The global electric AC motors market size is projected to value at USD 146.6 billion by 2025, according to a new report published by Million Insights, at a CAGR of 7.3% from 2017 to 2025. These motors are extensively used in fixed cranes, domestic appliances, compressors, and diesel-electric engines. Their major benefits like efficient operation and cost-effectiveness in difficult surroundings make them appropriate for different applications. These products are expected to observe high growth due to their long operating life, low power consumption, and maintenance requirements.
The increasing demand for AC motors-driven engines across the globe is further, boosting the market growth. Moreover, factors like the demand for industrial machinery and HVAC equipment are expected to accelerate market demand in the upcoming years. AC motors have deployed various technological advancements in recent years, resulting in imputed demand for these motors.
The market is expected to observe significant growth from 2017 to 2025 due to rapid industrialization across developing and developed countries. Furthermore, large-scale use of these products in various industrial equipment like the electric saw, conveyor belts, fixed cranes, and many more.
The rapidly rising fuel costs and the preference of consumers for cleaner energy sources have boosted the market growth in the past years. An AC motor serves as the major component of electric motors which is expected to accelerate product demand. Moreover, the rising awareness relating to environment protection coupled with government initiatives remain the major drivers of the growth of the market.
HVAC systems are extensively used in different places like offices, shopping malls, and commercial spaces. Rapid urbanization and a better standard of living have resulted in a large volume of installation of HVAC systems. HVAC equipment uses AC motors to power air blowers that control airflow.
The feature of AC type to work at different speeds coupled with higher operational efficiency and dependability is expected to result in higher adoption of these products over the projected period.
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Further key findings from the report suggest:
• The electric AC motor market was worth USD 78.6 billion in 2016. It is expected to register a CAGR of 7.3% from 2017 to 2025. The growth is imputed to their rising use in industrial machinery and HVAC equipment.
• The induction division held the highest market share in 2016 due to factors like low maintenance, efficient operation, and sturdy construction in harsh environments.
• The increasing use of motors with HP output in hybrid electric vehicles is predicted to drive segment growth.
• AC motors are primarily used in the industrial machinery sector, due to their advantages like safe operations and robust functioning.
• Asia Pacific is expected to grow at a CAGR of over 8% by 2025 due to the growing industrialization and commercialization in the emerging economies like Japan, India, and China.
• The key players include ABB Ltd., Siemens AG, Toshiba, and Baldor Electric Co. Companies have been focusing on expanding their market reach through merger & acquisition.
Million Insights has segmented the global electric AC motors market based on types, voltage, end user, and regions:
Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Synchronous AC Motors
• Induction AC Motors
Voltage Outlook (Revenue, USD Billion; 2014 - 2025)
• Integral HP Output
• Fractional HP Output
End-user Outlook (Revenue, USD Billion; 2014 - 2025)
• Industrial Machinery
• Motor Vehicles
• HVAC Equipment
• Aerospace & Transportation
• Household Appliances
Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa