Global Induction Motor Market - 2022-2029

Global Induction Motor Market - 2022-2029

Market Overview

The global induction motor market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

An induction motor is a common AC electric motor (sometimes known as an asynchronous motor). The electricity in the rotor required to produce torque in an induction motor is acquired from the stator winding's revolving magnetic field via electromagnetic induction. An induction motor's rotor can be a squirrel cage rotor or a wound-type rotor. As they operate at a slower speed than their synchronous speed, induction motors are referred to as asynchronous motors.

It was created by Nikola Tesla and used for over a century. It is an extremely popular motor. Induction motors account for roughly 30% of global energy use. As a result, research is being conducted to improve its efficiency. The engine is also being considered for propulsion by some electric vehicle makers. The motors are employed because they are reliable, carry lighter loads and require less after-sales care and cost. They can also help save a significant amount of electricity. Induction motors are commonly utilized in compressor load applications, fans and other applications.

Market Dynamics

The market for induction motors is likely to be driven by the strong construction of induction motors and the huge increase in the production of electric vehicles. The widespread availability of low-quality induction motors, on the other hand, may limit market growth throughout the forecast period.

Robust structure of induction motors

The motor's rough physical structure is expected to be a major driving element in the induction motor market's growth. Induction motors are extremely durable and can be used in various climates. Furthermore, the absence of slip rings and brushes in the motor induction precludes the possibility of sparks, making the operation safe even under the most hazardous conditions.

The motors are employed because they are reliable, carry lighter loads and require less after-sales care and cost. They can also help save a significant amount of electricity. Furthermore, induction motors are cost-effective, highly reliable and require little maintenance, all projected to drive the induction motor market forward during the forecast period.

The rise in electric vehicle production

The electric car market has seen fast growth with continual innovations in the automotive business and favorable government policies and assistance in subsidies, tax rebates and grants. The market is expected to increase because induction motors, particularly three-phase motors, are widely utilized in electric vehicles due to the higher efficiency, good speed regulation and lack of commutators. Furthermore, these motors can be used in electric vehicles instead of permanent magnets.

As a result, increased electric car production drives the induction motor market. In 2019, Ford invested US$1.45 billion in Detroit plants in U.S. to produce electric, autonomous and sports utility cars. The primary goal is to increase vehicle production and lower induction motor procurement costs. Toyota announced plans to invest US$749 million in expanding its manufacturing facilities in U.S. to raise the production of electric and hybrid vehicles in 2019.

General Motors promised to invest more than US$7 billion in electric vehicle production by 2020. Furthermore, governments in several nations have made significant investments in the development of electric vehicles. The German government has pledged to invest more than US$3 billion in the region's electric vehicle market growth in 2019.

Availability of low-quality induction motors

Induction motors are manufactured by a large number of domestic and foreign companies. In this industry, product quality is a fundamental criterion for distinction. The regulated market mostly caters to industrial buyers and maintains high product quality, whereas the unorganized market provides low-cost options for tapping local markets.

Induction motor manufacturers in most nations focus on the unorganized sector and compete fiercely with global suppliers in their local marketplaces. Leading market companies face fierce competition from unorganized businesses that sell low-cost, low-quality induction motors. It poses a significant impediment to the market's expansion.

COVID-19 Impact Analysis

Induction motors are used in most industrial machinery because they are cost-effective, robust, maintenance-free and work in any environment. Pumps, lifts, hoists, cranes, electric shavers, crushers, oil extraction equipment, automotive, oil & gas, healthcare and manufacturing industries. However, the ongoing COVID-19 pandemic has wreaked havoc on various industries, as many countries have gone into lockdown and temporarily halted all non-essential activities to stem the spread.

Companies from all across the world are cooperating to offer the essential equipment to combat the pandemic. Siemens and Aucma, for example, produced a prototype of an intelligent electric disinfection robot in March 2020 to meet the needs of hospitals. The electric robot has a sturdy chassis that can overcome barriers and handle hills and can disinfect up to 36,000 square meters in an hour.

Segment Analysis

By type, the induction motor market is segmented into single phase induction and three-phase induction.

The rising shift towards industrial automation to drive the three-phase induction

A three-phase induction motor is an AC induction motor that runs on three phases of electricity. Three-phase induction motors are commonly used AC motors in industrial applications to provide mechanical power. Three-phase induction motors are used in about 70% of industrial machinery because they are cost-effective, robust, maintenance-free and can work in any environment. Furthermore, induction motors are the most often utilized due to their durability, low cost and lack of maintenance.

They are also frequently utilized in the mining, metals, cement industries, automotive, oil & gas, healthcare and manufacturing industries. Increased environmental consciousness across businesses also helps drive the expansion of three-phase induction motors, which emit fewer pollutants. Furthermore, demand for three-phase induction motors in industrial applications is sparked by the shift toward industrial automation and increased consumer confidence and attractive investment plans.

Furthermore, with Industry 4.0 and technological breakthroughs, many people may now use three-phase induction motors. Oriental Motor U.S. announced their latest high-efficiency three-phase AC induction motors with a terminal box and a high-strength right-angle gearhead in 2019. The new three-phase motors feature wattages of 30W and 40W and increase the KIIS Series Standard AC motors product line-up.

Geographical Analysis

Rising demand for energy-efficient motors in Asia-Pacific

Asia-Pacific is predicted to have a significant proportion of the global market. The primary drivers driving market expansion are increased compliance with energy-efficient motors and the rising use of motor-driven electric cars. Because of issues about the environmental effect of energy production from traditional sources such as coal and natural gas, the market for induction motors is expected to grow.

In addition, agricultural improvements and massive expenditures in industrialization in nations like China, India, South Korea and Australia are driving market expansion. In addition, the rise in production and sales of electric vehicles in countries such as China and Japan are expected to fuel market expansion.

Competitive Landscape

Players in the induction motor market use various methods, including product launches, acquisitions, alliances and research & development. Several market participants around the world dominate the induction motor industry. As a result, no single business or group dominates the global induction motor industry. Additionally, people globally are drawn to the unlicensed market because local suppliers offer motors at a lower cost.

BorgWarner, for example, released four types of HVH 320 Induction Motors in 2021. Light-duty passenger automobiles and heavy-duty commercial vehicles are both eligible for them.

In 2020, ABB will introduce a new line of low voltage IEC induction motors that are small in design and minimize overall equipment size while lowering the total cost of ownership.

Major global induction motor market companies include ABB Ltd., Ametek, Emerson Electric, Siemens AG, Brook Crompton, Danaher Corporation, Johnson Electric Holdings, Regal Beloit, WEG Electric Corp. and Nidec Motor Corporation.

Siemens AG

Overview: Siemens, headquartered in Munich and with branches global, is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Industry, energy, healthcare, infrastructure & cities are the company's primary divisions, highlighting the company's core activities. The firm is a well-known medical diagnostics equipment maker. After the industrial automation division, the medical healthcare section is the company's second-most profitable division, accounting for roughly 12% of overall revenues.

The Euro Stoxx 50 stock market index includes the company's stock. Siemens and its subsidiaries employ 293,000 people all around the world. The Siemens Group achieved US$ 60.2 billion in sales and US$ 4.57 billion in net earnings in fiscal 2020.

Product Portfolio: Siemens offers software for planning, financing, constructing, managing and maintaining advanced smart grid and power distribution systems. The company specializes in advanced industrial controls and power distribution. Electric motors from SIMOTICS are known for their high quality, inventiveness and efficiency. It includes a range of synchronous and asynchronous industrial motors, including basic electric motors, servomotors for motion control applications and high voltage & DC motors. All of it is based on over 150 years of expertise. On the other hand, Siemens electric motors are an essential component of Digital Enterprises.

Key Development: At Hannover Messe 2021, Siemens showcased the Simotics SD motor series as part of the Digital Enterprise Virtual Experience. In the normal version, Simotics SD is offered in the Super Premium Efficiency (IE4) efficiency class across the whole power spectrum from 2.2 to 1,000 kW and for the number of poles 2, 4 and 75 kW for six poles and 55 kW for eight poles. Simotics SD in IE4 surpasses the ErP Directive 2019/1781 (energy-related products). The directive specifies the standards for electric motors and speeds control systems in environmental design.

Why Purchase the Report?

Visualize the composition of the induction motor market segmentation by application, type and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the induction motor market by analyzing trends and co-development deals.

Excel data sheet with thousands of induction motor market-level 4/5 segmentation points.

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global induction motor market report would provide access to an approx. 53 market data table, 41 figures and 197 pages.

Target Audience 2022

Induction Motor Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Emerging Companies

Induction Motor Manufacturers