction make them of low cost as compared to induction motors.

Industrial Segment to Dominate, While Residential Application to Grow the Fastest

Global induction motor market has been segmented on the basis of type and application. The application segment is further sub segmented into commercial, industrial, and residential. Industrial application is leading segment in terms of revenue in global induction motor market with around 50.48% market share in 2021. The dominance of the industrial application market is primarily attributed to growing industrial sector across the countries. In addition, shift towards industrial automation coupled with rising consumer confidence and promising investment plans triggers demand for the induction motor in industrial application. Furthermore, the advent of Industry 4.0 enables a wide adoption base for the induction motors. Moreover, Residential application segment is anticipated to grow at highest CAGR of around 13.3% during the forecast period. The fastest growth rate of Residential vertical is attributed to the fact of increasing demand of household appliances, increasing urbanization, smart homes, digitalization and others.

APAC Takes the Lion’s Share

Geographically, the induction motor market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). Asia Pacific is expected to hold the largest market share i.e. 38.48% in terms of revenue in 2021. Asia Pacific induction motor market growth is justified by the increasing demand from the electric vehicles and the growth in the HVAC (Heating, ventilation, and air conditioning) industry. Similarly, rapid industrialization and increasing manufacturing sector in countries, such as China, India, is pouring the demand for numerous end-user applications of induction motors, for example pumping, drilling, and mining. Demand of electric vehicles and government initiatives to reduce greenhouse gas emissions also drive the Asia Pacific induction motor market. Chinese government provides rebates in vehicle registration fee and purchase tax for all varieties of electric vehicles such as fuel-cell, pure electric and plug-in hybrid vehicles. The Japan Government also provides special allowance by not charging acquisition and tonnage tax to the electric vehicles.

Highly Fragmented Market Eyes on Product Launch as a Key Strategy

Product launch is the primary strategy adopted by companies in global induction motor market. Product launch enables the companies to enhance its market share through product innovation and strengthening the company’s product portfolio. The key companies in this market include Siemens AG, Nidec Motor Corporation, ABB Ltd, WEG, Regal Beloit Corporation and others. The market is highly fragmented with no single group or company that dominates the global induction motor market. Also, the consumers across the globe are inclined towards the unauthorized market as the local vendors provide cost efficient motors. Vendors are finding it hard to compete with low-cost manufacturers from China additionally low entry barrier has only intensified the competition among the market players.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and regions.

By Type of Motor (2020-2030; US$ Mn)

  • Single phase induction motor
  • Three phase induction motor

By Application (2020-2030; US$ Mn)

  • Commercial
  • Industrial
  • Residential

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global induction motors market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth

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