Valley Cottage, New York, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Future Market Insights’ newly published report titled “Electric Motors Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” examines the global electric motors market and offers crucial market insights for the next 10 years. According to the report, the market is anticipated to witness increasing demand for energy efficient motors owing to a growing focus on energy conservation. The estimated value of the global electric motors market in 2017 is US$ 88.6 Bn and the market is expected to expand at a CAGR of 4.7% to reach US$ 145.8 Bn by the end of 2027.
Global Electric Motors Market: Dynamics
The global electric motors market is estimated to be driven by increasing automation and robotics in the manufacturing sector, increasing electric vehicle sales and rising demand from HVAC and household applications. Healthy growth of end use sectors will also be a prime factor supplementing market growth. Industries across prominent regions such as Western Europe and North America and some countries in the Asia Pacific region are anticipated to witness high demand for energy efficient motors, i.e. above the IE2 efficiency level. At a product level, cost effectiveness offered by brushless DC motors due to their limited maintenance, increased efficiency, low operating cost and higher reliability will supplement growth of the DC motor segment. Product development is expected to remain a major focus for leading players in the market, while customisation will emerge as a major trend in the global market.
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On the other hand, one of the main challenges faced by electric motors manufacturers is the rising competition among local and international companies. The local players have a significant impact on the regional markets; this has resulted in price competitiveness and narrowing profit margins. Leading players in the market are using acquisition as a top strategy to maintain a competitive edge in the global market.
Global Electric Motors Market: Segmental Forecast
On the basis of power output, the <1 HP motor segment is estimated to account for over 69% market value share by 2017 end. The segment is expected to register a CAGR of 5.1% over the forecast period. <1 HP motors find diversified applications in various industries, residential appliances, commercial equipment, automotive and others. Healthy growth of end-use industries will significantly drive market demand in this segment.
On the basis of product type, the AC motors segment is anticipated to account for over 75% of the total revenue generated over the forecast period. Growing DC motor market is anticipated to impact demand for AC motors. In terms of volume, DC motors are anticipated to lead total demand for electric motors.
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On the basis of application, the pumps and compressor segments are anticipated to collectively account for over 40% of the market revenue share by 2017 end. The pumps segment is expected to witness a relatively higher value CAGR of 5.5% over the forecast period.
On the basis of end use, the industrial segment is expected to dominate the overall revenue generated in the global market by 2017 end. The segment is estimated to account for a revenue of US$ 45.2 Bn in 2017 and expand at a CAGR of 4.5% over the forecast period. The automotive and transportation segment is also anticipated to hold a significant value share in the overall market, and is expected to expand at a CAGR of 5.1% between 2017 and 2027.
On the basis of region, APEJ is projected to dominate the global market both in terms of value and volume. A favourable macro-economic environment in the region supports the growth of end use industries, which in turn supplements revenue growth of the electric motors market.
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Global Electric Motors Market: Competitive Landscape
The global market for electric motors is highly fragmented with a large number of regional and international players. Some of the players reported in this study on the global electric motors market are ABB Group, Johnson Electric, Nidec Corporation, General Electric, Toshiba Corporation, Allied Motion Technologies Inc., Regal Beloit Corporation, Hyundai Electric & Energy Systems Co. Ltd., Hyosung Corporation, Siemens AG, Emerson Electric Company, Schneider Electric SE, Hitachi Ltd., Robert Bosch GmbH, Kirloskar Electric Company Ltd., WEG S.A., Bonfiglioli Riduttori S.p.A., Arc Systems Inc. and East West Manufacturing, LLC.
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