AC Motors Market Outlook 2031
The global AC motor market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 6.1% during the forecast period 2023 - 2031. The growth of the market is attributed to rising demand for energy efficient motors to reduce carbon emission. Additionally, growing population and rising demand for consumer products coupled with emerging energy shortage are key factors driving the market growth.
The rising requirement for energy saving consumer appliances and other household items present a key aspect that encourages the original equipment manufacturers (OEMs) to adopt AC motors in their products. AC motor is widely considered to be effective in power consumption with higher efficiency use, due to which, the demand for AC motors are rising significantly across several end-users.
AC motor usually has outside stator wrapped with coils supplied to produce a rotating magnetic field. This motor offers several advantages such as flexible, easy to control, and low startup power demands that protects components on the receiving end. The motor is also considered to be major power sources for a series of applications due to its excellent properties and functions.
AC Motors Market Trends, Drivers, Restraints, and Opportunities
- Growing concerns for reduction of carbon emissions and rising demand for energy efficient motors are anticipated to drive the AC motor market growth.
- Rising electricity prices and strict regulatory standards pertaining to save electricity consumption are expected to propel the AC motor market expansion.
- Escalating demand for consumer goods, increasing production of home appliances, motor vehicles, and other motor driven systems present key drivers for the AC motor market growth.
- Outbreak of COVID-19 pandemic has affected the demand for electric motors and restricted the production units of manufacturers. This is projected to hamper the market growth during the forecast period.
- Lack of awareness about the benefits of energy efficient AC motors act as a major restraint that can impede the growth of the AC motors market.
- Owing to technological advancements and R&D activities by key players are anticipated to create immense opportunities for the AC motor market expansion.
Scope of AC Motors Market Report
The report on the global AC motor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
AC Motor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Synchronous Motors and Induction Motors) and Applications (Consumer, Industrial, and Medical)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
Key Players Covered in the Report
ABB Ltd., iTouchless, Honeywell International Inc., Bosch Rexroth Ag, General Electric, Siemens AG, Regal Beloit, Simplehuman LLC, Crompton Greaves Power Efficiency Corporation, and WEG Industries.
Global AC Motor Market Segment Insights
Synchronous motors segment is expected to dominate the market
Based on the types, the global AC motor market is bifurcated into synchronous and induction motors. The synchronous motors segment is expected to dominate the market during the forecast period. The segment growth can be attributed to wide adoption of the motor types by various manufacturers such as electric motor vehicle market over the induction motors.
On the other hand, the induction motors segment is anticipated to grow at a substantial growth rate in the coming years owing to rising demand for induction motor types for various applications across industries.
Consumer segment is projected to exhibit a rapid growth rate
On the basis of applications, the market is divided into consumer, industrial, and medical. The consumer segment is projected to exhibit a rapid growth rate due to increasing demand for consumer items and household products. Increasing demand for consumer goods such as air conditioners, refrigerators, washing machines, heating ventilating, and cooling equipment present some key drivers for the segment growth.
Asia Pacific is expected to hold a major market share
In terms of regions, the global AC motor market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to hold a major market share during forecast period due to increasing purchasing power of population and rising establishment of several consumer items manufacturing companies in the region.
On the other hand, the market in North America is projected to account for a large market share in the coming years owing to wide consumption of consumer items among a large number of population in the region.
The global AC motor market has been segmented on the basis of
- Synchronous Motors
- Induction Motors
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- ABB Ltd.
- Honeywell International Inc.
- Bosch Rexroth Ag
- General Electric
- Siemens AG
- Regal Beloit
- Simplehuman LLC
- Crompton Greaves Power Efficiency Corporation
- WEG Industries
Key players competing in the AC motors market include ABB Ltd., iTouchless, Honeywell International Inc., Bosch Rexroth Ag, General Electric, Siemens AG, Regal Beloit, Simplehuman LLC, Crompton Greaves Power Efficiency Corporation, and WEG Industries.
Technological advancements and growing focus on mergers & acquisitions among key players are expected to propel the market. For instance, ABB acquired Baldor Electric Company to expand its operation and enhance market share in North America by expanding product portfolios.