AC electric motor Market By Output Power (1000 HP up to 10000 HP, 10000 HP up to 20000 HP, 20000 HP up to 30000 HP), By End-User Industry (Transportation, HVAC, Industrial machinery, Others), By Sales Type (New Sales, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global ac electric motor market was valued at $17,472.4 million in 2022, and is projected to reach $27,892.2 million by 2032, registering a CAGR of 4.7% from 2023 to 2032. AC electric motor converts alternating current electrical energy into mechanical energy. AC electric motor is used in various applications such as electric vehicles, robots, and electric pumps. The features of an AC electric motor such as high efficiency, high torque, durability, outstanding controllability, and reliability boost its adoption in many industrial applications. Increase in demand for AC electric motor from electric vehicles, robotics technology, industrial equipment, and HVAC applications is a key factor that fuels the market growth.
AC electric motors are assembled in compressors, pumps, automobile, locomotives, machine tools, lathe machines, power tools, domestic appliances, and electric cars. Despite their high cost, these highly efficient motors are preferred over standard motors due to varied benefits such as longer operating life, low energy consumption, low maintenance, and high tolerance to voltage fluctuations. The need for improved productivity and low power consumption by the applications of electric motors is expected to increase the demand for high-efficiency AC electric motors. Furthermore, rise in demand for AC electric motor from robotics and automated robot technologies is anticipated to provide lucrative opportunities for the growth of the AC electric motor market.
Increase in demand for industrial automation is a significant factor propelling the AC electric motor market. As industries globally seek enhanced operational efficiency, the adoption of these motors becomes paramount for powering various machinery and automated processes. In addition, rise in concerns about energy efficiency is driving industries to invest in high-voltage AC motors, known for their improved energy performance. Governments globally are enforcing stringent regulations and offering incentives, which further drive the market growth, ensuring that adopted motors meet or exceed efficiency standards.
Market saturation in mature industries, where high-voltage AC motors have already been widely adopted, is expected to limit the market growth. In addition, potential disruptions in the global supply chain and geopolitical issues can impact the availability of crucial components and materials required for manufacturing high-voltage AC electric motors. Such factors restrain the market growth.
Furthermore, key players are using acquisition as a business expansion as a growth strategy. For instance, in September 2023, WEG S.A. disclosed the acquisition of the industrial electric motors and generators business from Regal Rexnord Corporation, a global electromechanical equipment manufacturer. The deal, conducted through its indirect subsidiaries abroad, is valued at $400.0 million, with adjustments expected based on common price considerations for such transactions. This strategic move expands WEG's presence and capabilities in the industrial electric motors and generators sector, aligning with the company's growth objectives. The acquisition reflects WEG's commitment to reinforcing its position in the global market and diversifying its portfolio within the electromechanical equipment industry. Such factors are expected to drive the market growth.
The AC electric motor market is segmented on the basis of output power, sales type, end-user industry, and region. As per output power, the market is divided into 1000 hp up to 10000 hp, 10000 hp up to 20000 hp, and 20000 hp up to 30000 hp. By sales type, it is divided into new and aftermarket. By end-user industry, it is divided into transportation, HVAC, industrial machinery, and others.
Region-wise, the AC electric motor market analysis is studied across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global AC electric motor market share, and is anticipated to secure a leading position during the forecast period.
Competition analysisThe major players profiled in the AC electric motor market include ABB Ltd., Cantoni Group, General Electric, Hitachi Ltd., Nidec Corporation, SEC Electric Machinery Co., Ltd, Siemens AG, Teco, Toshiba Corporation, and Weg. Major companies in the market have adopted product launch, business expansion, and other strategies as their key developmental strategies to offer better products and services to customers in the fire protection system pipes market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ac electric motor market analysis from 2022 to 2032 to identify the prevailing ac electric motor market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the ac electric motor market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global ac electric motor market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Output Power1000 HP up to 10000 HP
10000 HP up to 20000 HP
20000 HP up to 30000 HP
By End-User IndustryTransportation
HVAC
Industrial machinery
Others
By Sales TypeNew Sales
Aftermarket
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
General Electric
NIDEC CORPORATION
Toshiba Corporation
ABB Ltd.
WEG.
Teco Electric & Machinery Co., Ltd.
SEC Electric Machinery Co., Ltd.
Cantoni Group, LLC.
Siemens AG
Hitachi Ltd.
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