Electric Motor Market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% during the forecast period. Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and the Asia Pacific regions along with growing use of electric motors across major industries is the driving factor for the growth of this market. Emerging robotics technologies and the demand for electric motors in robots is likely to create a larger opportunity for electric motor market in near future.
Some of the prominent key players areABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), WEG (Brazil)
The industrial segment is expected to dominate the electric motor market, by end-user, during the forecast period.
The industrial segment is expected to lead the market from 2020 to 2026. This sector provides good scope for motor manufacturers, as most industries depend on motorized automation. The segment includes the utilities, oil & gas, cement & manufacturing, metal and mining, oil & gas, renewables, petrochemicals & chemicals, water & wastewater, and paper & pulp industries, all of which use electric motors for pumps, boilers, compressors, and other applications, at various process stages.
The DC motor segment is expected to be the fastest-growing electric motor market, by type, during the forecast period.
In the DC motor segment, by type, the market is estimated to grow at the fastest rate during the forecast period. The advantages of DC motors include excellent speed control, easy design, high starting torque, and simple operation. The increasing demand for brushless DC motors in electric vehicles is likely to drive this segment in the electric motor market.
The Asia Pacific likely to emerge as the largest electric motor market
In this report, the market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to be the largest electric motor market during the forecast period. The Asia Pacific comprises China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The ongoing industrialization in India, along with increasing electric vehile manufacturing in China is expected to create an ample amount of opportunity which is likely to drive the growth of electric motor market in Asia Pacific region.