LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Induction Motors Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the heavy industry. This report breaks down the data and analysis behind the procurement of induction motors and acts as an all-inclusive guide for making smart purchasing decisions.
“The global induction motors market is expected to achieve substantial growth, owing to factors such as the rise in production of electric vehicles,” says SpendEdge procurement analyst Anil Seth. “APAC is expected to be the largest and fastest-growing market for induction motors due to the increasing demand from the HVAC industry,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Induction Motors Market:
- Increase in focus of suppliers on improving energy efficiency of low-cost induction motors
- Introduction of innovations aimed at improving power factor of induction motors
- Rise in M&A by top suppliers
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Increase in focus of suppliers on improving energy efficiency of low-cost induction motors
Over the last few years, suppliers are focusing on improving their energy efficiency of motors, such as low-cost induction motors. As a result, the prices of energy-efficient motors are expected to decline, thereby providing cost-saving opportunities to buyers.
Introduction of innovations aimed at improving power factor of induction motors
As energy costs account for 80% of the TCO for induction motors, the buyers and the suppliers are reducing energy consumption to save operational costs. This improvement in the power factor will enable better performance and energy efficiency.
Rise in M&A by top suppliers
Globally, prominent suppliers in the induction motors category are planning to enhance their market shares through M&A. Such collaboration will provide buyers access to high-quality products.
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