Global induction motor market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Quest for Energy Efficiency Drives Induction Motor Market Forward
The increasing emphasis on greenhouse gas emission reduction and the increased demand for products with lower energy consumption are two important trends driving the market. The main drivers of the expansion of electric cars are the need for products with lower energy consumption and the growing emphasis on lowering greenhouse gas emissions. According to the International Energy Agency (IEA), 2 million electric vehicles (EVs) were sold globally in the first quarter of 2022, a 75% increase from the same time in 2021. Since induction motors' is strong, dependable, and low maintenance characteristics, the demand for them is anticipated to increase as the electric vehicle sector expands. Induction motor demand is rising with the expanding need for energy-efficient products, and equipment in residences, manufacturing facilities, and energy infrastructures. Induction motors are being used more frequently because of their durability, ability to support fewer weights, and ability to offer lower after-sales costs and services. With their significant energy savings, induction motors are frequently utilized in compressor load systems, fans, and other applications. Its demand is significantly increasing because it can function effectively in various environmental settings.
The quickening pace of technological development and the rising popularity of electric vehicles support the global induction motor market. Such motors are increasingly being used in the industrial sector for various applications due to their low cost and simple design. The rising demand has pushed the employment of induction motors in the electricity sector for electrical energy needed to support global development, which calls for consistent, significant investments in power supply generation. Optimizing electric motor systems offers some of the most significant changes to save energy and lower operating costs in buildings and industrial operations. Motors use about half of all electricity used in the US, 90% of which are alternating-current (AC) induction motors, according to the US Department of Energy. According to the study, a 5% increase in the induction motor's total efficiency would result in energy savings equal to those generated by a new power plant with a few hundred megawatts.
Induction Motor Market: COVID-19 Ipact
The COVID-19 epidemic has had a negative impact on the world economy because the current situation has impacted numerous industries, and various sectors' operations have ceased. One of the most severely impacted industries is the power sector. Independent Commodity Intelligence Services claims that since some nations, including the UK and Germany, have implemented safety measures to ensure the continuation of operations, the availability of power in the EU is likely to stay stable. For the induction motors in the EU, this would be beneficial in generating power and distributing it to facilities like remote homes, farmyards, or pumping stations. Since the start of the statewide lockdown, India's daily power demand has decreased by 25 to 28%, mostly due to the shutdown of companies and offices in the commercial and industrial sectors. The regulators' standards for aggregate technical and commercial (AT&C) losses would need to be exceeded by distribution companies since actual T&D losses are larger than anticipated.
Swelling Electric Vehicle Production Augurs Well for Induction Motor Market
With the continual advancements in the automotive industry, as well as favorable government regulations and support in the form of grants, subsidies, and tax breaks, the market for electric cars has experienced fast growth. With their high efficiency, good speed regulation, and lack of commutators, induction motors, particularly three-phase ones, are frequently utilized in electric vehicles, which is thought to be driving the expansion of induction motor market. Additionally, these motors are used in electric vehicles as a permanent magnet replacement. Thus, increased electric car production is predicted to drive the growth of induction motor market. Moreover, the governments of numerous nations have made significant investments in the advancement of electric automobiles. The market for electric vehicles and, by extension, the market for induction motors are expected to rise due to these investments and innovations over the forecast period.
Robust Motor Structure Accelerates Adoption Rate in Induction Motor Market
The induction motor industry is expected to increase significantly due to the motor's rough physical structure. Induction motors can be used in any climate because of their durability. Additionally, the motor induction avoids the possibility of sparks by doing away with slip rings and brushes, making the operation safe even under the most explosive working situations. Moreover, induction motors are inexpensive, extremely dependable, and require very little maintenance, which is anticipated to fuel the expansion of induction motor market throughout the projection period.
Widespread Availability of Poor Quality Motors Remain a Longstanding Challenge Facing Induction Motor Market
Many domestic and foreign producers are in the extremely fragmented induction motors market. In this industry, a key factor for differentiation is product quality. While the unorganized sector of the induction motor market provides inexpensive alternatives to access local markets, the organized sector primarily targets industrial buyers and maintains outstanding product quality. Most nations have local induction motor producers who compete fiercely with international suppliers in their marketplaces by focusing on the unorganized sector. Today's top market competitors must contend with fierce competition from disorganized suppliers of cheap, subpar induction motors. This poses a significant obstacle to rapid progression of the induction motor market.
Three-phase Induction Motor to Dominate Industion Motor Market Against its Single-phase Counterpart
The three-phase category is expanding significantly during the anticipated timeframe. An AC induction motor that runs on three phases of power is known as a three-phase induction motor. These three-phase induction motors are common AC motors used in industrial applications to provide mechanical power. Three-phase induction motors are used in about 70% of industrial gear because they are affordable, durable, maintenance-free, and able to function in any climate. Induction motors are also the most used in the industry due to their durability, low cost, and lack of maintenance. They are also frequently utilized in manufacturing, automotive, oil and gas, healthcare, mining, cement, and other industries. Three-phase induction motors are growing in popularity as environmental consciousness increases across all industries due to their low emission rate.
Broadening Industrial Application to Elevate Growth Prospects of Induction Motor Market
Motors are utilized in a wide variety of industrial applications that are essential to the efficiency of the business. The goal of any manufacturing organization today is to maximize production efficiency. Induction motors are being utilized more frequently in the mining, cement, automotive, oil and gas, healthcare, and industrial sectors because they are affordable, durable, maintenance-free, and capable of operating in any climate. They are a component of pumps, hoists, lifts, electric shavers, cranes, crushers, and other machinery used in oil extraction. With their low emission rate, induction motors are gaining popularity as environmental consciousness increases throughout industries. Given the rising demand, several induction motor manufacturers are concentrating on creating new induction motor types with the cutting-edge capability to satisfy the needs of new industrial use cases. It is anticipated that these factors will help the induction motor market expand in the upcoming years.
With Exceptionally Growing EV Industry, Asia Pacific Leads the Way in Global Induction Motor Market
Asia Pacific is projected to contribute most to the growth of the induction motor market during the forecast period due to an increase in investments to automate various processing steps in numerous sectors. Induction motors are also being used more and more in place of DC motors in electric vehicles due to their higher efficiency and lighter weight. Petroleum, and other hydrocarbon resources, such as natural gas, are abundant throughout Southeast Asia. China will produce roughly 4 million barrels of oil per day in 2021, making it the largest oil producer in the region (Source: British Petroleum). After the government stressed the importance of crude oil exploration and production, China's National Energy Agency set a goal to expand domestic crude oil production to roughly 1.5 billion barrels in 2022. Additionally, the automotive industry of Asia Pacific is observing a shift in trends due to various nations encouraging the use of EVs. The development of the electric vehicle industry is greatly aided by encouraging government regulations. For instance, the Chinese government has set a target of 40% of EV sales worldwide by 2030.
Global Induction Motor Market: Competitive Landscape
In June 2022, Nidec Corporation introduced SynRA (Synchronous Reluctance Motor with Aluminum Cage Rotor), a high-efficiency synchronous reluctance (SR) motor with an aluminum cage that combines an SR motor with the basic principles of a cage-type induction motor, for the US market. When engaged, Nidec's SynRA rotates as an induction motor, producing less loss and achieving higher efficiency than cage-type induction motors. In September 2021, the General Motors Company announced three new motors to power its Ultium-based EVs. The Ultium Drive package includes a 255-kW rear- and front-drive motor, a 180-kW front-drive motor, and a 62-kW all-wheel drive assist motor, with the latter being an induction motor.
A few of the players in global induction motor market include ABB, Ametek, Emerson Electric, Siemens, WEG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings, and Regal Beloit.
Global Induction Motor Market is Segmented as Below:
By Product Type
By End-Use Sector
Key Elements Included In The Study: Global Induction Motor Market
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