Global Induction Motor Market is Growing at a CAGR of 11.76% by 2019-2027
KEY FINDINGS
The induction motor is
manufactured without any electrical connections to the rotors. The induction
motor can have two types of rotors that include wound type or squirrel-cage
type. The induction motors are widely used across various applications that
include commercial, residential and industrial. Based on the type, the global induction motor market covers a
single phase induction motor and three
phase induction motor. The global induction
motor market is growing at a CAGR of 11.76% in forecast period 2019-2027, owing
to the increase in demand for electric vehicles coupled with rising
urbanization which is driving the market towards growth.
MARKET INSIGHTS
The ease of use of
induction motor coupled with the economical
nature of the motor is one of the major reason for the high adoption rate of
the motor globally. The induction motor is asynchronous are in nature due to
which it is easily attached to the industrial and commercial appliances thereby
boosting the market growth. The induction motors
are highly durable, making them as an ideal machine for many applications,
causing the motor to run with low cost
and maintenance requirement. In addition, features such as efficiency and power
factor are the major factors owing to the high adoption of induction motors in
the global market. Although, the availability
coupled with price fluctuations of raw materials is expected to hamper the
production of induction motor parts. This relative price volatility can impact
the demand for induction motor parts from
manufacturers.
REGIONAL INSIGHTS
The global induction
motor market has been geographically segmented by three major regions, which
are North America, Europe, and
Asia-Pacific. The global induction
motor market in India is the fastest growing with a CAGR of xx%. India’s
induction motor is largely driven by the increasing consumer electronics market
coupled with increasing automation As
per India Brand Equity Foundation, India is one of largest appliance and
consumer electronics market with a value of $xx billion in 2017.
COMPETITIVE ANALYSIS
Weg Electric
Corporation, Nidec Motor Corporation, Fuji Electric Co., Ltd., Danaher
Corporation., Kirloskar Electric Co. Ltd., Rockwell Automation, Inc., Brook
Crompton Company, Johnson Electric, General Electric Company, ABB Ltd. (Asea
Brown Boveri), Ametek Advanced Motion Solutions, MMC Electric Company Pvt. Ltd.
(Dynaflux), Regal Beloit Corporation, Siemens AG , and Oriental Motor
Corporation are the major companies mentioned in the report.
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