Electric Motor Market Upcoming Trends by Worldwide Industry Growth, Statistics, and Opportunities to 2026
Overview of Electric Motor Market:
The global electric motor market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% during the forecast period.Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and Asia Pacific regions along with growing use of electric motors across major industries is the driving factor for the growth of this market.Emerging robotics technologies and the demand for electric motors in the robots is likely to create a larger opportunity for electric motor market in near future.
The industrial segment is expected to dominate the electric motor market
The industrial segment is expected to lead the electric motor market from 2020 to 2026. This sector provides good scope for motor manufacturers, as most industries depend on motorized automation. The segment includes the utilities, oil & gas, cement & manufacturing, metal and mining, oil & gas, renewables, petrochemicals & chemicals, water & wastewater, and paper & pulp industries, all of which use electric motors for pumps, boilers, compressors, and other applications, at various process stages.
The DC motor segment is expected to be the fastest-growing electric motor market
The DC motor segment, by type, electric motor market is estimated to grow at the fastest rate during the forecast period. The advantages of DC motors include excellent speed control, easy design, high starting torque, and simple operation. The increasing demand for brushless DC motors in electric vehicles is likely to drive this segment in the electric motor market.
Asia Pacific likely to emerge as the largest electric motor market
In this report, the electric motor market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to be the largest Electric Motor Market during the forecast period. Asia Pacific comprises China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The ongoing industrialization in India, along with increasing electric vehicle manufacturing in China is expected to create an ample amount of opportunity which is likely to drive the growth of Electric Motor Market in Asia Pacific region.
Some of the leading players in Electric Motor Market are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).
Content Source: https://www.marketsandmarkets.com/PressReleases/electric-motor-sales.asp
