Induction Motor Market Trends, Share, Growth Drivers, Challenges, Opportunities, Key Manufacturers and Forecast Analysis Till 2033


Induction Motor Market Trends, Share, Growth Drivers, Challenges, Opportunities, Key Manufacturers and Forecast Analysis Till 2033: SPER Market Research

 Published: Oct-2023
 Author: SPER Analyst

Induction Motor Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 5.2%.

An induction motor is an AC electric motor in which torque is produced by the interaction of a fluctuating magnetic field produced in the stator and the current induced in the coils of the rotor. Since it is more potent and environmentally benign than conventional motors, it is utilised in the majority of machinery. Its exceptional resilience makes it a good option for manufacturing and automotive applications because it requires minimal maintenance. Another important reason driving its demand is its capacity to function in a variety of climate circumstances.
Global Induction Motor Market Driving Factors and Challenges

Energy efficiency is one of the main factors influencing the demand for induction motors. Compared to other types of motors, these motors use less electricity to accomplish the same amount of work, which results in cheaper energy expenses. As both organisations and consumers look for ways to lower their carbon footprint and energy costs, this feature has grown in significance. Energy-efficient induction motors are increasingly appealing as a result of regulatory organisations' encouragement of the adoption of greener technologies. Governments all over the world are enacting stronger energy saving requirements, so compliance is now a key concern for businesses. Frequently, induction motors are more energy-efficient than or equal to the regulation requirements. This is especially important for sectors that must follow restrictions on energy use and environmental regulations. The observance of such rules aids in avoiding fines and improves a company's reputation.

Furthermore, manufacturing, HVAC systems, and the automotive sectors are just a few examples of the several areas where induction motors are used. They are more durable and require less maintenance since they can function in challenging environments and have fewer parts that wear out. This low maintenance required lowers the motor's lifetime expenses, which is a major selling feature. As a result, induction motors are becoming more and more popular among organisations searching for a durable, affordable alternative.

However, there several challenges that limit the expansion of induction motor market. The high cost of building a manufacturing facility is restricting the market for induction motors. The global induction motor market is dominated by a number of key rivals. Customers from all over the world are drawn to the black market by the low pricing that local sellers give. The induction motor market as a whole is not recognised as a result.

Impact of COVID-19 on Global Induction Motor Market
The market growth has been adversely impacted by the COVID-19 pandemic, mainly due to the suspension of operations in the discrete manufacturing sector. Many facilities producing induction motors had to temporarily shut down in response to the sudden outbreak of the COVID-19 pandemic and the implementation of strict lockdown measures. Furthermore, the global automotive industry's production facilities have been significantly affected by the COVID-19 epidemic, leading to a notable deceleration in the growth of the studied market.

Induction Motor Market Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB Ltd, Baldor Electric Company, CG (Comton & Greaves), Emerson Electric Co., Kirloskar Electric Company, Marathon Electric, Nidec Motor Corporation, Regal Beloit Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, ThomasNet, WEG Electric Corp, Others.

Global Induction Motor Market Segmentation:

By Type: Based on the Type, Global Induction Motor Market is segmented as; Single-phase Induction Motor, Three-phase Induction Motor.

By Application: Based on the Application, Global Induction Motor Market is segmented as; Commercial, Industrial, Residential.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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