Almost every electric device in the world is powered by electric motors. Electric motors are mechanical devices that transform electrical energy into mechanical energy in the stator and rotor windings through the electromagnetism cycle.
What are the trends in the electric motors market?
The global market size of electric motors was around US$ 105 in 2018 and is anticipated that the market size will reach US$ 125 billion by 2025.
Electric motors are used in various applications including industrial machinery, machine and power tools, household appliances, Heating, Ventilation and Air Conditioning (HVAC) applications and motor vehicles.
The growing industrial activities, as well as increasing demand for electric vehicles around the world, is among the major factors driving electric motor demand. Electric vehicles are eco-friendly as they do not release emission and also use less energy. It is expected that demand for hybrid and electric vehicles is growing, which in turn will support demand for the high efficiency of AC synchronous motors.
The regulations, such as Minimum Energy Performance Standards (MEPS), contribute to the market growth of powerful effective electric motors. Material handling systems serve as the primary users of fractional horsepower (FHP) motors is also expected to see increasing demand worldwide.
Moreover, governments measures and regulatory policies that promote energy efficiency in various industrial markets to reduce greenhouse gas emissions support the demand for high-speed electric motors.
Some other key factors which support the growth are technological development, increased automation, rapid industrialisation and urbanisation. Moreover, the recent advancements in manufacturing techniques, growing robotics adoption and the rapid implementation of automated features in industrial products, appliances and consumer goods are expected to underpin the growth in the global electric motors market.
The global electric motor market is also supported by the increasing replacement of obsolete electric motors as well as the rising compliance for energy-efficient electric motor along with the growing demand from commercial and residential sectors.
The growing demand and deployment of electric motors in the marine, oil and gas, energy and power industries, metals, cement, mining, water and wastewater, pulp and paper industries will drive the growth of the global electric motor market. These industries rely on extensive use of machines requiring a constant supply of power.
Electric motors also enhance operational safety, power transmission efficiency and quality of output. It can function in highly corrosive conditions, which fuel demand for nuclear energy and corrosive chemical and gas power plants. The electrification of rural areas is also generating demand for electric motors.
The below chart shows the various types of electric motors.