PORTLAND, Oregon, October 21, 2015 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "World Electric Motors Market - Opportunities and Forecasts, 2014 - 2020", the world electric motors market is estimated to garner $129 billion by 2020, registering a CAGR of 5.3% during 2015-2020. In 2014, Asia Pacific accounted for the highest revenue generating region in world electric motors market followed by Europe. The segment of hermetic motor would register a rapid CAGR of 7.4% during the forecast period. Among the different applications, motor vehicles constitute the largest share of over 50% in the global electric motors market.
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Presently, the demand for energy efficient electric motors drives the electric motors market. Although these motors are expensive as compared to conventional motors, the long term environmental benefits offered by premium motors tend to outweigh their initial higher cost. Energy efficient motors increase the efficiency of the machines 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 the growing electricity cost and rising automobile fuel prices. AC motors are largely used across various industrial applications, whereas DC motors generally find major application in the automobile sector.
AC motors accounted for the highest revenue generating motor among all type of motors in 2014. Synchronous and Induction are the two main types of AC motors discussed in the report. Brushed and brushless are two major type DC motors discussed in the report. Owing to low maintenance cost, brushless DC motors are majorly used in small applications across various sectors, which has led the brushless type of DC motor to generate higher revenue in DC motor segment. Among all the three types, Hermetic motors are expected to witness the highest CAGR of 7.4% during the forecast period (2015 - 2020). The growth would be driven by the increasing use of HVAC applications across the world, in turn creating demand for hermetic motors.
Similar market studies published by Allied Market Research -
Permanent Magnet Motor Market - https://www.alliedmarketresearch.com/permanent-magnet-motor-market
Energy Efficient Motor Market - https://www.alliedmarketresearch.com/energy-efficient-market
Fractional Horsepower (FHP) Output motors are popularly used for small applications across medical, automotive, residential and industrial manufacturing sectors, occupying nearly 88% of market share in output power segment of electric motors market. However, the Integral Horsepower (IHP) Output motor would register a higher growth over the forecast period due to the increasing demand for the use of IHP motors in water industry and for irrigation purposes.
The motor vehicle sector generates nearly 52% of the revenue amongst others in application segment of electric motors market on account of the consistently increasing adoption for electric motors in the automobile sector. Leading car makers such as Tesla, Ford, Nissan and Chevrolet are engaged in the development of novel electric cars. Favourable government initiatives and supportive regulatory policies are key factors that are boosting the growth of the electric vehicle market, further supplementing the demand of electric motors.
Key findings of study
- Asia Pacific was the highest revenue generating region in the world electric motor market and would consolidate its position over the forecast period
- Brushless DC motor is the leading segment in the DC motor market, forecast to register CAGR of 4.6% during 2015 - 2020
- Integral Horsepower (IHP) Output motor would register a double digit CAGR during the forecast period (2015-2020)
- Motor vehicles accounts for highest revenue generating segment in the electric motors market
Mergers and acquisitions are identified as prominent development strategies adopted by manufacturers in the market. Allied Motion Technologies Incorporation recently acquired Globe Motors, a precision quality grade electric motor manufacturer. This acquisition has enabled Allied Motion Technologies to provide innovative products and customized solutions to its customers. Prominent Players profiled in the report are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation and Johnson Electric Holdings Limited.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research