April 04, 2023 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, April 04, 2023 (GLOBE NEWSWIRE) -- Induction motor Market sales are expected to total US$ 40.5 billion globally in 2032. A significant CAGR of 7.4% is anticipated between 2022 and 2032. In 2022, it was valued at about US$ 19.9 billion. Low Voltage Motor
Induction motors do not need much maintenance or practically do not need any. One of the key factors driving up demand for these motors is the absence of slide rings, commuters, or brushes.
A fluctuating magnetic field formed in the stator and the current generated in rotor coils interact to produce torque in an AC electric motor known as an induction motor. In most machines, this kind of motor is chosen over traditional ones.
In comparison to conventional ones, it is stronger and more environmentally friendly. Due to its endurance and low maintenance requirements, it is a suitable choice for the manufacturing and automotive industries. Another important factor contributing to its rising popularity is its ability to function in a variety of weather situations.
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Rising emphasis on lowering greenhouse gas emissions and the desire for energy-efficient products are two main factors contributing to growing popularity of electric cars. According to the International Energy Agency (IEA), 2 million electric vehicle units were sold in the first quarter of 2022, a substantial increase over the previous year.
It was a 75 percent rise over the same time in 2021. Due to expansion of the EV industry, induction motor demand is anticipated to increase. These motors are sought by makers of electric vehicles (EVs) due to their durability, dependability, and need for little maintenance.
Consistent and significant expenditures in power generation are required to meet the surging demand for electricity to sustain global growth. Induction motor use has increased in the electricity sector as a result.
Significant prospects for energy savings and a drop in operating costs exist in both industrial facilities and buildings when electric motor systems are optimized. Motors use about 50% of the nation's electricity, 90% of which is used by AC induction motors, according to the USA Department of Energy.
Key Takeaways from Induction Motors Market Study
“Currently, industrial motors are important in numerous industrial applications since they increase a company's productivity. The fundamental goal of numerous manufacturing organizations nowadays is to maximize production efficiency with induction motors.” – Says a lead analyst.
Competitive Landscape: Induction Motors Market
Top induction motor producers are improving their brand's reputation and image through successful marketing and advertising efforts. They are also taking part in numerous trade shows and events.
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A few well-known businesses are using digital technologies to improve supply chain management, streamline operations, and increase consumer interaction. In order to acquire access to new markets and clients, they are also forming partnerships and collaborations with regional businesses and distributors.
Induction Motors Market Outlook by Category
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Get More Exclusive Insights into Induction Motors Market Study
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the induction motors market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.
The study reveals extensive growth in the induction motors market in terms of product type (single phase induction motor, three-phase induction motor), end-use sector (industrial, residential, commercial), and region.
1. Executive Summary | Induction Motors Market
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
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