According to the latest report by IMARC Group, titled “Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global induction motor market size reached a value of US$ 17.5 Billion in 2020. An induction motor refers to an alternating current (AC) electric motor, wherein electric current in the rotor is obtained by electromagnetic induction from the magnetic field generated in the stator. It is widely utilized in various industrial applications due to its robustness, affordability, durability, and high starting torque. Due to its ability to work under extreme environmental conditions and low maintenance costs, it is increasingly replacing direct current (DC) motors for numerous applications.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Induction Motor Market Trends:
The global market is primarily driven by the widespread adoption of induction motors across the commercial, industrial, and residential sectors. Furthermore, due to an enhanced focus on sustainable development, there has been a considerable rise in the adoption of these motors by end users. Moreover, numerous stringent regulations imposed by the governments of several countries regarding carbon emissions have also positively influenced the market growth as induction motors consume lesser energy as compared to their conventional counterparts. Additionally, the increasing sales of electric vehicles and extensive research and development (R&D) activities are further providing an impetus to market growth across the globe. Looking forward, IMARC Group expects the global induction motor market to exhibit moderate growth during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Emerson Electric
- Baldor Electric
- Brook Crompton
- Danaher Corporation
- Johnson Electric Holdings
- Regal Beloit
Induction Motor Market Segmentation:
Our report has categorized the market based on region, product type and end use industry.
Breakup by Product Type:
- Single Phase Induction Motor
- Three Phase Induction Motor
Breakup by End Use:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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