Electric Motors Market is Expected to Reach $129 Billion, Globally, by 2020 – Allied Market Research
A new report by Allied Market Research titled, “Global Electric Motors Market (Motor Types, Output power, Applications and Geography) – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020”, considers commercial aspects of the Electric motors market. Based on trend analysis, it is anticipated that the electric motors market would reach $129 billion by 2020, registering CAGR of 5.0% during 2014 – 2020. The thriving market conditions can be attributed to the advent of low power consuming premium motors and the customizable application specific designs.
After the success of standard electric motors, premium efficiency electric motors are driving the electric motors market as a whole. The rapid prototyping process of manufacturing energy efficient electric motors adopted by leading manufacturers would propel the growth of electric motors. Although expensive than conventional motors, the long term environmental benefits offered by the premium motors tend to outweigh the initial premium cost and increase the efficiency of the application by approximately 20% as compared to standard motors, which in-turn saves the cost of energy consumed. The demand for energy efficient electric motors can be attributed to factors such as growing consumption of electricity, rising automobiles production, home appliances and the electric motor driven systems. Moreover, the recent electric motor manufacturing standards i.e. the use of improved design, materials, and the manufacturing techniques that enable energy efficient motors to consume less electricity are encouraging the global motors manufacturers to develop energy efficient motors.
To View the report, visit the website at http://www.alliedmarketresearch.com/electric-motor-market
According to AMR analysis, the Automobile sector generates nearly 52% of the revenue amongst others. Moreover, the adoption of the electric motors in the automobile sector is growing substantially as the companies such as Tesla, Ford, Nissan and Chevrolet are innovating novel electric cars and are planning to expand their reach in geographies such as Europe and LAMEA creating these markets as the hub of electric vehicles. The favorable initiatives by the governments of various regions are encouraging the growth of electric motors in electric vehicles (green vehicles) in order to safeguard the environment by controlling fuel emission. The analysis shows that AC motors are the widely used motor types amongst others. 70% of the applications use AC motors; whereas, hermetic motors are only used in heating, ventilating, air-conditioning and refrigerating applications.
Asia Pacific is the global leader in electric motor market chiefly due to higher consumption of end-use products and low labor cost. Nevertheless, Latin America, Middle East & Africa (LAMEA) are the most opportunistic regions for the development of electric motors after Asia-Pacific region. Various launches such as new electric plug-in and hybrid cars, awareness drives to support green vehicles and rising need for premium efficiency appliances are the key reasons for the development of the aforementioned regions. These trends suggest that the international as well as local electric motor manufacturing companies are focusing on the launch of different types of motors in the LAMEA region. The TECO Electric and Machinery Co. Ltd., Of Taiwan have ventured with Al-Quraishi Electrical Services of Saudi Arabia (AQESA) and together launched the first high and medium voltage electric motors in Middle East region in the year 2012.Therefore, top market players are looking forward to capitalize on the prevailing opportunities in these countries.
Mergers and Acquisitions among the top players and the local players would further accelerate the growth and improve the services to the customers. Allied Motion Technologies Incorporation has recently acquired Globe Motors, a precision quality grade electric motor design and manufacturer, for a whopping $90 million. This acquisition helped the company to provide innovative products and customized solutions to the end-users. The key companies profiled in the report are Ametek, Incorporation, Siemens AG, Baldor Electric Incorporation Allied Motion Technologies, ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation and Johnson Electric Holdings Limited.