Wilmington,Delaware, March 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “AC Electric Motor Market by Output Power (1000 HP up to 10000 HP, 10000 HP up to 20000 HP, and 20000 HP up to 30000 HP), End-User Industry (Transportation, HVAC, Industrial machinery, and Others), and Sales Type (New Sales and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032 ". According to the report, the global ac electric motor market was valued at $17.4 billion in 2022, and is projected to reach $27.8 billion by 2032, registering a CAGR of 4.7% from 2023 to 2032.
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Prime determinants of growth
The AC electric powered motor market is currently witnessing a significant increase in demand, primarily propelled by the growing emphasis on energy efficiency. Rise in concerns about environmental issues and increased focus on sustainable practices are driving industries and consumers towards more efficient technologies. Players in the automobile and transportation sector are actively pursuing innovations in electric and environmentally friendly vehicles. The integration of electric motors in vehicles not only enhances efficiency but also contributes to better overall performance. Many companies are actively participating in government-led energy management programs, and the increasing support from governments, including funding initiatives for electric vehicles to reduce carbon emissions, is anticipated to provide substantial growth opportunities for the AC electric motor market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $17.4 Billion |
| Market Size In 2033 | $27.8 Billion |
| CAGR | 4.7% |
| No. Of Pages In Report | 253 |
| Segments Covered | Output Power, End-User Industry, Sales Type, And Region. |
| Drivers | Increase In Demand For Energy-Efficient Electric Motors. Rise In Awareness About Electric And Green Vehicles Among Customers |
| Restraints | High Initial Costs And Maintenance Of Electric Motor |
| Opportunities | Improvement In Design Methods To Reduce Carbon Emissions |
The 1000 HP up to 10000 HP segment to maintain its leadership status during the forecast period.
By output power, the 1000 HP up to 10000 HP segment held the highest market share in 2022, accounting for more than two fifth of the AC electric motor market revenue and is estimated to maintain its leadership status during the forecast period. However, the 10000 HP up to 20000 HP segment is projected to attain the highest CAGR of 5.2% from 2022 to 2032, owing to increase in demand for high output and efficiency ac electric motor for industrial sector.
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The industrial machinery segment maintained its leadership status during the forecast period.Based on end-user industry, the industrial machinery segment held the highest market share in 2022, accounting for more than one half of the AC electric motor market and is estimated to maintain its leadership status during the forecast period. However, the transportation segment is projected to attain the highest CAGR of 5.7% from 2022 to 2032, owing to rise in demand for efficient and specialized equipment for industrial sector and rise in demand for AC electric motor for transportation sector to reduce carbon emission.
The new sales segment to maintain its lead position during the forecast period.
By sales type, the new sales segment accounted for the largest share in 2022, contributing to nearly four fifth of the AC electric motor market revenue, and the after market segment is expected to portray the largest CAGR of 5.7% from 2022 to 2032. This attributed to growing emphasis on sustainable practices and the need for installing new ac electric motor to fulfil new emission standard.
The Asia-Pacific region to maintain its leadership status throughout the forecast period.
Region-wise, the Asia-Pacific region held the highest market share in 2022, accounting for nearly two fifth of the AC electric motor market revenue and is estimated to maintain its leadership status during the forecast period. However, LAMEA is projected to attain the highest CAGR of 6.6% from 2022 to 2032.
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Leading Market Players: -
- ABB Ltd.
- Cantoni Group, LLC
- General Electric
- Hitachi
- Nidec Corporation
- SEC Electric Machinery Co., Ltd
- Siemens
- Teco Electric & Machinery Co., Ltd.
- Toshiba Corporation
- Weg
The report provides a detailed analysis of these key players in the AC electric motor market. These players have adopted different strategies such as investments, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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