Induction Motor Market Size, Share, Price, Trends, Growth, Analysis, Report, Forecast 2024-2032
According to a new report by Expert Market Research titled, “Global Induction Motor Market Share, Size, Report and Forecast 2024-2032″, the global induction motor market reached a value of USD 18.35 billion in 2023. Aided by the burgeoning need for energy-efficient solutions and a surge in automation across various industrial sectors, the market is projected to further grow at a CAGR of 9.5% between 2024 and 2032 to reach a value of USD 31.65 billion by 2032.
Induction motors, also known as asynchronous motors, are AC electric motors in which electric current is generated by the magnetic induction from the magnetic field of the stator winding. These motors are widely employed across diverse applications such as in industrial machinery, HVAC systems, in vehicles, and household appliances. Apart from their efficiency, induction motors are known for their durability, low operational costs, and less maintenance requirements.
The increasing adoption of automation technologies in manufacturing industries significantly fuels the induction motor market growth. As companies seek to streamline operations and increase efficiency, the implementation of these motors has become a standard practice. The automotive industry, for instance, relies heavily on induction motors for everything from conveyance systems to the machinery that assembles parts.
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In line with global trends toward sustainability, there has been a growing focus on energy-efficient solutions, further adding value to the induction motor market size. Governments around the world are implementing strict regulations on energy efficiency levels in industrial operations, thereby creating a conducive environment for market growth.
Similarly, the use of induction motors in electric vehicles has surged in recent years. The urgency to transition from fossil-fuel-based transportation to electric options is propelling the induction motor market demand, as they form an integral part of the electric powertrains.
The growing focus on renewable energy projects like wind and hydroelectric power also entails the use of induction motors. These sectors require robust and efficient motors for power generation activities, thereby providing a substantial boost to the market.
Beyond the traditional use in manufacturing and automotive sectors, induction motors are gradually finding applications in novel areas. In the water treatment industry, for example, these motors are used for pumping and filtration processes. As per the induction motor market analysis, in the HVAC industry, the demand for efficient yet potent systems have seen a rise in the incorporation of induction motors.
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Market Segmentation
The market can be divided based on product type, end use, and region.
Market Breakup by Product Type
• Single Phase Induction Motors
• Three Phase Induction Motors
Market Breakup by End Use
• Industrial
• Commercial
• Residential
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global induction motor market. Some of the major players explored in the report by Expert Market Research are as follows:
• ABB Ltd
• AMETEK Inc.
• Siemens
• Johnson Electric Holdings Limited
• Regal Beloit Corporation
• Others
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