An induction motor or asynchronous motor is an AC electric motor in which the electrical current needed for the rotor to create torque is acquired from the stator winding magnetic field by electromagnetic induction. Therefore an induction motor without electric connections to the rotor can be produced.
What are the leading drivers, opportunities and challenges in the market?
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The global induction motor market was US$ 14 billion in 2018 is expected to reach US$ 24 billion by the end of 2025.
The global induction motors market is boosted by its advantages over other types of electric motors. Several features in induction motors have made them attractive such as higher reliability, lighter weight and lower maintenance after sales which promote global growth in induction motors. The global induction motor market is likely to experience considerable growth due to the increasing demand for induction motors, primarily from the automotive industry, as well as rapid industrialisation in emerging countries.
The new technological advancement trends power the global market for induction motors and give substantial growth opportunities to companies that are operating in the global induction motor market. Copper rotor induction motor is one of the new technologies that are gaining momentum in the global induction motor market. This motor is a powerful alternative to the permanent magnet motor in electric vehicles. In addition, the transformation to industrial automation combined with rising consumer confidence and promising investment plans support the demand for the induction motor in industrial applications.
Moreover, the growing environmental awareness also had a positive effect on induction motors, driving market growth. This encourages both consumers and manufacturers to go for induction motors over other types of motors by means of government policies to support the environment.
Additionally, induction motors are capable of operating under various weather conditions. Their maintenance and repair costs are also low and are expected to promote the future global motor induction market development further. Induction motors are used for several industries such as vehicles, textiles, oil and gas. This also helps to increase the induction motor market in the next few years.
The market is highly fragmented with intense competition between local and international suppliers. Some major vendors find it difficult to deal with low-cost Chinese manufacturers. The market has become even competitive due to the low entry obstacle.
Due to the economic downturn, many players in the market have lowered the prices to increase sales. While on the other side, the increasing raw materials prices influence profit margins and pricing strategies of manufacturers. Price volatility is so high in the key raw materials such as steel, aluminium and copper that it is impacting their operating costs.