With the penetration of robotics and automation within the remaining decade, across a plethora of industry verticals encompassing electronics manufacturing, meals & beverage industries, and car. Moreover, investments in smart manufacturing unit automation, in particular, is big manufacturing vegetation, were developing constantly. With the growing adoption of automation and the robotics era, electric motor calls can be boosted about their use in power units. The booming price of the electric motor market increase is as a result expected to be in share to that of industrial automation and robotics.
The call for an electrical motor is also set to be buoyed from the residential appliances section wherein low power capability motors are often used. The electric motor marketplace has been perceived as an excessive quantity-high value marketplace. Driven by increasing focus on research and development and investment in the Industrial sector, the electric motor market will rise at 5.6% CAGR between 2021 and 2031 in the comparison above 3.8% CAGR registered during 2016-2020.
According to electricity affiliation estimates, 40% of general power used in industries is eating up to power electric powered motor. Instead of the equal, emphasis on promoting the use of a high-performance motor.
Developed in addition to developing countries are predicted to bring in sound growth opportunities of the product through new gadgets in addition to replacement sales. Enlargement of utilization scope in the direction of untapped end-use verticals is predicted to augur the boom of the electric motor on a long-time foundation.
North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to be the largest market in North America and reach US$ 40.4 Bn by 2031.
In the coming years, the call for the electric motor will witness a wholesome boom with commercial Robotics, electricity, Residential home equipment, and Municipal Water Utilities being the important thing boom enablers.
The robust charge of investments in civic infrastructure related to municipal water supply and wastewater remedy method will name for a hefty price of pumps for this reason involving a proportionate rate of an electric motor to be offered and installed. With the electrical motor marketplace increase in intermediate tiers and clocking almost double-digit increase fees in the next five years, the new unit sales of electric motor will be particularly sought.
Another supporting component for increase promoting is that electric powered motor and associated pumps for heavy responsibility water supply system are priced at top class with a purpose to show as a price proposition for the OEMs while coupled with set up and aftersales services.
Key players:
- General Electric
- Robert Bosch GmbH
- Hitachi, Ltd.
- Nidec Corporation
- WEG S.A.
- Siemens AG
- ABB Group
- Regal Beloit Corporation
- Toshiba Corporation
- Johnson Electric
- Hyosung Corporation
- Schneider Electric SE
- Bonfiglioli Riduttori S.p.A.
- Kirloskar Electric Company Ltd.
- Allied Motion Technologies Inc.
- East-West Manufacturing, LLC
- Hyundai Electric Co. Ltd.
