Increasing Production of Automobiles and Growing Focus on Energy Efficiency to Boost Demand for Electric Motors
The growing trend of replacing gas turbines with electric motors in large industrial plants so as to reduce maintenance costs and improve plant process reliability is expected to ensure a healthy growth of the electric motors market. According to a new report by Transparency Market Research (TMR), the Global electric motors market is expected to expand at a 6.3% CAGR from 2013 to 2019. The market is expected to be worth US$120.68 bn by 2019 as organizations are increasingly focusing on energy efficiency, making the role of electric motors crucial in various industries. In addition to this, the replacement opportunity in the oil and gas industry is expected to be extensive.
In this blog post, TMR answers three critical questions about the electric motors market:
Q. Which region is expected to witness significant growth in the electric motors market?
Asia Pacific is currently leading in the sales of electric motors owing to a high demand from the agriculture sector. Industrialization in countries such as India, Australia, South Korea, and China is another factor, which is a key factor driving the demand for electric motors. Asia Pacific is also likely to be the fastest growing regional segment owing to the rising disposable income.
The North America and Europe electric motors market is expected to grow at a healthy pace in the coming years owing to a high demand for replacing electric motors with low efficiency with the advanced, efficient ones. Stringent regulations regarding the consumption of electricity are also helping the market to grow in these regions.
Q. Which factors are driving the global electric motors market?
Factors driving the global electric motor sales market include increasing use of motor-driven household appliances, rising penetration of motorized automation across end-user industries, the expanding agricultural sector, heightened production of automobiles, and a shift towards energy-efficient motors. Electric motors are widely adopted in compressors, industrial fans, pumps, heating ventilating and air conditioning applications, lathe machines, machine tools, power tools, disk drives, electric cars, automated robots, and domestic appliances. Thus, their demand will grow and drive the market in the future.
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Q. What are key strategies adopted by players in the global electric motors market?
According to the European Automobile Manufacturers Association (ACEA), 91.5 mn motor vehicles were produced across the globe in 2015. Thus, electric motor manufacturers are adopting various developmental strategies to gain a competitive edge in the industry. A few players such as ABB Group Ltd. and Ametek Incorporation have introduced novel products in the market. In addition to this, companies such as Johnson Electric Holdings Ltd and Allied Motion Technologies Incorporation have signed agreements, helping them expand their business in different geographies. This strategy of geographical expansion is implemented by various players in the global market, which is eventually helping them to cater to the growing demand of the customers across different geographies. These strategies are also expected to ensure the growth of the market.