New York, USA, Aug. 04, 2021 (GLOBE NEWSWIRE) -- A new report on the global induction motor market has been added by Research Dive to its offerings. As per the report, the global market is anticipated to garner $31,627.5 million by 2026, growing at a CAGR of 12.1% from 2019 to 2026. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, shareholders, investors, prevalent players, stakeholders, etc.
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Factors Impacting the Market Growth:
Induction motors are strong, have rough physical structure, and can be operated in any type of weather. These factors are propelling the global induction motor market growth. Also, as induction motors are affordable, greatly dependable, and need low maintenance, their demand is significantly rising. However, at light load condition, the power factor of an induction motor declines at a higher rate; this factor is expected to obstruct the market growth during the forecast period.
The report segments the global induction motor market into type, application, and region.
Three-phase Sub-Segment to Grab Leading Share of the Market
The three-phase sub-segment of the type segment is anticipated to lead the market by gathering a revenue of $14,938.6 million by 2026, growing at a CAGR of 12.5% in the estimated period. This is mainly because three-phase induction motors are self-starting and do not need any capacitor or centrifugal force or any start winding for turning on the motor.
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Industrial Sub-Segment to Hold Highest Share of the Market
The industrial sub-segment of the application segment is projected to dominate the market growth by surpassing a revenue of $10,826.4 million by the end of 2026, rising at a CAGR of 13.1% in the estimated period. This is mainly owing to the growing applications of three phase induction motor in the industries due to its properties such as cost-effectiveness and reliability.
North America Region to Lead the Global Market
The report analyzes the global induction motor market across several regions such as North America, Europe, Asia Pacific, and LAMEA. The North America region market is projected to dominate the global market by surpassing $9,259.7 million by 2026, rising with a CAGR of 12.7% in the projected period. This is mainly because of the significant upsurge in the rate of adoption of induction motors in residential applications in this region.
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Major Players in the Market:
The report states some of the foremost players operating in the global induction motor industry including
- Marathon Electric
- Regal Beloit Corporation
- Siemens AG
- Schneider Electric SE
- Emerson Electric Company
- ABB Ltd.
- Regal Beloit Corporation
- Baldor Electric Company
- Kirloskar Electric Company
and others.
The report also provides some of the latest winning tactics such as strategic moves & developments, business performance, product/service range, Porter five forces analysis, and SWOT analysis of the leading players, functioning in the global industry. For instance, in November 2020, ABB, a foremost technology firm focused on boosting the development of society and industry to achieve a more productive and sustainable future, launched a new series of low voltage IEC induction motors in India. These induction motors have a compact design and can reduce the overall size of the equipment, thus reducing the space as well as overall cost of ownership.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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