The Global Induction Motor Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The induction motor market is expected to register a CAGR of 5% over the forecast period, 2020-2025.
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Key Market Players: Rockwell Automation Inc., Nidec Motor Corporation, ABB Ltd, Siemens AG, WEG Electric Corporation, and Regal Beloit Corporation
Key Market Trends
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.
– However, the ongoing COVID-19 pandemic across the world has disrupted the construction sector, as many countries are in lockdown and temporarily ceased all the non-essential activities to reduce the spread. Currently, there are more than 20 lakh COVID-19 positive cases, with more than 1 lakh causalities as of April 15, 2020.
– However, companies around the world are collaborating to provide necessary equipment required to fight the pandemic. For instance, in March 2020, Siemens and Aucma developed a prototype of an intelligent electric disinfection robot, to cater to the needs of hospitals. The electric robot can disinfect up to 36,000 square meters in one hour and features a robust chassis that can overcome obstacles and navigate slopes.
Asia Pacific is Expected to Register Significant Growth During the Forecast Period
– Asia-Pacific is likely to be the highest contributor to the growth of the induction motor market during the forecast period, due to an increase in investment to automate various processing steps in many industries. Moreover, the increasing adoption of induction motors in electric vehicles, due to their improved efficiency and lightweight, replaced the DC motors.
– Asia is a hub of the textile industry due to the contributions from numerous counties, like China, India, Bangladesh, Vietnam, Pakistan, Sri Lanka, and Indonesia. It is the leading producer of cotton and polyester. The textile industry is a highly labor-intensive industry. Hence, the lower cost of production and cheap labor are the main reasons for the growth of the textile industry in Asian countries. However, due to technological advancement and automation in Asian countries, most of the textile companies are introducing new manufacturing equipment. LMW, an Indian textile machinery manufacturer, produces the entire range of spinning machinery and helps companies reduce the production cost and deliver products on time.
– Industries, such as oil and gas, automotive, mining and metal, and construction, are witnessing steady growth in the region, which is expected to offer tremendous growth opportunity for the global induction motor players.
– Southeast Asia is a rich source of hydrocarbon resources, like natural gas and petroleum. China is the biggest oil producer in the region, accountig for 4 million barrels of oil per day. It is responsible for almost half of Asia’s total production and may increase capital investment in oil production by 20%, to increase its output by 50% to 6 million barrels per day by 2025. This may require a greater number of machines to drill and store the product.
– Further, China is the largest market for electric cars across the world, and it registered sales of more than 1.26 million vehicles in 2019. due to favorable government policies. It is expected to witness similar growth in the coming years.
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The market factors explained in the report:
Market Overview: It includes Induction Motor Market study scope, top key players, segments, market analysis by application, market analysis by type, and other chapters that give an overview of the research study.
Executive Summary: The Induction Motor Market report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
Regional Study: All of the regions and countries analyzed in the Induction Motor Market report is studied on the basis of market size by application, the market size by product, key players, and market forecast.
Key Players: This part of the Induction Motor Market report discusses expansion plans of companies, key mergers and acquisitions, funding and investment analysis, company establishment dates, revenues of manufacturers, and their areas served and manufacturing bases.
Market Forecast: Here, the report offers a complete forecast of the global Induction Motor Market by product, application, and region. It also offers global sales and revenue forecasts for all years of the forecast period.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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