The global AC motor market size is projected to expand at a robust CAGR during the forecast period, 2021-2028. 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.
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.
Attributes |
Details |
Report Title |
AC Motor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Synchronous Motors and Induction Motors) and Applications (Consumer, Industrial, and Medical) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
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. |
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.
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.
In terms of regions, the global AC motor market 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.
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.
Some other reports from this category!