The global induction motor market is expected to reach a value of $15,810.3 Million by 2019, at a CAGR of 12.4% during the forecast period.

The application segment, led by the industrial sector in 2014, had a share of more than 50%. It is projected to reach a value of $7,604.9 Million by 2019 at a CAGR of 11.2%.

The residential application market is estimated to grow at the highest CAGR of 15.2% from 2014 to 2019. In terms of region, North America is the major market for induction motors.

Factors driving the induction motor market include economical cost and low maintenance of the induction motors. Induction motors are economical and maintenance free due to the absence of brushes, commutators, and slip rings.

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Induction motors, based on their construction, are of two types: single phase induction motors and three phase induction motors. Three phase induction motors are widely used in motor and drive applications. The three phase induction motors are estimated to grow at a double-digit CAGR from 2014 to 2019. They are used in lathes, drilling machines, agricultural and industrial pumps, lifts, cranes, and so on. The three phase induction motors are further divided into squirrel cage induction motors and slip ring induction motors in this report.

The major players offering various products in the market include Nidec Motor Corporation (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), WEG Electric Corp. (Brazil), and Emerson Electric Co. (U.S.). The key players in the market focus on expanding their market base in the concerned market by adopting strategies such as new product development, alliances, and acquisitions.

Induction motors are the most common electrical motors used in most applications. Most of the machines in industries use induction motors. They are widely preferred by various industries due to their robustness and ability to operate in any environmental condition. An induction motor works on the principle of induction where an electro-magnetic field (EMF) is induced in rotor conductors when the rotating magnetic field of stator cuts the stationary rotor conductors. DC motors which were earlier used for industrial applications have now been replaced by induction motors. Based on input supply, the two type of induction motors are single phase induction motors and three phase induction motors. The three phase induction motors are more widely accepted and are used in numerous applications.

This report analyzes and segments the global induction motor market by type of induction motors, their application, and geography covered. The type segmentation includes single phase and three phase induction motors. The three phase market, with a major share of nearly 70% in the global market, is estimated to grow at a double-digit CAGR during the forecast period from 2014 to 2019. On the basis of application, the market is segmented into residential, industrial, and commercial. The market, in terms of geography, has been classified into regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW).