An electric motor is an electrical machine that is utilized to transform electrical energy into the mechanical energy. Most of the present electrical motors function through the interaction amongst the motor’s magnetic field and electric current in the wire winding to create the strength in the form of torque applied on the motor’s shaft. Agricultural, Industrial and automotive segments are the prime aspects for the deployment of such motors. But with the advancing technology and urbanization, the requirement for motors has augmented around the residential and commercial segments. In addition, the heating and air conditioning segment have developed as the fastest-increasing segment for motor deployment.
According to the report analysis, ‘Electric Motor Market: Current Analysis and Forecast (2021-2027)’ states that the benefit of electric motors such as more environmentally friendly, as they do not cause pollution by burning the fossil fuels, which in turn generates the harmful greenhouse gases. Save the end-user money over time, while gasoline engines are more luxurious in comparison. The cost of fuel inclines to fluctuate over time, and the cost of gasoline generally augments by the month. The cost of electricity, on the other hand, is much inferior. On a short-term and long-term basis, electric motors utilize the less energy, which in turn generates the cost savings.
Electrical motors are utilized in countless different applications. Some of their most common applications comprise HVAC systems, Pumps, Lathes, Fans and Blowers, Compressors, Crushers, Heavy-duty machinery. The growth in the industrial segment is leading to the increasing demand for electric motors around the globe.
Based on the Voltage Rage, the market is classified into 9 V & below, 10-20 V, 21-60 V and 60 V & Above. The 60V and above sector of Global Electric Motor registered the market with approximately XX % market share. The segment created the revenue of USD XX Mn in 2020 and is predicted to augment at a CAGR of XX% throughout the forthcoming duration. However, the 21-60V segment would observe a significant growth in the CAGR during forthcoming years.
Electric Motor solutions are being sold for countless application such as Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation and Household Appliances. The industrial machinery sector captured the considerable market share. The segment created revenue worth USD XX million during 2020 and is projected to reach USD XX million by 2027. However, the motor vehicle sector is expected to observe an exhibit growth throughout the forecast duration.
Based on the region, North America constitutes a foremost market for the Electric Motor industry and produced revenue of USD XX Million during 2020 owing to the emerging requirement of electric vehicles in the region. Also, the existence of well-established players in the region adding pace to the growth of the market around the region. Therefore, in the near years, it is predicted that the market of electric motor will increase around the globe more actively over the near future.
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