NEW YORK, April 22, 2024 /PRNewswire/ — The global electric AC motors market size is estimated to grow by USD 35850.81 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.48% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 51%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
ABB Ltd., Addison Electric Inc., Allied Motion Technologies Inc., Arc Systems Inc., BDI, Emerson Electric Co., General Electric Co., Hitachi Ltd., Johnson Electric Holdings Ltd., Kirloskar Electric Co. Ltd., Lenze SE, Lunar Motors Pvt. Ltd., Nidec Corp., Regal Rexnord Corp., Rockwell Automation Inc., SAS TT Electric, Schneider Electric SE, Siemens AG, TAMAGAWA SEIKI Co. Ltd., Toshiba Corp.
Analyst Review
The Electric AC Motors Market encompasses the production and sale of single-phase and three-phase AC motors, primarily used in HVAC systems, electric vehicles, and various electronic appliances. Key components of AC motors include the stator and rotor, often utilizing rare earth elements such as neodymium in neodymium magnets. Energy efficiency is a significant factor in market growth, with organizations like IEC and CEE setting standards for energy-efficient motors. Robotics technology and the Internet of Things are also driving demand, particularly in SMEs and manufacturing sectors. Additionally, additive manufacturing is revolutionizing motor production, offering increased efficiency and customization. Overall, the Electric AC Motors Market is a critical component of modern living standards and income levels, with applications ranging from heating, ventilating, cooling equipment, to motor vehicles.
Key Market Drivers
The Electric AC Motors Market is experiencing significant growth due to increasing global production in sectors like cooling equipment, motor vehicles, and electronic appliances. With rising living standards and income levels, the demand for efficient and accurate manufacturing processes is escalating. Automation, driven by IoT and AI, is fulfilling this need through the use of electric AC motors in industries such as industrial operations, HVAC equipment, aerospace and transportation, and household appliances. Key players in the market include WEG, Johnson Electric, Nidec Corporation, and Infinitum. The motor vehicles segment, particularly the shift towards electric vehicles, is a major driver for the market’s expansion. Factors like electricity prices and the international presence of these companies further influence market trends. Organizations like the International Energy Agency and OICA provide insights into global production and energy consumption patterns. Offshore activities and OPEC countries also contribute to the market’s growth. Single-phase and Three-phase AC motors, Stator, and Rotor are essential components of electric AC motors, with Alternating current being the power source.
Challenges and Opportunities
The global Electric AC Motors market is experiencing significant growth due to the increasing demand for energy-efficient motors in various industries. IEC and CEE standards are driving this trend, with a focus on rare earth elements, such as neodymium magnets, in the production of high-performance motors. Robotics technology and the Internet of Things are also contributing to the market’s expansion, particularly in Small and Medium-sized Enterprises (SMEs). Heating, ventilating, cooling equipment, motor vehicles, and household appliances are major sectors utilizing electric AC motors. Output power requirements vary widely, from DC electric motors in series, shunt, or compound configurations, to HVAC equipment and aerospace and transportation applications. Electricity prices and income levels influence market growth, with industrial operations and international presence being key factors for market leaders like WEG. The integration of additive manufacturing and advanced motor designs, such as those using neodymium magnets, further enhances the market’s potential. Global production of electronic appliances and industrial machinery continues to fuel the demand for electric AC motors.
The global Electric AC Motors market is experiencing significant growth due to increasing focus on energy efficiency and the shift towards electric vehicles (EVs) in various countries. Alternating current (AC) motors, including single-phase and three-phase types, are at the heart of this trend. Key players in the market include Johnson Electric, Nidec Corporation, Infinitum, and WEG. The International Energy Agency and Organisation Internationale des Constructeurs d’Engins Agricoles (OICA) report that countries such as China, the UK, India, and Germany are investing heavily in EVs to reduce air pollution from traditional fossil fuel vehicles. In addition, offshore activities, OPEC nations, and industrial operations are also driving demand for energy-efficient motors from companies like HVAC systems manufacturers, IEC, CEE, and Rare earth elements producers. The market encompasses various motor types, such as series motors, shunt motors, compound motors, and DC electric motors, with output power ranging from heating, ventilating, cooling equipment, to motor vehicles and household appliances. Market leaders are leveraging robotics technology, Internet of Things, and additive manufacturing to enhance their product offerings and expand their international presence in industrial machinery, aerospace and transportation sectors.
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Market Overview
The Electric AC Motors Market encompasses a range of technologies and applications. These motors, including induction motors and synchronous motors, play a crucial role in various sectors such as manufacturing, transportation, and energy. The market is driven by factors like increasing automation, growing demand for energy-efficient solutions, and technological advancements. The use of advanced materials and manufacturing processes, such as copper and rare earth magnets, contributes to the market’s growth. Additionally, the integration of IoT and AI in motor control systems enhances their performance and efficiency. The market is expected to grow significantly due to these trends and the rising demand for electric vehicles and renewable energy systems.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
