DUBLIN--(BUSINESS WIRE)--The "Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global electric motor market reached a volume of around 546 Million units in 2017, growing at a CAGR of more than 10% during 2010-2017.
Electric motors are electro-mechanical devices which work on the principle of electromagnetic induction. They are durable and highly efficient, require low maintenance, consume less energy, and have high endurance for fluctuating voltages. In addition, electric motors cost considerably lower than a fossil-fuel engine. Owing to this, electric motors find applications in diverse industries ranging from automobiles to oil and gas, where they are installed in industrial fans, machine tools, compressors, electric cars, domestic appliances, hard disk drives, etc.
There are several factors currently driving the electric motor market growth globally. Expansion in industrial automation along with advancements in technology is the major growth-inducing factor of the market. Moreover, the trend of replacing gas turbines with electric motors in large industrial plants is propelling their demand. Further, the growth of the market is gaining traction owing to the increasing demand for vehicles supported by improving standards of living and rising purchasing power of the consumers. Additionally, government initiatives aimed to boost the sales of electric vehicles so as to reduce carbon emissions is expected to fuel the electric motor market growth. Looking forward, the market volume is projected to reach 982 Million units by 2023.
- ABB Group
- Siemens Ag
- WEG SA
- Regal Beloit Corporation
- Nidec Corporation
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Electric Motor Industry
6 Market Performance by Type
7 Market Performance by Voltage
8 Market Performance by Rated Power
9 Market Performance by Fractional Horsepower
10 Market Performance by Integral Horsepower
11 Market Performance by Magnet Type
12 Market Performance by Region
13 Market Performance by Weight
14 Market Performance by Speed
15 Market Performance by Applications
16 Competitive Landscape
17 Key Players Profiles
For more information about this report visit https://www.researchandmarkets.com/research/23mmdd/global_electric?w=4