Research report published by Markets N Research “Induction Motors Market (By Type – Single-phase Induction Motors, and Three-phase Induction Motors; By Application– Commercial, Industrial, Residential, and Others) Market Growth, Future Prospects, Government & Defense) Post COVID-19 Scenario 2020 - 2028”, states that the global induction motors market is expected to grow at a CAGR of 13.3% during the forecast period from 2020 to 2028.
Increasing demand for minimizing greenhouse gas emissions is key trend for the market. This increases the utilization of induction motors in various sectors such as industrial, residential, commercial buildings, agriculture, transportation. In addition, economical cost of the motors as well as low maintenance cost are the factors driving the induction motors market especially in the electric vehicles segment. Induction motors have the ability to work under varying climatic conditions, which is another major factor driving its demand. It is used in a various types of machinery, as it is more powerful as well as eco-friendly compared to the conventional motors in the market. Moreover, durability, easy functioning, affordability and easy maintenance are some of the other major factors fueling the demand for induction motors.
The global induction motors market is categorized on the basis of types namely, single-phase induction motors, and three-phase induction motors. Among these types, three-phase induction motors have the maximum share in the market. Three-phase induction motors are cost-effective, maintenance-free, robust, and can operate in any environmental condition. They are widely used in automotive, healthcare, oil and gas, and manufacturing industries. Three-phase induction motors are used in heavy duty application whereas, single-phase induction motors are used for light and regular applications. Along with this, the induction motors market is also categorized based on its applications, such as commercial, industrial, residential, and others. Among these applications, industrial has the maximum share in the market, owing to the growing industrial sector across countries.
The companies operating in the induction motors market include various established companies which are working towards global expansion and new product development. Some of the major players in the global induction motors market, such as Emerson Electric Co., Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Toshiba Corporation, ABB Ltd., Baldor Electric Company, Nidec Motors Corporation, Regal Beloit Corporation, and WEG Electric Corp.
Recent Industry News:
- In September 2019, WEG Electric Corp. has released the M Mining series of slip-ring induction motors which are especially designed for use in dusty environment of iron ore operations and the cement sectors
- In January 2020, Regal Beloit Corporation announced that it will debut three new models of SyMAX motors
In April 2020, Emerson completed the purchase of American Governor Company, Emerson may leverage American Governor's services and provide comprehensive solutions to its power customers
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