Electric Motor Market: Current Analysis and Forecast (2021-2027)
An electrical machine that converts electrical energy into mechanical energy is known as an electric motor. Most electric motors operate through the interaction between the motor's magnetic field and electric current in a wire winding to generate force in the form of torque applied on the motor's shaft. Electric motors can be powered by direct current (DC) sources, such as batteries, or rectifiers, or by alternating current (AC) sources, such as a power grid, inverters, or electrical generators.
Moreover, the advantage of electric motors such as more environmentally friendly, as they do not cause pollution by burning fossil fuels, which in turn produces harmful greenhouse gases. Save the end-user money over time, while gasoline engines are more expensive in comparison. The cost of fuel tends to fluctuate over time, and the cost of gasoline generally rises by the month. The cost of electricity, on the other hand, is much lower. On a short-term and long-term basis, electric motors use less energy, which in turn produces cost savings.
Electrical motors are used in many different applications. Some of their most common applications include HVAC systems, Pumps, Lathes, Fans and Blowers, Compressors, Crushers, Heavy-duty machinery. The growth in the industrial sector is leading to the growing demand for electric motors globally.
Based on the Type, the market is fragmented into AC Motor, DC Motor and Hermetic Motor. The AC motor segment grabbed the major market share and contributed around XX % In 2020. Moreover, the market would reach USD XX Mn by 2027 growing with a CAGR of XX % during 2021-2017.
Based on the Output Power, the market is fragmented into IHP (Above 1 HP) and FHP (Up to 1 HP). The IHP segment contributed the major market share and grabbed XX in global motor market in 2020. Moreover, the market of this segment is anticipated to reach to USD XX Mn by 2027. However, the FHP (Up-to 1 HP) segments would witness a considerable growth of XX% in the forecast period.
Based on the Voltage Rage, the market is fragmented into 9 V & below, 10-20 V, 21-60 V and 60 V & Above. The 60V and above segment of Global Electric Motor dominated the market with around XX % market share. The segment generated the revenue of USD XX Mn in 2020 and is expected to grow at a CAGR of XX% during the forthcoming years. However, the 21-60V segment would witness a significant rise in the CAGR in forthcoming years.
Electric Motor solutions are being sold for several application such as Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation and Household Appliances. The industrial machinery segment grabbed the considerable market share. The segment generated revenue worth USD XX million in 2020 and is expected to reach USD XX million by 2027. However, the motor vehicle segment is expected to witness an exhibit growth during the forecast period
For a better understanding of the market adoption of the Electric Motor market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. North America constitutes a major market for the Electric Motor industry and generated revenue of USD XX Million in 2020 owing to the emerging demand of electric vehicles in the region. Also, the presence of well-established players in the region adding pace to the growth of the market in the region
Some of the major players operating in the market are ABB Group, ARC Systems, Inc., Asmo Co., Ltd., Brook Crompton UK Ltd., Dr. Fritz Faulhaber GmbH, Emerson Electric, Maxon Motors AG, Regal Beloit Corporation, Rockwell Automation, Inc. and Siemens AG, among others. Several M&As along with partnerships have been undertaken by these players to develop Electric Motor solutions.