Electric Motors: Up and Running

Industry reports on electric motor market show promise

The electric motors market is expanding—most notably in recent years to envelop the rapid growth of automobile applications. However, the state of this industry and the ascending outlook of its market includes much more than that. Two recent reports have been released on the electric motors market, forecasting potential significant growth over the next four to seven years. These both include substantial contributions from the industrial application, EMDS (electric motors driven systems, which includes electric motors, pumps, fans, and compressors), and HVAC sectors. Associated markets will also benefit from the renewable energy sector, which will require continued increase in production of geared motors and drives.sketch

A March 2016 report released by Credence Research anticipated “significant growth throughout the forecast period 2015-2022″ with rising demand for energy-efficient EMDS. The report predicts a full international upswing, propelled by a desire to reduce electricity consumption and the introduction of mandatory policies to use energy-efficient electric motors and systems. It cites that in 2014, AC motors accounted for the majority of revenue share of 80.0% in the overall electric motors market and were commonly used in most of the electric motor driven systems. AC motors are used in a range of residential as well as industrial applications.

DC motors are commonly found in speed control applications. The market for DC motors is expected to see a significant growth through the subject period with rising production of motor vehicles. The HVAC industry is expected to play an important role, as electric motors used in HVAC applications are expected to see the fastest growth through the allotted period. The electric motor manufacturing industry is highly fragmented and comprises large number of recognized international players as well as small domestic players. The report cites “some major players in this industry” referencing “Baldor Electric Company, ASMO Co Ltd, Regal Beloit, Brook Crompton UK Ltd, AMTEK Inc, Franklin Electric Co., Inc., Danaher Motion LLC, Rockwell Automation Inc, Siemens AG and Allied Motion Technologies Inc.” Overall, the report valued the global electric motors market at $86.51 billion in 2014, predicting it likely to cross $135.00 billion by 2022, growing at a CAGR of 5.8% through the forecast period 2015 to 2022.

A separate report produced by Intense Research describes the current electric motors market as “gaining traction”. It also cites potential for growth due to technological advancements and denotes emphasis on efficiency as a major factor. “Electrical energy is converted into mechanical energy, the electric motors find wide adoption in industrial fans, compressors, pumps, lathe machines, machine tools, domestic appliances, heating ventilating and air conditioning applications, disk drives, power tools, electric cars and automated robots,” the report says. Types of motors analyzed are AC, DC and Hermetic. AC motors are further classified into synchronous and induction motors whereas, DC motors are segregated into brushed and brushless DC motors. Applications of said motors are divided into categories such as industrial machinery, motor vehicles, HVAC equipment, household appliances, aerospace, transportation, and other commercial applications. Regional market analysis of the electric market is done for North America, Europe, Asia-Pacific and Latin America Middle East & Africa. The study of the global market shows that the North America region is the prominent end-user market for premium efficiency motors that are used in electric cars, industrial and HVAC applications.

Lastly, the market should get a boost from the ever-growing renewable energy sector. For years, these two industries have seemed precariously at loggerheads, viewed as competition, but now the mutually beneficial aspects are beginning to show. Many wind turbines, for example, use electric motors and require regular service and repair. Electric motor manufacturers are starting to include this network in their market, or even devote specific distribution sectors to wind power.




No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: