Induction Motors Market - Forecasts from 2024 to 2029

Induction Motors Market - Forecasts from 2024 to 2029

The induction motor market is expected to grow at a CAGR of 3.90% reaching a market size of US$30.946 billion in 2029 from US$23.668 billion in 2022.

An induction motor is an AC electric motor in which the magnetic field of the stator winding is used to electromagnetically induce the electric current required to produce torque in the rotor. The motor is more potent and environmentally benign than conventional motors and is utilized in most machinery. Its exceptional resilience makes it a good choice for manufacturing and automotive applications because it requires minimal maintenance. The fact that it can function in various environmental circumstances is another important factor influencing its demand. Induction motors find high applicability in the manufacturing industry, where they are used in furnaces, conveyors, winders, pumps, wind tunnels, and other industrial equipment.

Growing focus on reducing greenhouse gas emission

The primary drivers of the rise in popularity of electric cars are the growing emphasis on lowering greenhouse gas emissions and consumer demand for energy-efficient products. The International Energy Agency (IEA) reports that sales of electric vehicles have been increasing significantly worldwide in 2022. In the first quarter of 2022, 2 million vehicles were sold, a 75% increase over the same period in 2021. Given that induction motors are frequently used by electric vehicle (EV) manufacturers because of their durable, dependable, and low maintenance characteristics, it is anticipated that the EV industry will grow and drive demand for induction motors. The use of induction motors in the electrical industry has been fueled by the need for consistent, large investments in power supply generation to meet the world's growing demand for electrical energy for development.

Increasing industrial applications

The productivity of an enterprise depends heavily on the use of motors in a wide range of industrial applications. These days, the main objective of any manufacturing company is to maximize production efficiency. The mining, cement, oil and gas, automotive, healthcare, and manufacturing sectors are using induction motors more and more because they are reliable, strong, low maintenance, and capable of operating in any environment. They are a component of oil extraction machinery, pumps, hoists, lifts, electric shears, cranes, and crushers, among other things. As a result of their low emission rate, induction motors are becoming more and more popular across a wide range of industries.

Since induction motors are used in furnaces, conveyors, winders, pumps, wind tunnels, and other industrial equipment, the manufacturing sector has been a major demand for these motors. The need for induction motors is predicted to increase further as the manufacturing sector continues to expand, particularly in the wake of the pandemic's initial setback. For example, in the first quarter of 2022, global manufacturing production increased by 4.2 per cent year over year, according to the United Nations Industrial Development Organization (UNIDO).

Several induction motor manufacturers are concentrating on creating new models of induction motors with cutting-edge functionality to meet the diverse needs of emerging industrial use cases, given the increasing demand.

Improved motor structure

It is anticipated that a significant contributing factor to the market expansion for induction motors will be the motor's general physical configuration. Because of their inherent strength, induction motors can run in any type of weather. In addition, the lack of brushes and slip rings in the motor induction reduces the possibility of sparks, making the operation safe even under the most hazardous circumstances. Moreover, induction motors require very little maintenance, are extremely dependable, and are reasonably priced, all of which are anticipated to fuel the market's expansion during the projected period.

Rising production of electric vehicles

With the continued advancements in the automotive industry, as well as favourable government policies and support in the form of grants, subsidies, and tax breaks, the market for electric cars has expanded quickly. Since three-phase induction motors, in particular, are frequently used in electric vehicles due to their excellent speed regulation, high efficiency, and lack of commutators, the market is expected to grow. Furthermore, these motors can also be used in electric vehicles as a permanent magnet substitute. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, the total motor vehicle production has increased from 77,650.152 units in 2020 to 85,016,728 units in 2022, which showed a rise of 10% in production. As a result, the increased output of high-end motor vehicles with electric vehicle sales is encouraging the use of induction motors which will boost the market growth.

Asia Pacific is witnessing exponential growth during the forecast period

Asia-Pacific is anticipated to have the largest growth contribution to the induction motor market during the forecast period because of a rise in investments made by numerous industries to automate different processing steps. Furthermore, because induction motors are lighter and more efficient than DC motors, they are becoming more and more common in electric cars.

The region is seeing steady growth in several industries, including mining and metals, construction, oil and gas, and automotive. These industries are predicted to present enormous growth opportunities for global induction motor players. In addition, several nations in the Asia Pacific area are encouraging the use of electric vehicles, which is a trend shift in the automotive industry.

Market key launches
In June 2023, to provide outstanding energy efficiency and dependability in demanding applications like pumps, compressors, fans, extruders, conveyors, and crushers, ABB developed the new generation AMI 5800 NEMA modular induction motor. The AMI 5800, with a maximum power output of 1750 HP, is rated for a wide range of industries, including chemical, oil and gas, conventional power generation, mining, cement, and metals. Its high degree of modularity and customization makes it suitable for both new construction and upgrade projects.
In October 2023, for robotics, industrial, and medical applications, Renesas Electronics Corp. developed an inductive position sensor (IPS) technology that yields highly accurate motor position sensor integrated circuits. Position sensing technology that makes use of non-contact coil sensors can take the place of costly optical and magnetic encoders that are currently frequently used in motor control systems that need absolute position sensing along with high speed, accuracy, and dependability. Renesas's in-house IPS technology employs sensing elements made of copper coils etched on a printed circuit board (PCB) to locate metallic targets. The IPS products are perfect for motors with high rotational speeds because they can operate at 600 Krpm (electrical) and detect the position right away, with a propagation delay of less than 2μs, unlike heavy magnet-based sensors.

Segmentation:

By Type
Single Phase
Split Phase
Shaded Pole
Capacitor-Run
Capacitor-Start
Three Phase
Slip Ring
Squirrel Cage
By Voltage
High
Low
By End-User
Automotive
Oil & Gas
Construction
Mining
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
UK
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Australia
Others