New York, USA, July 12, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global induction motor market is estimated to generate a revenue of $31,627.5 million by 2026 and grow at a CAGR of 12.1% over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market:
Drivers: The robust structure of induction motor and the absence of brushes and slip rings that eliminates the chances of sparks are some factors expected to drive the growth of the global induction motor market during the forecast period. Moreover, induction motors can be used safely even in explosive working conditions which is yet another factor anticipated to boost the market growth by 2026.
Opportunities: The attractive benefits of induction motors like reliability, cost-effectiveness, and low maintenance are some factors predicted to create abundant growth opportunities for the global induction motor market during the forecast years.
Restraints: The power factor of induction motor drops at a higher rate during light load condition; this is the major factor projected to impede the market growth.
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Segments of the Induction Motor Market:
According to the report, the market is divided into a few segments based on type, application, and regional analysis.
Type: Three-phase Sub-segment to be Highly Dominant
The three-phase sub-segment is estimated to have a dominant market share and register a revenue of $14,938.6 million during the analysis timeframe, because three-phase induction motors are self-starting and don’t require any capacitor or centrifugal force to start the motor. Moreover, three-phase induction motors are widely used in the construction and industrial sectors at an economical price. These factors are anticipated to bolster the sub-segment’s growth by 2026.
Application: Industrial Sub-segment to Have a Significant Growth Rate
The industrial sub-segment of the global induction motor market is expected to have a significant growth rate and generate a revenue of $10,826.4 million during the 2019-2026 forecast timeframe. This growth is attributed to the wide usage of three-phase induction motors for industrial applications due to their reliability, affordability, and low maintenance.
Region: Market in the North America Region to Witness Better Growth Opportunities
The induction motor market in the North America region is predicted to witness better growth opportunities and grow at 12.7% CAGR during the analysis years. This immense growth rate is attributed to the rising adoption of residential applications in the region.
Key Induction Motor Market Players:
Some key market players include
- Marathon Electric
- Kirloskar Electric Company
- Regal Beloit Corporation
- Siemens AG
- Emerson Electric Company
- Baldor Electric Company
- Schneider Electric SE
- ABB Ltd
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in July 2021, ABB Ltd., a leading automation company, announced its decision to sell the mechanical power transmission business to RBC Bearings Inc., a renowned ball and roller bearing manufacturing company, for $2.9 billion. This acquisition by RBC Bearings Inc. will boost its offerings to the aerospace industry, which was largely hit by the pandemic.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Region: Asia-Pacific Region has a lucrative growth rate (Avail Customization)
More about Induction Motor Market:
- Induction Motors: Main Types and Different Applications
- Induction Motor Market: Stepping towards an Impactful Future
