DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/jsm9bg/induction_motor) has announced the addition of the "Induction Motor Market by Type (Single Phase, Three Phase) by Application (Residential, Commercial, Industrial), By Geography (North America, Europe, Asia-Pacific, Rest of the World) - Global Analysis and Forecast to 2019" report to their offering.
The global induction motor market is estimated to grow with a CAGR of 12.4% from 2014 to 2019. The growth of global induction motor market is driven by the rugged construction of the induction motor and its cheaper cost with low maintenance.
In this report, the global induction motor market has been classified by types, which are single phase induction motor and three phase induction motor. The three phase induction motors segment is growing at a CAGR of 11.8% from 2014 to 2019. These motors 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 motor and slip ring induction motor in this report.
The Asia-Pacific region is estimated to command the largest share of 40% of the global induction motor market, followed by North America. The induction motor market of Asia-Pacific is projected to grow with a CAGR of 12.9% from 2014 to 2019.
There are number of players in global induction motor market which makes it a competitive one. As of 2014, the global induction motor market was served by Nidec Motor Corporation, ABB Ltd., Siemens AG, WEG Electric Corp., and Emerson Electric Co., to name a few. New product launches and partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most of the market players to achieve growth in the induction motor market.
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