Electric AC Motor Market Good Opportunity to Hit New Growth Level 2020-2026
New York, NY 13 May 2020:The global electric AC motors market is estimated to reach USD 166.5 billion by 2026 growing at a CAGR of 8.8% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Electric AC Motors Market Share, Size, Trends, & Industry Analysis Report, By Type (Induction AC Motors, Synchronous AC Motors); By Application (Automotive, Agriculture, Residential, Commercial, Industrial, Others); By Region: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the Induction AC Motors segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
The increasing automation in various industrial processes, and use of electric AC motors in diverse applications such as healthcare, construction, automotive, and consumer goods among others is expected to support the market growth. Increasing use of electric AC motors in infrastructural development, and rising construction activities especially in the developing economies accelerates the market growth. Other driving factors include rising demand for household appliances, growing use in HVAC applications, and government support for development of high efficiency electric AC motors. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the electric AC motors industry during the forecast period.
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Asia-Pacific generated the highest revenue in the market during 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, agriculture, construction, and automotive, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support the strengthening of electric AC motors industry in the region. The increasing sale of passenger vehicles, coupled with high penetration of electric vehicles in countries such as China, and Japan increases the adoption of electric AC motors in the region.
The different types of electric AC motors include induction AC motors, and synchronous AC motors. In 2018, the induction AC motors segment accounted for the highest share in the electric AC motors industry owing to the increasing demand from industries such as agriculture, paper & pulp, and chemicals. Some key features offered by induction AC motors include controlled acceleration, simplicity, low-cost, quiet, long-lasting, and low power demand on start, among others.
The well-known companies profiled in the electric AC motors market report include Siemens AG, Kirloskar Electric Company, Johnson Electric, Rockwell Automation, Inc., Baldor Electric Company, Allied Motion Technologies Inc., Ametek Inc., Asmo Co. Ltd., Franklin Electric Co. Inc., and ABB Limited among others. These companies are consistently launching new products to enhance their offerings in the electric AC market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach.
Polaris Market Research has segmented the global Electric AC Motor market on the basis of type and end user and region:
Electric AC Motor Source Type Outlook (Revenue, USD Billion, 2015 – 2026)
Induction AC Motors
Synchronous AC Motors
Electric AC Motor Source End User Outlook (Revenue, USD Billion, 2015 – 2026)
Automotive
Agriculture
Residential
Commercial
Industrial
Others
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