iCrowdNewswire Mar 8, 2021 7:00 AM ET
Research report published by Proficient Market 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.
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.
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On the basis of type, the global induction motors market is segmented into following categories:
- Single-phase Induction Motors
- Three-phase Induction Motors
In 2019, the three-phase induction motors segment led the overall induction motors market in terms of market value accounting for over 65% of the global 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.
On the basis of end-use, the global induction motors market is segmented into following categories:
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In 2019, the industrial end-use segment led the overall induction motors market in terms of market value owing to the growing industrial sector across the world. Moreover, the shift towards industrial automation, coupled with the increasing consumer confidence as well as promising investment plans triggers demand for the induction motors in the industrial end-use segment. Residential end-use segment is expected to witness high demand during the forecast period from 2020 to 2028.
In 2019, Asia Pacific held the largest share in the induction motors market owing to the rising adoption of induction motors in electric vehicles, due to their improved efficiency and lightweight, replaced the DC motors. In addition, the growth in the HVAC industry leads to high demands for induction motors in Asia Pacific region. Moreover, rapid industrialization and growing manufacturing sector in countries such as China and India are fueling the demand for numerous end-user applications of induction motors.
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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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Keywords: Induction Motors Market, Induction Motors, Induction Motors types, Induction Motors manufactureres, Single-phase Induction Motors, Three-phase Induction Motors