Surging Demand From the Agriculture Sector Stimulates the Global Electric Motor Market Growth
“According to a new market research report published by Inkwood Research, the Global Electric Motor Market is estimated to record a CAGR of 7.07% in terms of volume and 6.08% in terms of revenue during the forecasting years of 2019-2027.”
“Browse 52 Market Data Tables and 45 Figures spread over 147 Pages, along with an in-depth TOC on the Global Electric Motor Market Forecast 2019-2027.”
A motor converts energy into motion. When it comes to electric motors, electric energy is utilized for creating motion. The several components of the motor like rotor, bearings, stator, commutator, and windings, aid in its efficient functioning. The electric motors improve the efficiency and high performance of the vehicles. There is an increasing awareness regarding environmental pollution caused by vehicles, and it has resulted in increased demand for minimum emission vehicles and electric vehicles among customers. This is set to influence the growth opportunities for the global electric motor market. According to Inkwood Research, the global electric motor market is anticipated to record steady growth over the forecast period.
Growing Demand from the Agriculture Sector Augments the Electric Motor Market
Agriculture is the backbone of many economies in the world. The rising agriculture production systems, along with technological advancements, are the dominant factors positively influencing the global poverty reduction. The agricultural sector makes use of machines that need a constant power supply. More importantly, a wide variety of agricultural businesses utilize electric motors for water supply through irrigation. The pumps, conveyors, fans, irrigation systems, and compressors, use electric motors that are highly energy-intensive. They account for only 10% of the total energy used in the agriculture sector. They reduce electricity consumption and operational costs, and are energy-efficient and long-lasting. These attributes of the electric motor make it highly viable in agriculture, resulting in immense growth opportunities for its market across the globe. Also, the electric motor plays a crucial role in providing shaft power for machines that require low horsepower and portable equipment.
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AC Motors Category Dominates the Motor Type Segment in Terms of Revenue Share
Alternating current (AR) motors are used in industrial applications, compressors, aerospace, and machine tools. The AC motors are easy to build with several features, and in different sizes that can range from a few watts to thousand kilowatts. One of the primary reasons for the wide-scale utilization of AC motors is its general availability and access. They convert electric energy into mechanical energy, and are classified into synchronous and induction motors. Synchronous AC motors are utilized in producing high kilowatt output, and are considered to be better efficient than the induction motors. They find applications in substations and generating stations that are connected to bus bars for improved power factor. The low costs and easy access to synchronous motors result in their increased adoption. On the other hand, the induction AC motor, with its self-starting capability, are utilized in industrial applications, lifts, industrial pumps, conveyors, lathe & drilling machines. These are cost-effective, and have the ability to operate in harsh environmental conditions.
North America has the Largest Revenue Share in the Global Market
North America’s electric motor market accounts for 34.06% of the total market share in terms of revenue, in 2018. Much of the revenue is garnered from the industrial & automotive industry. The growing number of manufacturing sectors is anticipated to positively influence the market growth. At the same time, many big industry players are considering expansions through investments. Also, the surging demand for energy-efficient motor for specific machinery for several industrial processes serves as another major driver for the regional market.
The increasing growth opportunities and investments in the market have strengthened the presence of both, well-established and new companies in the global market. Allied Motion Technologies, Inc., Brook Crompton UK Ltd. (Subsidiary Brook Crompton Holdings), ABB Group, Arc Systems Inc., Ametek, Inc., Denso Corporation, etc. have made to the list of well-established companies in the market. Due to its competitive nature, the market has prominent players vying for the biggest share through product offerings and R&D activities. They are also looking forward to increasing their presence by improving their distribution channels.