The induction motor market is expected to register a CAGR of 5% over the forecast period, 2021-2026. An induction motor is an AC electric motor in which torque is produced by the reaction between a varying magnetic field generated in the stator and the current induced in the coils of the rotor. It is used in a majority of machinery, as it is more powerful and eco-friendly compared to the conventional motors in the market. Unique robustness makes it a suitable choice for the automotive and manufacturing applications, as it requires less maintenance. Its ability to work under varying climatic conditions is another major factor that is driving its demand.

- The rising focus to reduce greenhouse gas emissions and the demand for products that consume less energy are the major factors for the growth of electric cars. The electric vehicle market saw the highest growth in 2019, and the prominent automakers committed USD 225 billion to electrification in the next year. It grabbed 2.2% of the global vehicle market over the first 10 months of 2019, as the new models entered the road. Ford launched electric Mustang Mach-E (a crossover SUV) and an electric F-150 pick-up truck in November 2019. Tesla also unveiled a cybertruck for a single-motor RWD version, which is scheduled to be released in late 2021. Hence, the electric vehicle market is driving the demand for induction motor in the automotive industry.

- The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation that has driven the application of induction motors in electricity sector. The U.S. Energy Information Administration (EIA) 2019, projects that world energy consumption will grow by nearly 50% between 2018 and 2050. Most of this growth comes from countries that are not in the Organization for Economic Cooperation and Development (OECD), and this growth is focused in regions where strong economic growth is driving demand, particularly in Asia. This sudden increase in energy demand in every sector will drive the induction motors sales particularly in power sector of developing countries of Asia.
- However, research on development of alternative technology for induction motors is the major bottleneck for its growth. For instance, Tesla has developed and switched to synchronous reluctance motor in Model 3 and boosted the range by more than 10% to 370 miles (595 km).

Key Market Trends

Industrial Application of Induction Motor May Experience Significant Growth Over the Forecast Period

For sample report please visit: https://www.statzyreports.com/report/sr497492/induction-motor-market

- Almost 70% of the machinery in industrial applications uses three-phase induction motors, as they are cost-effective, robust, maintenance-free, and can operate in any environmental condition. They are used in the mining metals and cement, automotive, oil and gas, healthcare, and manufacturing industries, and they are a part of pumps, lifts, hoists, electric shavers, cranes, crushers, oil extracting equipment, etc. Increase awareness of environmental protection across industries also contributes to the growth of induction motors, as they have a low emission rate.

- In the past few years, populations shifted from rural to urban areas in search of jobs, which led to urbanization. This has driven the demand for resources to construct retail, commercial, and residential housing facilities to accommodate the surging need. The world’s population is projected to grow from 7.7 billion in 2019 to 8.5 billion in 2030 (10% increase), and further to 9.7 billion in 2050 (26%) and to 10.9 billion in 2100 (42%), according to a United Nations 2019 report. The construction project relies on various machines, such as lifts, hoists, and cranes, to lift materials efficiently and reduce human error to the minimum. Hence, these machines are the lifeline of most of the construction projects. According to a recent study, about 75-80% of the total material handling segment is occupied by the 5-6 tonne tower crane segment.

- However, the ongoing COVID-19 pandemic across the world has disrupted the construction sector, as many countries are in lockdown and temporarily ceased all the non-essential activities to reduce the spread. Currently, there are more than 20 lakh COVID-19 positive cases, with more than 1 lakh causalities as of April 15, 2020.

- However, companies around the world are collaborating to provide necessary equipment required to fight the pandemic. For instance, in March 2020, Siemens and Aucma developed a prototype of an intelligent electric disinfection robot, to cater to the needs of hospitals. The electric robot can disinfect up to 36,000 square meters in one hour and features a robust chassis that can overcome obstacles and navigate slopes.

Asia Pacific is Expected to Register Significant Growth During the Forecast Period


- Asia-Pacific is likely to be the highest contributor to the growth of the induction motor market during the forecast period, due to an increase in investment to automate various processing steps in many industries. Moreover, the increasing adoption of induction motors in electric vehicles, due to their improved efficiency and lightweight, replaced the DC motors.

- Asia is a hub of the textile industry due to the contributions from numerous counties, like China, India, Bangladesh, Vietnam, Pakistan, Sri Lanka, and Indonesia. It is the leading producer of cotton and polyester. The textile industry is a highly labor-intensive industry. Hence, the lower cost of production and cheap labor are the main reasons for the growth of the textile industry in Asian countries. However, due to technological advancement and automation in Asian countries, most of the textile companies are introducing new manufacturing equipment. LMW, an Indian textile machinery manufacturer, produces the entire range of spinning machinery and helps companies reduce the production cost and deliver products on time.
- Industries, such as oil and gas, automotive, mining and metal, and construction, are witnessing steady growth in the region, which is expected to offer tremendous growth opportunity for the global induction motor players.

- Southeast Asia is a rich source of hydrocarbon resources, like natural gas and petroleum. China is the biggest oil producer in the region, accountig for 4 million barrels of oil per day. It is responsible for almost half of Asia's total production and may increase capital investment in oil production by 20%, to increase its output by 50% to 6 million barrels per day by 2025. This may require a greater number of machines to drill and store the product.

- Further, China is the largest market for electric cars across the world, and it registered sales of more than 1.26 million vehicles in 2019. due to favorable government policies. It is expected to witness similar growth in the coming years.

Competitive Landscape

The induction motor market is competitive and dominated by a few major players, like Rockwell Automation Inc., Nidec Motor Corporation, ABB Ltd, Siemens AG, WEG Electric Corporation, and Regal Beloit Corporation. These major players with a prominent share in the market are focusing to expand their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market shares and profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

- April 2020 - Emerson completed the purchase of American Governor Company, a leader in technologies and services for hydroelectric turbine controls. Emerson may leverage American Governor's services and provide comprehensive solutions to its power customers, such as generating consistent hydropower to providing the industry’s leading control system for safe and efficient manage power operations.
- January 2020 - Regal Beloit Corporation announced that it will debut three new models of SyMAX motor. The SyMAX motor line has expanded with the addition of three new 56 frame models, to include a ½ HP 1400 RPM motor, a ¾ HP 900 RPM motor, and a 2 HP 600 RPM motor to cater to the demand for a variable speed motor that could operate in a lower RPM for direct drive fan applications. They are designed for customers in agriculture, as the direct drive motor application can reduce on-site maintenance of the fans.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit: https://www.statzyreports.com/report/sr497492/induction-motor-market