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.
Robotics and automation have permeated a wide range of industry verticals in the last decade, including electronics manufacturing, food and beverage industries, and automotive. Furthermore, investments in smart factory automation, particularly in large manufacturing plants, have been steadily increasing. Electric motor demand for use in drive units will rise as automation and robotics technology become more widely adopted. As a result, the growth rate of the electric motor market is expected to be proportional to that of industrial automation and robotics.
Electric motor demand is expected to be boosted by the residential appliances segment, where low-power capacity motors are primarily used. The electric motor market has traditionally been regarded as a high volume-high value market.
According to Energy Association estimates, electric motors consume 40% of the total energy used in industries. Instead, emphasis should be placed on promoting the use of high-efficiency motors.
Both developed and developing countries are expected to drive the product’s growth through the new unit and replacement sales. The long-term growth of electric motors is expected to be aided by the expansion of usage scope into untapped end-use verticals.
In the coming years, the demand for the electric motor will witness healthy growth with Industrial Robotics, Energy, Residential Appliances, and Municipal Water Utilities being the key growth enablers.
The robust rate of investments in civic infrastructure involving municipal water supply and wastewater treatment process will call for a hefty rate of pumps thus involving a proportionate rate of an electric motor to be sold and installed. With the electric motor market growth in intermediate stages and clocking near double-digital growth rates in the next 5 years, the new unit sales of electric motor will be highly sought.
Another supporting factor for growth promotion is that electric motors and associated pumps for heavy-duty water supply processes are priced at a premium which will prove as a value proposition for the OEMs when coupled with installation and aftersales services.
- 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.