NEW YORK, Sept. 17, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global electric alternating current (AC) motors market size is estimated to grow by USD 34.93 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.04% during the forecast period. Rising factory automation and use of industrial robots is driving market growth, with a trend towards increasing focus on using energy-efficient motors. However, excessive heat generation leading to subdued ac motor performance poses a challenge. Key market players include 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., and Toshiba Corp..
Technavio has announced its latest market research report titled Global electric alternating current (AC) motors market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
|
Electric Alternating Current (Ac) Motors Market Scope |
|
|
Report Coverage |
Details |
|
Base year |
2023 |
|
Historic period |
2018 – 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.04% |
|
Market growth 2024-2028 |
USD 34936 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023 (%) |
5.6 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 49% |
|
Key countries |
China, US, Japan, Germany, and France |
|
Key companies profiled |
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., and Toshiba Corp. |
Market Driver
The electric Alternating Current (AC) motors market is experiencing significant growth due to various government initiatives and global trends. Governments worldwide offer tax incentives and financial incentives to promote energy efficiency in businesses and households. For instance, the US government’s Energy Star program encourages energy savings, reducing electricity bills. Additionally, the increasing shift towards electric vehicles (EVs) in countries like China, the UK, India, and Germany due to air pollution concerns will boost the demand for electric AC motors in the transportation sector. These factors are expected to drive market growth during the forecast period.
The AC motor market, driven by the use of alternating current, continues to trend upward. Single-phase AC motors dominate for household appliances and small industrial operations, while three-phase AC motors power heavy industries and electric vehicles. The Offshore Industry, International Energy Agency, OPEC, and Electric Vehicle Original Equipment Manufacturers (OEMs) like Johnson Electric and Nidec Corporation lead the growth. HVAC systems and energy-efficient motors, compliant with IEC and CEE standards, are in high demand due to increasing electricity prices and focus on energy efficiency. Rare earth elements, specifically neodymium magnets, are crucial for AC motors, with robotics technology driving innovation. SMEs and IoT integration are also shaping the market. Output power segments include heating, ventilating, cooling equipment, motor vehicles, and industrial machinery in sectors like aerospace and transportation, HVAC equipment, and household appliances. WEG, with international presence and industrial operations, is a significant player. DC electric motors, series, shunt, and compound motors also have their roles. Global production is influenced by living standards, income levels, and electricity prices.
Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!
Market Challenges
Electric AC motors are essential components in various industries, but their performance can be negatively impacted by overheating. Factors such as low insulation resistance and harsh operating conditions can lead to increased heat generation. Additionally, motor winding resistance causes vibrations and an oversupply of current, resulting in higher temperatures and decreased efficiency. These challenges, despite significant research and development investments, remain a concern for market vendors. Overheating in electric AC motors can significantly impact their performance and the overall growth of the global electric AC motors market during the forecast period.
The Electric Alternating Current (AC) Motors market faces several challenges in today’s business landscape. Energy efficiency is a top priority, with organizations seeking motors that comply with IEC and CEE standards. Rare earth elements, particularly neodymium magnets, are driving up costs and supply chain disruptions. Robotics technology and the Internet of Things are transforming production processes, requiring motors with high output power for various applications, including heating, ventilating, cooling equipment, motor vehicles, and household appliances. SMEs face affordability issues, while large industrial operations and international players like WEG navigate complexities in the motor vehicle segment, HVAC equipment, aerospace and transportation, and industrial machinery sectors. Electricity prices, income levels, and global production also impact market growth. The construction sector and electronics sector present significant opportunities. DC electric motors, series motors, shunt motors, and compound motors each offer unique advantages.
Discover how AI is revolutionizing market trends- Get your access now!
Segment Overview
This electric alternating current (ac) motors market report extensively covers market segmentation by
Type
1.1 Induction
1.2 Synchronous
Power Output
2.1 Integral
2.2 Fractional
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1 Induction- The Electric Alternating Current (AC) motor market is primarily driven by the widespread use of induction motors, which generate torque through electromagnetic induction from the stator winding’s magnetic field. Induction motors, also known as asynchronous motors, have no electrical connections to the rotor, making them feasible for various applications. These motors have found extensive use in industries such as oil and gas, where they power exploration tools, drilling equipment, and hydraulic pumps. The cost advantage of induction motors over synchronous motors, due to the absence of a commutator and brushes and fewer moving parts, is fueling their demand. Consequently, the global AC motors market is expected to grow significantly during the forecast period.
Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics
Research Analysis
Electric Alternating Current (AC) motors are essential components in various industries, powering HVAC systems, electric vehicles, and a multitude of electronic appliances. AC motors operate using the principle of alternating current, with a stator providing a stationary magnetic field and a rotor rotating within it. Two main types exist: single-phase AC motors for smaller applications and three-phase AC motors for larger loads. The global production of AC motors is significant, with organizations like the Organisation Internationale des Constructeurs d’Engins Agricoles (OICA) and the International Energy Agency tracking production trends. Energy efficiency is a critical factor, with standards set by bodies like the IEC, CEE, and WEG. Rare earth elements, such as neodymium in neodymium magnets, are often used in AC motor production. Robotics technology, SMEs, and the Internet of Things are also influencing the AC motor market, with applications in heating, ventilating, cooling equipment, motor vehicles, and living standards influenced by income levels.
Market Research Overview
Electric Alternating Current (AC) motors are essential components in various industries and applications, including HVAC systems, electric vehicles, and industrial machinery. AC motors operate using the principle of alternating current, with a rotating magnetic field generated in the stator and a rotor that rotates within it. Two main types of AC motors are single-phase and three-phase, with the latter being more commonly used in large-scale industrial applications. The global production of electric AC motors continues to grow, driven by increasing demand from sectors such as the construction industry, electronics sector, and motor vehicles segment. The International Energy Agency (IEA) and the Organisation International des Constructeurs d’Automobiles (OICA) report that electric vehicles are gaining popularity due to rising living standards and income levels, leading to increased demand for AC motors. Offshore activities, OPEC countries, and SMEs are also significant consumers of AC motors, particularly in the oil and gas industry and in manufacturing processes. The use of AC motors in HVAC systems, heating, ventilating, and cooling equipment is also on the rise due to the growing emphasis on energy efficiency. The IEC, CEE, and other standardization bodies are continually working to improve the efficiency of AC motors, with rare earth elements such as neodymium magnets and advanced robotics technology playing a crucial role in this development. DC electric motors, series motors, shunt motors, and compound motors are also used in various applications, with output power ranging from a few watts to several megawatts. Electricity prices, international presence, and industrial operations are other factors influencing the AC motor market. Companies such as WEG, Johnson Electric, Nidec Corporation, Infinitum, and others are major players in the AC motor industry, offering a wide range of products and services to meet the diverse needs of their customers. The Internet of Things (IoT) is also expected to play a significant role in the future development of AC motors, enabling remote monitoring and control of motor performance and energy usage.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Induction
Synchronous
Power Output
Integral
Fractional
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?
440k+Newsrooms &Influencers
9k+Digital MediaOutlets
270k+JournalistsOpted In