India, Pune, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global Induction Motor Market is influenced by economic growth, industrial expansion, regulatory changes, technological innovations, and the shift towards sustainability and energy efficiency. These factors collectively contribute to a sustained and growing demand for induction motors across the globe. The growing trend toward electrification of transportation and machinery in various sectors leads to an increased demand for induction motors used in electric vehicles and other electrified systems.
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According to the report, the induction motor market based on type is divided into single-phase induction motor and three-phase induction motor. Single-phase motors are expected to witness significant growth in the forthcoming years owing to its light and regular applications.
The three-phase induction motors are predicted to account for a high share during the forecast period owing to their use in heavy load applications.
Based on the application, the induction motor market is divided into residential, industrial, commercial, transportation, and others. The residential and commercial segments are expected to account for the largest share in the global induction motor market size owing to the rising demand from both the sectors.
The transportation segment is predicted to witness lucrative opportunities in the foreseeable future owing to the rising demand for automobiles and the high requirement of induction motor in the automotive industry.
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The report offers valuable insights into all the predominating trends of the induction motor market. It provides a comprehensive summary of all the segments and shares analytical statistics on all the regions of the market. The report is put together after a wide-ranging investigation followed by insightful exploration to benefit companies, stakeholders, financers, and potential investors.
The report offers a clear depiction of the market size to help our readers acknowledge all the potential threats in the market. Besides, it also covers all the latest advancements and development, product launches, acquisitions, and collaborations & partnerships that took place in recent times.
Unveiling of M Mining series by WEG to Boost Market Prospects
WEG, a Brazilian company, operating in the electrical engineering, power and automation technology areas announced the release of M Mining series of slip-ring induction motors which are designed especially for use in the dusty environments of iron ore operations and the cement sector.
The new line is available frame sized IEC 1355 to IEC 1000 (International Electrotechnical Commission) and in the power range of 250 kilowatts to 10 megawatts at a line frequency of 50 or 60 hertz. The launch of the M mining series by WEG is expected to accelerate the growth of the market during the forecast period.
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Furthermore, the company spokesperson said in a statement, "These three-phase induction motors between 4 and 14 poles are designed for voltages up to 13.8kV and are ideal for mills, crushers, blowers, exhaust fans, conveyors, centrifuges and other applications.” In addition, the launch of the new induction motor WL29BC200 is expected to facilitate the induction motor growth.
For instance, in July 2019, Ward Leonard launched the oil and gas industry’s 2000 HP induction motor WL29BC200 which is designed to fit into a package of 15000 HP.
Increasing Number of Manufacturing and Industrial Units to Aid Growth in Asia Pacific
Asia Pacific is predicted to grow at a rapid pace owing to the increasing number of manufacturing and industrial units in the region. Induction motors are also used in daily applications like water pumps, kitchen appliances, fans, and air conditioners, automobiles. The rising number of power generation plants has also increased sales of induction motor in Asia Pacific.
Rapid urbanization has fuelled the demand for elevators and escalators, which, in turn, will support the growth of the market. Europe and North America is predicted to witness a high growth rate during the forecast period owing to the increasing refurbishment, up-gradation, and modernization in the region. The rising demand for electric cars will also boost the market in the regions. The rising focus of various companies towards R&D activities of electric cars, which will subsequently aid the induction motor market revenue.
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Some of the Major Companies in the Induction Motor Market are:
- Ward Leonard, WEG
- ABB
- AC – Motoren
- ATB
- CAG Electric Machinery s.r.o.
- Cantoni Motor
- CG Power Systems
- Changzhou Duowei Electric Co.,Ltd
- Chinabase Machinery (Hangzhou)
- CRRC Zhuzhou Electric Co., Ltd
- Elprom Harmanli
- FIMET Motori & Riduttori S.p.a.
- Fujian Mindong Electric Co., Ltd., GE
- Bosch Rexroth.
Global Induction Motor Market Market Segmentation:
By Type
- Single Phase
- Three Phase
By Application
- Residential
- Industrial
- Commercial
- Transportation
- Others
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