According to the latest report by IMARC Group, titled “Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the Induction Motor Market Share . The report also includes competitor and regional analysis, and contemporary advancements in the market. The global induction motor market size reached US$ 21.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.5% during 2024-2032.
Induction Motor Trends:
An induction motor is a widely used Eviri electric motor that operates on the principle of electromagnetic induction. It consists of a stator, which generates a rotating magnetic field when connected to an alternating current (AC) power source. The rotor, typically made of conductive materials, experiences induced currents due to the rotating magnetic field, resulting in the generation of torque and causing the rotor to turn. Induction motors are known for their simplicity, reliability, and efficiency, making them prevalent in various applications, from household appliances to industrial machinery. They require minimal maintenance, have a rugged design, and can handle variable loads, contributing to their widespread use in the electric motor market.
Leading Players Profiled in this Report:
- ABB
- Ametek
- Emerson Electric
- Siemens
- WEG
- Brook Crompton
- Danaher Corporation
- Johnson Electric Holdings
- Regal Beloit
Induction Motor Market Demand and Growth Analysis:
The global market is primarily driven by increasing industrialization and automation across various sectors. These motors are integral to numerous industrial applications due to their reliability, simplicity, and cost-effectiveness. They power machinery, pumps, compressors, and other essential equipment, supporting the expansion of manufacturing and industrial processes. Besides, the rising emphasis on energy efficiency is a major driver. Induction motors have become focal points for energy conservation initiatives. Manufacturers are developing high-efficiency motors to comply with stringent energy efficiency standards and regulations, driving the replacement of older, less efficient motors.
Moreover, the growth of the HVAC (heating, ventilation, and air conditioning) sector is propelling the market. These motors play a crucial role in powering fans, compressors, and pumps in HVAC systems, and the increasing demand for climate control and air quality solutions contributes to their widespread adoption. Additionally, the rise of electric vehicles (EVs) is driving demand for these motors. They are employed in electric propulsion systems due to their efficiency and reliability, aligning with the global shift towards sustainable transportation. Furthermore, the continuous advancements in motor technology, including the development of smart motors and IoT integration, contribute to market growth.
Key Market Segmentation:
Product Type
- Single Phase Induction Motors
- Three Phase Induction Motors
End-Use Sector
- Industrial
- Commercial
- Residential
Region:
- North America (United States, Canada)
- Asia Pacific (Germany, France, United Kingdom, Italy, Spain, Others)
- Europe (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Recent Developments:
- In November 2020, ABB launched new range of low voltage IEC induction motors, which are compactly designed and minimize the overall size of the equipment by minimizing space and total cost of ownership.
- In 2023, Ametek recently acquired Bison Gear & Engineering Corp. (Bison) to expand motion control and automation solutions businesses. Their strong engineering expertise and broad product portfolio provide individuals with expanded capabilities and solution offerings serving attractive growth markets.
Key Benefits for Stakeholders:
- IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the induction motor market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global induction motor market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter’s five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the induction motor industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market. You can also visit here Now :Cto new Canaan
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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