Albany, NY — (SBWIRE) — 06/13/2018 — The global electric motors market is fragmented international players. Players within the market are competing with each other on the basis of quality as well as reduced price. Players are also improving the standard of products so as to have a competitive edge above all others, as per Transparency Market Research (TMR). Consumers are benefiting from high bargaining power. Product differentiation and standardization is difficult to achieve in the global electric motor market, observes TMR. The key players within the global electric motors market include Baldor Electric Company, Regal Beloit, AMTEK, Asmo Co Ltd, and Danaher.
According to TMR, the global electric motor market will be worth US$120.68 bn by 2019. On the basis of geography, it is expecting that Asia Pacific is the leading regional market as well as the fastest growing regional segment for electric motors, thanks to the supreme industrial growth witnessed in India and China. Rapid industrialization in countries such as Thailand, Indonesia, and Malaysia are also contributing significantly to the growth of electric motors market in Asia Pacific.
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Integral Horsepower Motors to Witness Strong Growth
On the basis of output power capacity, the global electric motors Market is segmented into fractional horsepower and integral horsepower motors. Of these, fractional horsepower segment lead in the market. However it is estimated that the integral horsepower motors will witness a rapid growth in terms of CAGR in the years to come. The main reason behind the high demand for integral horsepower motors is stringent electricity consumption rules.
High Demand for Electric Motors in HVAC Equipment Fuelling Growth of Market
On the basis of application, the global market for electric motors is segmented into industrial Machinery, Motor Vehicles, Aerospace, transportation equipment, HVAC equipment, and household appliances. Of these, it has been found that the demand for electric motors is highest from the motor vehicle segment. of late, the tremendous increase in the interest in electric vehicles by many countries in the world is driving the demand for electric motors extensively from the automotive industry.
High demand is also expected for electric motors from the HVAC industry. Other application areas which are expected to generate the healthy demand for electric motors include household appliances sector and Industrial Machinery sector. On the basis of type of motor, it is expected that the demand for AC Motors is high. The market for hermetic motors segment is also expected to have a bright future.
Rising Demand from Commercial, Industrial, and Residential Sectors to Drive Market for Electric Motors
According to the report, electric motors market will witness steady rise on account of the use of these motors across industrial, commercial and residential sectors. Electric motors are required for fans, elevators, compressors, refrigerators, and several other systems which are utilized in the residential, commercial, and Industrial sector.
The growing demand for reducing greenhouse gas emissions is anticipated to accelerate the demand for electric motors. These motors form an integral part of heating ventilating and cooling equipment common household appliances, and motor vehicles. The report states that there are factors such as improving standard of living as well as growing income level which are pushing the demand for motor vehicles and electronic appliances, which in turn is behind the growth of the global electric.
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