Electric Motor Sales Market Anticipated to Reach $169 Billion by 2026
Electric Motor Sales Market is anticipated to reach $169 billion by 2026 at a CAGR of 6.9% during the forecast period 2021-2026. Electric motors are used to transfer electrical energy to mechanical energy, most commonly by the use of electromagnetic phenomena. Electric motors of different sorts, including as AC motors, DC motors, Hermetic motors, synchronous ac motor and others, are widely used. Machine tools, household appliances, electric cars, HVAC equipment, power tools, automated robotics, and other applications are driving market expansion. HVAC systems maintain interior air quality and provide thermal comfort. They are one of the most important components of contemporary infrastructure, particularly in the case of huge office buildings or retail malls. Electric DC motors are commonly utilized in HVAC systems to produce great efficiency and improve the life and power of airflow systems. The need for HVAC systems is growing across Asia Pacific, particularly in China and India, as their industrial and commercial sectors continue to expand. The market is also growing due to an increase in demand for improved machine control in the automotive sector, which is fueled by the high efficiency of AC synchronous motors. Regulations such as the Minimum Energy Performance Standards (MEPS) are driving the global market for energy efficient electric motors. Hence, these factors will drive Electric Motor Sales market size in the forecast period 2021-2026.
Electric Motor Sales Market Segment Analysis – By Motor Type
This market is segmented into AC Motor, DC Motor, Hermetic Motor on the basis of motor type. AC Motor segment is anticipated to witness significant amount of growth in the forecast period 2021-2026. AC motors include Induction motors, linear motors, and synchronous motors and others. AC motors also include variable-frequency drives to control the motor’s speed and torque. AC motors are more efficient and require less maintenance, and their service life is frequently limited only by the bearing life. They don’t have any wearable components since they don’t require commutators, brushes, or slip rings. This makes them suitable for situations where the motor must be ready to function at all times, is difficult to reach, or will run for lengthy periods of time without monitoring. Appliances, compressor drives and systems, computers, conveyor systems, fans and air conditioners, hydraulic and irrigation pumps, and transportation equipment are some of the most frequent industrial uses for AC motors. Increasing demand for them in a variety of sectors, including as chemicals, paper and pulp, cement, and wastewater treatment, is expected to fuel the segment’s expansion. Growing sales of electric cars, as well as the machine type’s subsequent scope, are projected to drive the segment’s expansion during the projection period. In 2020, ABB has launched a low voltage IEC induction motor to reduce the overall size of the equipment. Similarly, Arc Systems Inc developed the squirrel cage induction electric motor with class-H insulation materials, which can sustain high temperatures. Hence these factors are analyzed to drive the market growth in the forecast period 2021-2026.
Electric Motor Sales Market Segment Analysis- By End User Type
By End User, Electric Motor Sales market is segmented into Industrial, Commercial, Residential, Agriculture, others. Industrial segment is estimated to hold the highest market share during the forecast period 2021-2026. The rising emphasis on industry 4.0 is driving the demand for industrial motors. In many areas, industrial automation propels the manufacturing industry toward more efficient productivity, which is anticipated to expand rapidly throughout the projection period. According to the Industrial Energy Accelerator, the millions of electrical motors deployed throughout the world utilize around 70% of all electrical energy consumed by industry. Motors are essential in nearly every sector, as they drive both fundamental industrial processes and auxiliary systems such as compressed air production, ventilation, and water pumping. In February 2020, Shell Nederland Chemie BV successfully installed a variable-speed drive system (VSDS) and an e-house supplied by GE in a petrochemical facility. GE’s VSDS, which consists of a high-speed induction motor and a variable speed drive, can consistently achieve over 90% energy efficiency for the compressor train. In June 2020, ABB introduced its AXW 315 and 400 IEC water-cooled motors, which provide more watts per kilogram than traditional totally-enclosed fan-cooled (TEFC) motors. These motors provide an average of 40% more power than traditional fan-cooled versions. With the rising need for energy-efficient motors in the industry, these solutions provide a competitive advantage. Thus, such product launches further are analyzed to drive the market in the forecast period 2021-2026.
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Electric Motor Sales Market Segment Analysis – By Geography
APAC region held the highest market share of around 40% and is anticipated to witness significant amount of growth with CAGR 7.8% in the forecast period 2021-2026. The main drivers driving the market expansion are growing compliance for energy efficient motors and rising use of motor-driven electric cars. The electric motor sales market is projected to increase as demand for efficient energy consumption grows in response to concerns about the environmental effect of energy generation from conventional sources such as coal and natural gas. In addition, agricultural innovations and massive expenditures in industrialization in nations such as china, India, South Korea, and Australia are propelling market expansion. In addition, the rising production and sales of electric cars in countries such as China and Japan are being investigated as potential market drivers. Automobile manufacturers have been expanding their manufacturing facilities in China, which is likely to boost demand for industrial motors over the forecast period. For instance, in Jan 2020, Mercedes-Benz announced that it is set to build smart electric cars with China’s Zhejiang Geely Holding Group. The facility was capable of producing 150,000 vehicles in a year. The two carmakers may invest CNY 5.4 billion (USD 780.3 million) to support the development of the global headquarters in Ningbo and distribution centers in China and Germany. Furthermore, in Feb 2020, Henkel Adhesives Technologies officially opened its new EUR 50 million production facility in Kurk Kumbh, near Pune, India, to serve the growing demand for the Indian industries for high-performance adhesives, sealants, and surface treatment products. The 100,000 sq. m facility is designed as a smart factory, equipped with a wide range of Industry 4.0 operations to meet the highest sustainability standards. The government in China launched numerous smart manufacturing pilot projects, according to the Ministry of Industry and Information Technology. The country also intends to create its intelligent manufacturing system and complete the major industries transformation by 2025, according to the 13th five-year plan of Smart Manufacturing. All these factors together are analyzed to contribute towards the market growth for Electric Motor Sales.
Electric Motor Sales Market Drivers
Increase in demand of electric motor owing to the rise in market for electric vehicles drives the market growth for Electric Motor Sales
According to IEA, the worldwide electric car stock reached 10 million in 2020, a 43 percent increase over 2019 and a 1 percent stock share. In 2020, battery electric vehicles (BEVs) represented two-thirds of new electric car registrations and two-thirds of the stock. China had the largest fleet, with 4.5 million electric vehicles, while Europe had the highest yearly rise, reaching 3.2 million in 2020. A variety of reasons contributed to a rise in electric vehicle registrations in 2020. Notably, on a total cost of ownership basis, electric vehicles are progressively becoming more competitive in several nations. Several governments gave or extended economic incentives to offset the impact of the downturn on electric vehicle purchases. Major automakers such as General Motors, Toyota, and BMW intend to deliver 400 new models by 2025, with worldwide sales of 25 million expected. Ford Motor planned in 2021 to increase its expenditures in electric cars to $30 billion by 2025, up from $22 billion by 2023. Similarly, Volkswagen and Chinese companies resolved to invest $17.5 billion on electric vehicles by 2025 in 2020. As electric cars employ various types of electric motors, the Electric Motor Sales Market is driven by the growing demand for electric vehicles globally.
Increasing adoption of electric motor for HVAC application tends to boost the market growth during the forecast period
The use of energy-saving appliances has become a big trend. As HVAC systems use less energy, the strain on power plants is reduced, which decreases the use of fossil fuels. HVAC systems have emerged as a popular piece of equipment that may easily serve as the foundation for smart homes. This has resulted in a rise in the demand for HVAC systems in industries. The incorporation of an intelligent HVAC system outfitted with sensors allows users to regulate the temperature in any area of their home at any time. Thus, the rise in demand for HVAC systems leads to create market opportunity for growth of electric motor sales. In September 2019, Daikin Industries Ltd introduced the split AC GTL28 3. This new air conditioner uses less than 3.5 amps of power, which is equivalent to using a hair drier or a microwave. The introduction of advanced products is expected to boost the Heating, Ventilation, and Cooling Market, which will drive the electric motor sales market.
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Electric Motor Sales Market Challenges
High Costs of maintenance act as a hindering factor for market growth
Industrial motors with high power ratings produce significant vibration, strain, and temperature during operation, which might have a significant impact on electrical components and cause them to malfunction. When a high horsepower motor is utilized in conjunction with a poor load factor, the cost per hour of operation skyrockets. However, other motors, such as induction motors, do not have self-starting torque. Auxiliaries may also be necessary to start a single phase motor. Thus, the electric motor sales market is likely to be hampered by high maintenance costs as well as lack of knowledge of the benefits associated with smart motors among small and medium-sized business owners for a variety of applications.
Electric Motor Sales Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Electric Motor Sales market. In 2020, the market of Electric Motor Sales industry outlook has been fragmented by several companies. Electric Motor Sales top 10 companies include:
• Baldor Electric Company, Inc.
• Ametek Inc.
• Franklin Electric Co., Inc.
• Asmo Co., Ltd.
• Johnson Electric Holdings Limited
• Siemens AG
• Rockwell Automation
• Toshiba Corp.
• Hitachi Ltd.
• Nidec Corporation, among others.
Acquisitions/Technology Launches
In March 2020, Wolong Electric, a subsidiary of Wolong, acquired GE’s small industrial motors business for USD 160 million. This acquisition is expected to help Wolong gain a leading position in terms of market share
In February 2020, Nidec Corporation launched two new traction motor systems — the 200 kW Ni200Ex and 50 kW Ni50Ex — based on the company’s original 150 kW E-Axle (fully integrated traction motor system with an electric motor, reduction gearbox, and inverter).
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