The global electric motor market was valued at $85.7 billion in 2015, and it is expected to grow at a CAGR of 6.5% during 2016 – 2022. Among the three major types of electric motors, the AC motors accounted for largest market in 2015. The motors with fractional horsepower output contributed maximum to the global electric motor market revenue in 2015. The motor vehicles segment was the largest consumer of electric motors in 2015.
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Electric motor is a device that converts electric energy into mechanical energy. It is widely used in industrial machinery, aerospace, automotive, pumps, power tools, disk drives, industrial fans, compressors, domestic appliances, lathe machines, automated robots, machine tools, and electric cars.
Electric motors finds application in power tools, pumps, fans, grinding mills, alternators, compressors, metal rolling, refiners, mine hoists, and propulsion. The increasing demand and installations of electric motors in marine, oil and gas, energy and power, metals, cement, mining, water and waste water, and pulp and paper industries are driving the growth of global electric motor market. These industries are dependent on extensive usage of machines, which require constant power supply. Electric motor powers individual machines and provide easy control at each point of operation. These motors improve safety in operations, power transmission efficiency and production efficiency. Moreover, these motors are capable of working in highly corrosive environments, which increase their demand in nuclear power plant and corrosive chemical and gases plants.
The policy makers of various countries are focusing on public transit infrastructure, with no or low pollution to tackle the air pollutant emissions, mainly in the densely populated cities and megacities. The political instability in major oil producing countries has intensified the instability in crude oil prices. The upstream supply chain of crude oil is also being affected by the civil war in the oil producing countries of Middle-East. As a result, the transit agencies around the globe are increasing number of new energy vehicles. Electric vehicles are one of the key solutions to the current problem having long term benefits. Despite high initial cost, electric vehicles offer low operating cost, which increases their adoption across the globe. The transit agencies in developing countries are focusing more on long term environment and cost benefits.
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Developed countries especially in Europe are adopting alternate mode of transportation with minimal air pollution. Electric vehicles are also gaining traction in developing economies. China is among the earliest adopters of electric vehicles in the world. The country has been aiming to increase the number of electric vehicles in the country. The government in China has encouraged the adoption of electric vehicles for public transit in several other ways. The trend creates immense opportunity for electric motor manufacturers to generate revenue in the global market. Geographically, North America was the largest revenue contributor to the global electric motor market in 2015.
The information and data in the publication “Global Electric Motor Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. Bottom-up and top down approach has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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