An Incisive, In-depth Analysis on the Electric Motor Market
This study offers a comprehensive, 360 degree analysis on the Electric Motor market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Electric Motor market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Electric Motors Market Outlook & Key Findings
- The global electric motors market is expected to grow at a CAGR of 4.8% during the forecast period (2020-2030)
- Higher efficiency motors (HEMS) with over a 1000 hours of operational service per year witnessing higher demand in key end use applications
- The institution of Minimum Energy Performance Standards (MEPS) will pave way for use of electric motors and obviate issues related to low output efficiency and high consumption of energy
- Incentivization of electric motors with the use of Variable Frequency Drives (VFD) for conveyors, hoists and escalators can lead to greater cost savings in the electric motors market
- The use of electric motors in industrial applications account for ~70% of all industrial electricity consumption
Electric Motors Market Analysis – Modern Designs Bring Forth Energy Savings
Electric motors play a pivotal role in a wide range of industrial applications. The right type of electric motor is necessary for smoothness of operations and also prevents damage to equipment due to sudden voltage and power fluctuations.
The use of electric motors helps in accruing energy savings to the tune of 4%-5%. When combined with robust electromechanical solutions, these can further incur cost savings up to 20% and reduce overall electricity demand by another 10%-15%. This process can be expedited by the use of adjustable speed drives and energy efficient motors of the correct size.
Small is Effective
Globally, small-sized motors account for ~ 90% of all electric motors and are fast gaining popularity in smaller appliances, fans and pumps.
Many times, these are customized to enable successful integration into specific machines. Shunt-wound motor types with single-phase are the most common among small electric motors.
Around 70% of global energy consumption is accrued to the use of medium-size electric motors that are in the range of 0.75 Kw – 375 Kw. Mostly these are asynchronous AC electric motors with shorter delivery lead times and account for around 10% of motors that are used in industrial processing, fans, pumps and conveyors.
Larger electric motors account for ~ 23% of energy use and are mostly used in large-scale, major industrial applications. These are nuanced, tailor-made, and synchronous and assembled on site. These are manufactured in lesser quantities as per demand from various end users.
Electric Motors Market Regional Analysis – Asia Pacific and North America Remain Lucrative
North America accounts for a significant chunk in the market in which US represents 40% of electric motors sales for industrial applications.
In the US, there is a very high penetration rate for energy-efficient motors. The most efficient class IE3 range of electric motors have steadily gained traction over the years. US, Canada and Mexico cumulatively are slated to capture one-fourth of the electric motors market.
Cumulatively, both Europe and Japan are slated to be the top manufacturers of electric motors. Japan produces more than 20 million electric motors per year and this rate is expected to double through 2025. BRICS countries account for more than one-third of the global electric motors market.
Electric Motors Market Manufacturers – Electric Motors are finding their Niche in EVs
The electric motors market is moderately fragmented. Some of the top players in the market are Johnson Electric, Hitachi Ltd, Robert Bosch GmbH, Emerson Electric Co, WEG S.A, Siemens AG, General Electric and Nidec Corporation.
The market is also witnessing the aggressive proliferation of new-entrants who are gradually gaining market share with innovative technologies.
Last year, a Texas based start-up, Linear Labs in the US innovated on a new design in electric motors that helps to reduce complexity in powertrains while also reducing the size.
A sum of US$ 4.5 million was used to develop this nuanced technology. With this technology, the start-up managed to double the torque output of the powertrains. Further, no additional gear box was required and efficiency levels increased by about 20%.
Synchronous reluctance motors are gradually gathering favour with companies such as Nidec and John Deere. They are being used in excavators and are successfully overcoming issue such as noise and exorbitant costing that was previously associated with induction motors.
Another feat has been the penetration of electric motors in electric vehicles. Notably, Tesla has incorporated their use with reported efficiency levels of 97% from its previous models which reported efficiency levels of a mere 93%. The company is using magnetic reluctance motors in its semi-trucks at a much higher torque.
Electric Motors Market Trends – Continued Innovations to Ramp up Performance and Connectivity in Electric Motors
The electric motors landscape is witnessing a plethora of innovations with the advent of new applications in stepper motors, brushless motors and torque motors.
- Synchronous AC electric motors are seeing an uptick in a range of applications such as cranes, printing, conveyors and hoists and hub drives in AGVs
- Frameless electric motors are witnessing growing use in robot manufacturing as they are smaller and more precise. Cobots and AGVs for sorting and picking are using frameless motors in a big way. They are also the first choice for engineers using them in several military applications
- Brushed DC motors are being re-engineered for unmanned aerial and ground vehicles that are needed to be used in extreme and harsh weather conditions
- AGV vehicles are seeing a spurt in the use of brushless DC motors. These motors have the provision of epicyclic gearboxes and a wheel assembly that helps it to be successfully mounted to a vehicle
- Mobile armoured doors on armoured cars and tanks are another new field that have seen the proliferation of electric motors. With their use the weight of any system used for actuating the armoured door is reduced and also helps to enhance efficiency
Electric Motors Market Consumption – Preference for AC Motors Remains Highly Intact
AC motors are garnering significant attention in various end use industries on back of their higher torque. By type, AC motors are set to capture a significant chunk of the market share. AC motors offer several advantages such as:
- Better durability and a longer life span
- High capability for configurations that have multi-phasing
- Lower power demand at the time of start-up that eventually protects components at the receiving end
- Some use variable frequency drive add-ons that exercise control on torque and speed at different stages of use
Electric Motors Market Future Outlook – How Material Advancements and Industry 4.0 are Boosting Motor Performance and Efficiency
The future outlook looks bright for the electric motor market landscape with the proliferation of Industry 4.0 technologies. The use of smart electric motors has gained rapid traction as they are helping to considerably reduce downtime while boosting efficiency levels.
IoT-enabled smart electric motors are coming fully equipped with sensors that monitor each functionality of the electric motor throughout its lifecycle.
For instance, in cases of motor heating, the sensors send out an alarm to the concerned person as a warning. Some also track time and give alerts for scheduled maintenance
Excessive vibrations within electric motors is one of the primary reasons for reduced lifespan of equipment. The use of IoT enabled technology monitors electric motors and equipment in real time and checks it for vibrations, temperature changes and energy usage.
Further, sensor technology also alerts technicians for safety and overall condition of electric motors thus preventing unwanted injuries to staff through manual inspections
Advancements are also being made in materials used in electric motors. For instance, steel lamination and powder metallurgy are some of the prime materials that are traditionally being used in electric motors. Lately soft magnetic composite (SMC) material is gaining traction to be used along with rotor for maximum efficiency.
Hybrid materials offer myriad benefits. For instance the use of soft magnetic composite in conjunction with steel laminates. This gives prolific advantages of lower manufacturing costs (in case of steel) while giving good structural shape to the material with the use of SMC.
Magnets in the rotor too are using a sintered magnetic powder material along with SMC. This helps the electric motor to harness the power of powder metallurgy.
Engineers are also innovating to use high quality performance magnets in the motor for better torque and tire performance. Similarly, smaller metal components are utilizing iron which has been shrunk to very low densities so that the same can be doused in lubricating oil.
Electric Motors Market: Global Industry Analysis 2015-2019 & Opportunity Assessment 2020-2030
A recent market study published by FMI on the electric motors market includes the global industry analysis 2015-2019 & opportunity assessment 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters of the electric motors market, the growth prospects of the market are obtained with maximum precision.
Electric Motors Market: Taxonomy
The global electric motors market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Chapter 01 – Executive Summary
The report initiates with the executive summary of the electric motors market, which includes a summary of the key findings and statistics, along with demand & supply-side trends pertaining to the electric motors market.
Chapter 02 – Market Overview
In this chapter, readers can find the definition and a detailed taxonomy of the electric motors market, which will help them understand the basic information about the electric motors market. Along with this, comprehensive information about the electric motors and its properties are provided in this section.
Chapter 03 – Key Market Trends
The electric motors market report provides key market trends that are expected to significantly impact the market growth during the forecast period.
Chapter 04 – Key Success Factors
This section includes the factors that have emerged as key successful factors and strategies adopted by key market participants.
Chapter 05 – Global Electric Motors Market Demand (Units) Analysis 2015-2019 & Opportunity Assessment 2020-2030
This section explains the global market value analysis and forecast for the electric motors market in the forecast period 2020-2030. This chapter includes a detailed analysis of the historical electric motors market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020–2030).
Chapter o6 – Pricing Analysis
Pricing analysis of electric motors at the regional level has been provided in this section.
Chapter 07 – Global Electric Motors Market Value (US$ Mn) Analysis 2015-2019 & Opportunity Assessment 2020-2030
This section explains the global market value analysis and forecast for the electric motors market for the forecast period of 2020-2030. This chapter includes a detailed analysis of the historical electric motors market, along with an opportunity analysis for the future. Readers can also find the absolute $ opportunity per year and incremental $ opportunity for the forecast period.
Chapter 08 – Market Background
This chapter explains the key macro-economic factors that are expected to influence the growth of the electric motors market during the forecast period. Along with the macroeconomic factors, this section also highlights the value chain, supply chain, forecast factors, and value chain analysis for the electric motors market. Moreover, in-depth information about the market dynamics, COVID-19 crisis and their impact analysis on the market have been provided in the section.
Chapter 09 – Global Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, by Power Output
The market is segmented based on the power output into three segments - less than 1 HP, 1-500 HP, and above 500 HP.
Chapter 10 – Global Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, by Product Type
The market is segmented into AC and DC motors. AC motors segment is further sub-segmented into induction motors and synchronous motors. DC motors is further sub-segmented into brushed DC motors and brushless DC motors.
Chapter 11 – Global Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, by Application
The market is segmented based on application into pumps, fans, compressors, general machinery, centrifugal machinery, grinders, extruders, and others.
Chapter 12 – Global Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, by End User
The market is segmented based on the end user into industrial (oil & gas, food & beverages, manufacturing, chemical treatment plants, and others (Pulp & Paper), residential, commercial, and automotive & transportation.
Chapter 13 – Global Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, by Region
This chapter explains how the electric motors market will grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), the Middle East and Africa (MEA), and Japan.
Chapter 14 – North America Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter includes a detailed analysis of the growth of the North America electric motors market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis and market growth.
Chapter 15 – Latin America Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter provides the growth scenario of the electric motors market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America along with targeted segments.
Chapter 16 – Western Europe Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
Important growth prospects of the electric motors market based on its operators and end users in several countries such as Germany, Italy, France, the U.K., Spain, BENELUX, and Rest of Western Europe are included in this chapter.
Chapter 17 – Eastern Europe Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
In this chapter Poland, Russia and Rest of Eastern Europe are the prominent countries in the Eastern Europe region that are the prime subjects of assessment to obtain the growth prospects of the Eastern Europe electric motors market.
Chapter 18 – APEJ Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter highlights the growth of the electric motors market in APEJ by focusing on China, India, Association of Southeast Asian Nations (ASEAN), Australia & New Zealand (ANZ), and Rest of APEJ.
Chapter 19 – MEA Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter provides information about how the electric motors market will grow in major countries in the MEA region, such as GCC, North Africa, Turkey, Southern Africa, and the Rest of MEA, during the forecast period of 2019-2028.
Chapter 20 – Japan Electric Motors Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter highlights the growth of the electric motors market in Japan.
Chapter 21 – Key Countries Electric Motors Market Analysis
This chapter provides the growth scenario of the electric motors market of 20 key countries by segments considered. Additionally, COVID-19 impact in the said market in all respective countries has been included.
Chapter 22 – Market Structure Analysis
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the electric motors market.
Chapter 23 – Competition Analysis
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the electric motors market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments.
Chapter 24 – Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the electric motors market report.
Chapter 25 – Research Methodology
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the electric motors market.
Sources and Primary Research Splits (%)