Induction Motors Market Information Report by End User (residential, commercial and industrial), by Application (residential, commercial and industrial) and by Region - Forecast to 2030

Induction Motors Market Overview

Induction Motors Market is projected to be worth USD 66.712 billion by 2030, registering a CAGR of 9.5% during the forecast period (2022-2030). The market was valued at USD 17.48 billion in 2020. Induction motors are also called Asynchronous motors. Along with significant advantages of these motors like reliability and reducing the loads, it also ensures that the cost associated with the after-sales maintained is reduced many folds. They are used in various end-use industries and hence have been growing at a swift pace. Also, its lightweight has been making it quite popular and giving it an edge over other motors.

Awareness among the population regarding environment-friendly products has been increasing each day, and therefore the Induction Motors Market Size has been experiencing considerable growth. No doubt, the resources related to it are expensive, making it difficult for investors to set up such plants. Still, with the government’s support and keeping the advantages of these motors in view, the Induction Motors Market Trends shall blossom like a ray of sunshine in the next few years.

Induction Motors Market COVID-19 Analysis

COVID-19 period is a tough time for almost everyone across the globe. No one still has any idea about what the future holds for everyone because we are still not over with the Corona Pandemic. But there is something that needs to be done because sitting back is not an option at all. The reports provided to the business have been prepared, focusing on the effects that COVID-19 Has bought to the market. The current Induction Motors Market Value and the prospects have been discussed in detail.

The qualitative and the quantitative analysis of the Induction Motors Market Share has been described with utmost proficiency after the in-depth research and study by the industry experts. Almost every business across the world has gone through a financial crisis due to the pandemic. The report is indeed a lifesaver with the proper guidance and the discussion of the strategies that can be implemented to ensure the smooth running of the business in the future.

Competitive Landscape

Emerson Electric Company, Baldor Electric Company, Beloit Corporation, Kirloskar Electric Company Siemens AG, ABB Ltd., Marathon Electric, and Schneider Electric SE are the major players in the Induction Motors Market Share.

All these significant players in the market have been working together to bring much-needed growth to the market. The main focus is on technological advancements and how to make them available for everyone across the globe. The major players have been working as a team with mergers, collaborations, and acquisitions. They have been working on the strategies and planning them after the detailed study of the current Induction Motors Market Outlook. They have also been standing tall as mentors and guides for all the newcomers in the market. They have also been making sure that they work not just for the growth of the individual organizations but the growth of th entire market.

Induction Motors Market Dynamics 

The market is expecting a high valuation in the global economy due to various benefits for humankind and the environment.

Drivers

The major drivers that have been responsible for the growth of the Induction Motors Industry are as follows:

• Increased requirements for the saving of power in households and other energy infrastructures.


• The regulatory bodies have been focusing on reducing greenhouse gas emissions, bringing considerable Induction Motors Market Growth.


• Government funding has also increased in almost all the regions worldwide to encourage the manufacturers to set up the plants for induction motor manufacturing.

Restraints

The high cost required for installing the induction motor manufacturing plants s the major restraint that has been hampering the Induction Motors Market Value. Moreover, many manufacturers are not able to get the required resources to set up one such plant.

Regulatory Implications

While there is no ill effect that regulatory implications bring about in the Induction Motors Market Growth, it is the positive side. The regulations and laws have been passed against greenhouse emitting motors, which thereby cause hazardous effects on human health and the environment. With such stringent laws in place for the others, induction motor has found its way towards growth.

People have become aware of how important it is to save the environment for our good, and they have been shifting focus from non-eco-friendly products to the ones that are not harmful at all. Moreover, the regulatory bodies and the governments have been supporting the setup and sale of induction motors.

Induction Motors Market Segmentation Overview

The induction motor market can be segmented as follows:

• Based on the product


• Based on type


• Based on the application


• Based on the end-use

Based on the product

Based on the product, the Induction Motors Industry can be segmented into the following subtype:

• Synchronous motors


• Asynchronous motors


• Direct current motors


• Others

Asynchronous motors dominate the market due to their multiple uses in various end-use industries, households, and many other areas.

Based on the type

Based on the type, the Induction Motors Market Outlook has the following subdivisions:

• IE1


• IE2


• IE3


• IE4

Based on the application

Based on the application, the market has the following subdivisions

• Pumps


• HVAC Fans


• Material processing


• Compressed air


• Material handling


• Others

Pumps and HVAC fans tend to dominate the market due to practical and multiple applications.

Based on the end-use

Based on the end-use, the market has the following categories:

• Residential


• Industrial


• Agricultural sector


• Transportation


• Others

The residential segment dominates the market due to the endless use of household items.

Regional Analysis

Based on the regions, the market has the following categories

• Europe


• Asia Pacific


• North America


• Rest of the World

Recent Advancements

Recent advancements in the induction motor market are as follows:

• The announcement of the introduction of three new SyMax motors introduction was made in January 2020 by Regal Beloit Corporation. These have specifically been designed for the motors used in the agriculture field, and they ensure that the maintenance of the fans on site is reduced to a great extent.


• American Grover company was purchased by Emerson in April 2020. The purchase was made to take over most control in the company’s market share.


• In March 2020, a prototype of the intelligent electric disinfectant robot was designed by Seimens. This was introduced in the market to cater to the needs of disinfection works in hospitals and clinics.


• Various steps are being taken to ensure that the cost associated with the setup of the plants for manufacturing induction motors is reduced.


• Various collaborations and acquisitions among the major players in the market have resulted in the growth and bringing new horizons to the market.

Report Overview

The reports prepared for the induction motor market have all the required elements for the smooth running of an organization, right from the overview of the market and the Induction Motors Market Analysis post-COVID-19 pandemic. The report also has the market dynamics details, including pointers like growth, drivers, and the restraints in the market’s growth. The regulatory implications of the market have also been discussed in detail.

The next thing covered in the report is the market segmentation based on the type and the application. Also, the market has been segmented based on the regions and discussed in detail in the report. The market’s major players with the strategies they have been implementing the recent developments in the markets have been included. The report results from thorough market research by industry experts, and the research is accurate and tested many times before presenting it to the clients.