The global induction motor market size accrued earnings worth approximately USD 22.19 Billion in 2023 and is predicted to gain revenue of about USD 42.36 Billion by 2032, is set to record a CAGR of nearly 7.45% over the period from 2024 to 2032.
The study examines the market drivers and restraints for induction motors, as well as the effect that they will have on demand throughout the forecast period.
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At this time, the invention of motors, which was followed by the development of electric motors, stands as one of the most significant achievements in engineering and technology. Presently, induction motors are among the most prevalent types of electric motors. Asynchronous motors are another name for induction motors, given that their rotational speed is less than that of synchronous motors. Induction motors, to put it simply, transform electrical energy into mechanical energy. Induction motor components include a stator and a rotor. Induction motors find utility in a diverse array of sectors, spanning from commercial apparatus to domestic appliances. In comparison to conventional motors, induction motors exhibit superior performance and functionality, in addition to their environmentally sustainable and energy-efficient characteristics.
The rising demand for induction motors, driven primarily by the automotive industry, is anticipated to propel the global induction motor market toward significant expansion in the coming years. In comparison to conventional motors, induction motors are exceptionally robust, rendering them well-suited for applications in industrial manufacturing and diverse sectors of the automotive industry. Moreover, induction motors exhibit the capability to function effectively in diverse climatic conditions.
In addition to their low maintenance and repair costs, their durability is anticipated to contribute to the future expansion of the global induction motor market. Moreover, induction motors find wide-ranging utility across various industry sectors, including but not limited to the automotive, textile, oil, and gas sectors.
Consequently, this will further contribute to the expansion of the induction motor market in the future years. However, the enormous initial investments and price volatility of raw materials associated with the production of induction motors may impede the growth of this global market in the coming years.
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The Global Induction Motor Market is segmented based on product, application and region
Global Induction Motor Market: Product Segment Analysis
● Single-Phase
● Three-Phase
Global Induction Motor Market: Application Segment Analysis
● Industrial
● Commercial
● Residential
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The global Induction Motor market profiles key players such as:
● Kirloskar Electric Company
● Marathon Electric
● ABB
● Regal Beloit Corporation
● Schneider Electric
● Emerson Electric Company
● Siemens AG
● Baldor Electric Company
Regional Analysis of the Induction Motor Market
It is anticipated that North America will maintain its regional dominance in the induction motor market for the foreseeable future, as it dominated a significant portion of the global market. The expansion of this region can be ascribed to the increasing prevalence of induction motors in electric vehicles, as well as their utilization in the aerospace, defense, industrial manufacturing, and automotive sectors.
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