Induction Motor Market Research Report provides a detailed evaluation of the business vertical in question, alongside a brief overview of the industry segments. An exceptionally workable estimation of the present industry scenario has been delivered in the study, and the Induction Motor market size with regards to the revenue and volume have also been mentioned. In general, the research report is a compilation of key data with regards to the competitive landscape of this vertical and the multiple regions where the business has successfully established its position. This research report also provides post COVID-19 impact analysis of the Induction Motor industry.
The induction motor market is expected to register a CAGR of 5% over the forecast period, 2021-2026. An induction motor is an AC electric motor in which torque is produced by the reaction between a varying magnetic field generated in the stator and the current induced in the coils of the rotor. It is used in a majority of machinery, as it is more powerful and eco-friendly compared to the conventional motors in the market. Unique robustness makes it a suitable choice for the automotive and manufacturing applications, as it requires less maintenance. Its ability to work under varying climatic conditions is another major factor that is driving its demand.
– The rising focus to reduce greenhouse gas emissions and the demand for products that consume less energy are the major factors for the growth of electric cars. The electric vehicle market saw the highest growth in 2019, and the prominent automakers committed USD 225 billion to electrification in the next year. It grabbed 2.2% of the global vehicle market over the first 10 months of 2019, as the new models entered the road. Ford launched electric Mustang Mach-E (a crossover SUV) and an electric F-150 pick-up truck in November 2019. Tesla also unveiled a cybertruck for a single-motor RWD version, which is scheduled to be released in late 2021. Hence, the electric vehicle market is driving the demand for induction motor in the automotive industry.
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Top Leading Companies of Global Induction Motor Market are Rockwell Automation Inc., Nidec Motor Corporation, ABB Ltd, Siemens AG, WEG Electric Corp., Regal Beloit Corporation, Baldor Electric Company, Emerson Electric Co., Schneider Electric SE, Marathon Electric, Kirloskar Electric Company, CG (Comton & Greaves), ThomasNet, Investment Analysis
Industrial Application of Induction Motor May Experience Significant Growth Over the Forecast Period
– Almost 70% of the machinery in industrial applications uses three-phase induction motors, as they are cost-effective, robust, maintenance-free, and can operate in any environmental condition. They are used in the mining metals and cement, automotive, oil and gas, healthcare, and manufacturing industries, and they are a part of pumps, lifts, hoists, electric shavers, cranes, crushers, oil extracting equipment, etc. Increase awareness of environmental protection across industries also contributes to the growth of induction motors, as they have a low emission rate.
– In the past few years, populations shifted from rural to urban areas in search of jobs, which led to urbanization. This has driven the demand for resources to construct retail, commercial, and residential housing facilities to accommodate the surging need. The worlds population is projected to grow from 7.7 billion in 2019 to 8.5 billion in 2030 (10% increase), and further to 9.7 billion in 2050 (26%) and to 10.9 billion in 2100 (42%), according to a United Nations 2019 report. The construction project relies on various machines, such as lifts, hoists, and cranes, to lift materials efficiently and reduce human error to the minimum. Hence, these machines are the lifeline of most of the construction projects. According to a recent study, about 75-80% of the total material handling segment is occupied by the 5-6 tonne tower crane segment.
– April 2020 – Emerson completed the purchase of American Governor Company, a leader in technologies and services for hydroelectric turbine controls. Emerson may leverage American Governor’s services and provide comprehensive solutions to its power customers, such as generating consistent hydropower to providing the industrys leading control system for safe and efficient manage power operations.
– January 2020 – Regal Beloit Corporation announced that it will debut three new models of SyMAX motor. The SyMAX motor line has expanded with the addition of three new 56 frame models, to include a HP 1400 RPM motor, a HP 900 RPM motor, and a 2 HP 600 RPM motor to cater to the demand for a variable speed motor that could operate in a lower RPM for direct drive fan applications. They are designed for customers in agriculture, as the direct drive motor application can reduce on-site maintenance of the fans.
KEY MARKET BENEFITS FOR STAKEHOLDERS
─The objective of report is to define, segment, and project the market on the basis of product type, application, and region, and to describe the content about the factors influencing market dynamics, policy, economic, technology and market entry etc.
─This report provides an in-depth analysis of the Global Induction Motor market to identify the potential investment pockets.
─It outlines the current trends and future scenarios to determine the Induction Motor market potential and gain stronger market foothold.
─Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
─Quantitative analysis of the Induction Motor industry from 2015 to 2025 is highlighted to recognize the financial competency of the market.
─Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
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