New York, NY, May 09, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Induction Motor Market by Type (Single-Phase and Three-Phase) and by Application (Industrial, Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global induction motor market was approximately USD 11.92 billion in 2018 and is expected to generate around USD 27.34 billion by 2025, at a CAGR of around 12.3% between 2019 and 2025.
Induction motor is among the commonly used electric motors in today’s time. Induction motors are also known as asynchronous motors, as they run at a speed that is lower than synchronous speed. In simple words, induction motors convert electrical energy into mechanical energy. The global induction motor market is likely to experience notable growth in the future, owing to the increasing induction motor demand mainly by the automotive industry. The significant robustness of induction motors, when compared to traditional motors, is high, which makes them suitable for industrial manufacturing and various automotive industry verticals.
Browse through 29 Tables & 15 Figures spread over 110 Pages and in-depth TOC on “Global Induction Motor Market: Type, Size, Share, Growth, Segments, Analysis and Forecast, 2018–2025”.
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Additionally, induction motors possess the ability to work under varying climatic conditions. They are durable and their maintenance and repair charges are also low, which is projected to further foster the global induction motor market development in the future. Furthermore, induction motors have diverse applications in several industry verticals, such as automobile, textile, oil, and gas, etc. This, in turn, is also contributing to the induction motor market growth in the upcoming years. However, the volatility in raw material prices and huge initial investments associated with the production of induction motors may hamper this global market’s growth in the years ahead.
Based on type, the induction motor market is fragmented into single-phase and three-phase. The three-phase segment is expected to dominate the global market in the years ahead, owing to the growing acceptance of three-phase induction motors for various applications. By application, the market is categorized into industrial, residential, and commercial. The industrial segment is expected to dominate the global market in the future, as induction motors are utilized in various parts of the electric automobiles and for different industrial manufacturing processes.
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By region, North America held an extensive share of the global induction motor market and is expected to continue with its regional authority in the upcoming years as well. This regional growth can be attributed to the growing adoption of induction motors in electric automobiles and the rising use of induction motors in industrial manufacturing, automobiles, aerospace, and defense industry sectors.
The Asia Pacific induction motor market is projected to show the highest growth rate over the estimated timeframe. Emerging economies in the region are likely to provide new growth opportunities to the manufacturers for the production of induction motors, which will fuel this regional market’s development.
Browse the full “Induction Motor Market by Type (Single-Phase and Three-Phase) and by Application (Industrial, Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/induction-motor-market
Europe is expected to provide significant opportunities for the global induction motor market in the future, owing to the growing production of hybrid electric vehicles across the region and the various technological advancements witnessed in induction motors by manufacturing companies and organizations.
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Some major players operating in the global induction motor market include Kirloskar Electric Company, Marathon Electric, ABB, Regal Beloit Corporation, Schneider Electric, Emerson Electric Company, Siemens AG, and Baldor Electric Company.
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This report segments the global induction motor market into:
Global Induction Motor Market: Type Analysis
- Single-Phase
- Three-Phase
Global Induction Motor Market: Application Analysis
- Industrial
- Commercial
- Residential
Global Induction Motor Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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