Several end-use sectors, chiefly food and beverages as well as automotive, are deploying innovative electric motors to boost manufacturing efficiency. Increasing customer preference for energy-efficient products is likely to be a foremost aspect that is boosting the requirement.
The increasing need for replacement of industrial systems and aging assets is anticipated to fuel the expansion of the worldwide market during the assessment time frame (2019-2028). The worldwide market for electric motors will touch US$ 152 Billion estimations by 2028.
Key Takeaways from Market Research
- Electric motors (electric planetary motors) are energy-efficient, failsafe, along with space-saving, and can play a vital role in the electro-mobility future.
- Implementation of IoT-enabled in industrial exercises for performance monitoring and energy efficiency will fuel the worldwide market for electric motors development.
- Market concentrate on technological upgradations, for instance, smart electric motors, would provide makers topmost prospects to boost sales amid emerging Asian economies.
- Present technological progressions in production techniques and the need for increased productivity and cost competitiveness have made automation a predictable element of modern industries. Such aspects are playing a vital role in worldwide market development.
- The latest innovation in the market is a novel axial flux motor for usage in electric vehicles and different applications that require lightweight and powerful motors. It is lighter, faster, and created for motorcycles and electric cars.
- The growing need for light-duty motors (that is below 1 HP) in the approaching years would control prominent makers to co-operate with regional suppliers and distributors for increasing their business.
- APAC nations will be topmost regions, as a result of increasing applications in fans and pumps, particularly in China and India.
“Energy-efficient and miniaturized electric motors which lessen energy costs would foresee heightened demand, particularly for domestic applications use. Additionally, the implementation of EVs is likely to be quickly expanding in the U.S. and Europe, which would play a fundamental part in market development.”
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There are multiple and diverse applications of electric motors in medical equipment and devices, for example, high-quality pumps, patient handling equipment, centrifuges, insulin pumps, infusion pumps, hemodialysis machines, respirators, compressors, scanners, dental drills, surgical robot grippers, precision surgical hand pieces, implantable and prosthesis devices (pacemakers, ventricular assist devices, nerve stimulators, defibrillators, etc). Moreover, electric motors are extensively employed in healthcare equipment, e.g., therapy equipment, massage apparatus, wheelchairs, exercisers, etc
The worldwide market for electric motors is majorly fragmented because of the existence of a huge number of domestic and international makers. Additionally, several makers are providing identical products of changing power output according to end-user needs. Topmost market participants are concentrating on increasing their existence in emerging economies, for instance, India, Brazil, Mexico, Thailand, and Indonesia, to increase their market existence, ensuing in escalating market competitiveness in growing markets.
A few of the foremost players referred to in the market are General Electric, Nidec Corporation, Siemens AG, WEG S.A, ABB Group, Robert Bosch GmbH, along with Emerson Electric Co.
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