Induction Motor Market Share, Size, Trends, Price, Growth, Analysis, Report, Forecast 2023-2028

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Induction Motor Market

The ‘Global Induction Motor Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global induction motor market, assessing the market on the basis of its segments like product types, end uses, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

Induction Motor Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): Around USD 18.35 billion
• Forecast CAGR (2023-2028): 9.5%
• Forecast Market Size (2028): Nearly USD 31.65 billion

A major factor driving the global induction motor market is the increasing usage of the product in the manufacturing sector. Induction motors are utilised in conveyors, winders, pumps, furnaces, and other equipment due to their low energy consumption. They also find significant usage in green energy products.

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Another crucial factor boosting the growth of the global induction motor market is the rising usage of single-phase induction motors in commercial, domestic, and industrial applications. Such motors have single-phase windings mounted on their stator, and their rotors have cage winding. The stator winding of these motors is charged by the single-phase supply, which produces a magnetic field. Hence, single-phase induction motors are widely deployed in devices like heaters, refrigerators, dryers, ceiling fans, table fans, exhaust fans, air coolers, washing machines, computers, typewriters, drilling machines, blowers, and water pumps, among others.

Three phase induction motors also hold a significant share in the market due to their high efficiency, long lifespan, and simple and robust construction. They are majorly used in devices such as pressing machines, flour mills, compressors, grinding machines, and conveyors, among others, that do not require speed control.

With increasing industrialisation and urbanisation and the rising demand for electronic equipment, devices, and systems, the global induction motor market is growing at a healthy pace. Besides, growing competition between the key market players is driving product innovations and the development of high-performance induction motors.

Governments and private bodies are initiating several infrastructural development projects like the construction of residential buildings, commercial complexes, efficient transportation networks, and hospitals and clinics, among others. Such projects require induction motors in various equipment like power elevators, water pumps, and HVAC systems. Moreover, government regulations intended to increase investments in environmentally friendly vehicles are expected to favour the induction motor market demand in the coming years.

Induction Motor Industry Definition and Major Segments

An induction motor, also known as an asynchronous motor, is an AC motor in which the torque is produced through the reaction between varying magnetic fields and the current induced in the coils. It is an environmentally friendly motor, and its improved reliability and functionality make it a preferred choice in different devices.

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On the basis of product type, the market is classified into:

• Single Phase Induction Motors
• Three Phase Induction Motors

Based on end use, the market is segmented into:

• Industrial
• Commercial
• Residential

Based on region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Induction Motor Market Trends

A key trend propelling the growth of the global induction motor market is the growing demand for products with low energy consumption and reduced greenhouse gas emission. The trend of sustainability is also increasing sales of electric vehicles, hence driving the usage of induction motors due to their reliability, low maintenance, and eco-friendly benefits.

Induction motors also find their usage in the industrial sector, and their optimised use can improve the overall efficiency of industrial applications while reducing the consumption of electricity. Some of the equipment using induction motors in the industrial sector are air cranes, hoists, lifts, pumps, shavers, and oil extracting machines. Moreover, the development of innovative and technologically-advanced industrial devices and equipment is likely to further boost the applications of induction motors in the coming years.

Another crucial induction motor market trend is the rising demand for electronic products like fans, air conditioners, and water pumps, among others. The demand for electrical appliances is expected to significantly rise with new innovations, further fuelling the market growth. In addition, with the increasing implementation of HVAC (heating, ventilation, and air conditioning) systems in houses, the utilisation of induction motors is expected to grow. Induction motors can handle varying loads of voltage with reduced energy consumption, making them ideal for household devices.

Regionally, the Asia Pacific is expected to account for a substantial share of the global induction motor market in the forecast period. Induction motors are lightweight, provide better efficiency, and make the automation process easier in several end-use sectors. They are also preferred as an effective replacement for DC motors in sectors like automotive, oil and gas, construction, and mining.

Further, the increasing sales of electric vehicles are also driving the market demand in this region. The introduction of several government initiatives to promote the adoption of electric vehicles in major cities is anticipated to further fuel the market for induction motor in the coming years.

Key Market Players

The major players in the global induction motor market report are:

  • ABB Ltd
  • AMETEK Inc.
  • Siemens
  • Johnson Electric Holdings Limited
  • Regal Beloit Corporation
  • Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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