Electric Motor Market Share
December 17, 2019
How is Applications in Different Industries Driving Electric Motor Market?
Different industries including, marine, agriculture, metal, mining, pulp & paper, automotive, oil & gas, energy & power, cement, and water & wastewater make extensive use of electric motors, a machine that converts electrical energy into rotational mechanical energy.
Electric motors are used in various applications in these industries including pumps, grinding mills, alternators, metal rotating, hoists, power tools, fans, compressors, refineries, and propulsion. These motors help run several machines and provide easy control at every point of their operation.
It is due to all these advantages of electric motors that their demand is increasing rapidly from several industries. According to P&S Intelligence, in 2017, the global electric motor market generated a revenue of $108.5 billion and is projected to advance at a 6.2% CAGR during the forecast period (2018–2023).
On the basis of output power, there are two types of electric motors, namely integral horsepower and fractional horsepower. Between these, the fractional horsepower electric motors were more in demand during 2013–2017 and the situation is predicted to be the same during the forecast period as well.
A major drawback of electric motors is that they consume a lot of energy, for instance electric motors account for about 70% share of the total energy consumption in a manufacturing industry. Therefore, there is an increasing need for energy-efficient electric motors and the industries are starting to focus on making use of energy-efficient electric motors, which will also help them in reducing the operating cost.
