Driven by increasing focus on research and development and investment in Industrial sector, the electric motors market will rise at 5.6% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered during 2016-2020.
With the penetration of robotics and automation in the last decade, across a plethora of industry verticals encompassing electronics manufacturing, food & beverage industries and automotive. Furthermore, investments in smart factory automation, particularly is massive production plants, have been growing constantly. With the increasing adoption for automation and robotics technology, electric motors demand will be boosted in regards to its use in drive units. The growth rate of the market growth is thus expected to be in proportion to that of industrial automation and robotics.
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Demand of electric motors is also set to be buoyed from residential appliances segment wherein low power capacity motors are primarily used. The Electric motors market has been perceived as a high volume-high value market.
As per Energy Association estimates, 40% of total energy used in industries is consumed to drive electric motors. In lieu of the same, emphasis on promoting the use of high efficiency motors.
Developed as well as developing countries are expected to usher in sound growth opportunities of the product via new units as well as replacement sales. Expansion of usage scope towards untapped end use verticals is expected to be augur the growth of electric motors on long term basis.
In the coming years, the demand for electric motors will witness healthy growth with Industrial Robotics, Energy, Residential Appliances and Municipal Water Utilities being the key growth enablers.
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.
By Segment:
Power Output:
- <1HP
- 1-5HP
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100HP
- 100 – 300 HP
- 300 – 500HP
- Above 500HP
Product Type:
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
By Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
- Others
By End Use:
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Food & Beverages
- Pulp & Paper
- Chemicals
- Air Separation Plant
- Other Manufacturing
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Automotive
- Aviation
- Electric vehicles
- Railways
- Boats
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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The robust rate of investments in civic infrastructure involving municipal water supply and wastewater treatment process will call for a hefty rate of pumps thus involving a proportionate rate of electric motors to be sold and installed. With the market growth in intermediate stages and clocking nearly double digit growth rates in next 5 years, the new unit sales of electric motors will be highly sought. Another supporting factor for growth promotion is that electric motors and associated pumps for heavy duty water supply process are priced at premium which will prove as a value proposition for the OEMs when coupled with installation and aftersales services.
Major Key Players:
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.
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Some Major key players are include as:
- 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
- Schneider Electric SE
- Bonfiglioli Riduttori S.p.A.
- Kirloskar Electric Company Ltd.
- Allied Motion Technologies Inc.
- East West Manufacturing, LLC
- Hyundai Electric Co. Ltd.