August 24, 2022 08:25 ET | Source: Exactitude Consultancy Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electric Motor Market.
With a CAGR of 6.9% from 2019 to 2028, the size of the world's electric motor market is projected to grow from its 2019 value of 103 USD billion to 188 USD billion by 2028.
An electrical machine that transforms electrical energy into mechanical energy is called an electric motor. The majority of modern electrical motors work by creating force in the form of torque imparted to the motor shaft through the interplay of the motor's magnetic field and electric current in a wire winding. The main applications for such motors are in the industrial, agricultural, and automotive industries.
Increased urbanisation directly causes a rise in the demand for a variety of services, which opens up potential for the use of electrical motors. For instance, the increasing volume of construction activities encourages the use of electrical motors because many construction tasks call for motors. Similar to this, more motors are needed for various domestic applications in the residential sector. A further result of the increasing power demand is an increase in energy producing capacity. Additionally, the use of electric machinery in the agricultural industry is directly impacted by crop cultivation because motors are crucial for irrigation of crops. In the upcoming years, these variables are anticipated to favour the growth of the worldwide electric motor market.
During the projected period, the use of electrical machinery and equipment in various sectors as well as the renewable energy sector will be important development drivers in the electric motor market. Electric motor demand is projected to rise as a result of rising consumer demand for motors with improved operating efficiencies in a variety of industries.
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Electric Motor Market Regional Scope
The market for electric motors worldwide was valued at USD 37.77 billion in 2020, and it is anticipated that Asia-Pacific would continue to lead this industry. This is a result of rising demand from industries like the industrial, automotive, and power sectors. Additionally, the area is a centre for automation and there is a huge demand for electric vehicles. The increasing pace of urbanisation in China and India is also contributing to a large increase in power demand in the region.
The Asia Pacific region is shifting toward internet-based industrial activities in every industry as a result of its fast industrialisation. The developed nations in Asia and the Pacific, including South Korea, Japan, and Australia, are progressively examining the potential of cutting-edge services and linked gadgets, according to the GSM Association. Additionally flourishing in the area is the automotive industry. The world's largest auto production is located in Asia Pacific. The area produced more than 50 million commercial vehicles in 2018. The market for electric motors in Asia Pacific is anticipated to increase as a result of these factors.
Due to increased government support, growth potential for the markets in Latin America, the Middle East, and Africa are anticipated to increase soon. The market in these areas is gaining from the expanding need for motors from the oil and gas sector, the brisk growth of the mining sector, and the considerable demand for cement across the construction sector.
Electric Motor Market Driving Factors
The use of electrical motors as a power source enables it to broaden and enhance its position in the worldwide market. These applications include those in the transportation, electricity, and other sectors. The industrial sector has accelerated and new technologies like combined heat and power are being introduced to the market as a result of the huge increase in global power consumption over the past ten years. Due to this, the industrial sector's use of electric machines has expanded. Similar to how the introduction of electric vehicles (EVs) and the increase in demand for cars have fueled this market's expansion.
With substantial advancements in the technology of electric vehicles, the worldwide automobile industry is shifting toward electric mobility. The aggressive steps taken in Europe to decarbonize society are encouraging a rise in the use of electric vehicles with electric motors. The cost of batteries has decreased, and battery innovations have improved charging times. Growing government support in the form of tax breaks and incentives to encourage the usage of electric motors in environmentally friendly electric vehicles is also serving as a growth opportunity for the electric motor market. By 2025, the IEA projects that China will account for 50% of all passenger electric vehicles worldwide.
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https://exactitudeconsultancy.com/reports/2133/electric-motor-market/
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Global Electric Motors Market Key Segments
Electric Motors Market by Motor Type, 2019-2028, (In USD Million)
Electric Motors Market by Output Power, 2019-2028, (IN USD Million)
Electric Motors Market by Application, 2019-2028, (In USD Million)
Electric Motors Market by Region, 2019-2028, (In USD Million)
Important countries in all regions are covered.
Aircraft & Marine Turbocharger Market
The global aircraft & marine turbocharger market is expected to grow at more than 3% CAGR from 2019 to 2028. It is expected to reach above USD 288 million by 2028 from a little above USD 275 million in 2019.
https://exactitudeconsultancy.com/reports/2050/aircraft-marine-turbocharger-market/
The global Electric Bus Market size is USD 31.91 Billion in 2020 and is expected to grow till USD 96.76 Billion by 2029, at a compounded annual growth rate (CAGR) of 13.35%.
https://exactitudeconsultancy.com/reports/7805/electric-bus-market/