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.
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Market for Induction Motors: Growth Drivers
Discovery of motors is one of the most significant achievements in the fields of engineering and technology nowadays; followed by the introduction of electric motors. Among the often used electric motors nowadays is induction motor. Running at a speed less than synchronous speed, induction motors—also known as asynchronous motors—run differently. Induction motors translate electrical energy into mechanical energy, simply said. Rotor and a stator make up induction motors. From home products to commercial equipment, induction motors find extensive use in many different fields. Apart from their natural energy-saving and environmental-friendly character, induction motors are efficient in terms of their functionality when compared to conventional motors.
The rising induction motor demand mostly by the automotive sector indicates that the global induction motor market is probably going to see considerable expansion in the future. Induction motors are highly robust when compared to conventional motors, which qualifies them for many verticals in the automobile sector and industrial manufacture. Induction motors also have the capacity to run under different temperature ranges.
Their cheap maintenance and repair costs as well as their durability are expected to help to drive future global induction motor market growth. Moreover, induction motors find use in several industrial verticals including automotive, textile, oil, gas, etc.
This is then also driving the expansion of the induction motor market in next years. But the volatility in raw material prices and large upfront costs related to the manufacturing of induction motors could impede the expansion of this global industry in next years.
To present a more complete picture of the main companies in the induction motor industry, the study offers company market share analysis. Furthermore covered in the report are important strategic developments of the market including acquisitions and mergers, new technology launch, agreements, partnerships, cooperation, and joint ventures, research and development, and regional expansion of significant players engaged in the market both globally and locally. Furthermore covered in the study are regional-based price trend analysis and company product portfolios.
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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
Market for Induction Motors: Regional Analysis
North America is predicted to keep with its regional authority in the next years as well as hold a significant portion of the global induction motor market. Growing acceptance of induction motors in electric vehicles and increasing use of induction motors in industrial manufacturing, aerospace, military industry sectors can help to explain this geographical development. Growing production of hybrid electric vehicles across Europe and the several technological developments observed in induction motors by manufacturing companies and organizations indicate that Europe is expected to present major prospects for the worldwide induction motor market in the future.
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