Electric motors are installed in fans, propulsion systems, refineries, compressors, alternators, metal rolling equipment, hoists, grinding mills, and power tools because they convert electrical energy to mechanical energy efficiently. These motors are being increasingly used in the automotive, agriculture, cement, metal, mining, oil and gas, pulp and paper, and water and wastewater industries.
These high-power-consumption industries are deploying electric motors to reduce their operational costs and contribute toward a greener future. Moreover, the rising practice of customization of electric motors, to avoid compatibility issues with machines, is expected to fuel the electric motor market at a CAGR of 4.8% during 2020–2030. The market was valued at $118.2 billion in 2019 and it is expected to reach $195.2 billion revenue in 2030.
Nowadays, electric motor manufacturers are emphasizing on producing customized electric motors to differentiate their products and meet the varying specifications of customers. This could include the addition of cables, brackets, gears, mounting plates, and load screws or pulleys. In recent years, the usage of electric motors has significantly surged due to the rising preference for electric vehicles (EVs) and heating, ventilation, and air conditioning (HVAC) systems.
According to the International Energy Agency (IEA), 6,850,327 battery electric vehicles (BEVs), 3,346,713 plug-in hybrid electric vehicles (PHEVs), and 31,225 full cell electric vehicles (FCEVs) were sold across the world, in 2020. The growing preference for these new energy vehicles can be attributed to the surging environmental concerns and toughening vehicle emission norms.
According to P&S Intelligence, Asia-Pacific (APAC) adopted the highest number of electric motors in the recent past, due to the high adoption rate of EVs and HVAC systems and rapid industrialization in India and China. The increasing production and purchase of EVs in these countries can be attributed to the implementation of stringent vehicle emission norms and favorable government policies regarding EV manufacturing and adoption.
Owing to these reasons, the APAC electric motor market is also expected to witness the fastest growth in the foreseeable future. Thus, the soaring demand for customized motors and escalating shift toward EVs from conventional vehicles will fuel the need for electric motors in the coming years.
These high-power-consumption industries are deploying electric motors to reduce their operational costs and contribute toward a greener future. Moreover, the rising practice of customization of electric motors, to avoid compatibility issues with machines, is expected to fuel the electric motor market at a CAGR of 4.8% during 2020–2030. The market was valued at $118.2 billion in 2019 and it is expected to reach $195.2 billion revenue in 2030.
Nowadays, electric motor manufacturers are emphasizing on producing customized electric motors to differentiate their products and meet the varying specifications of customers. This could include the addition of cables, brackets, gears, mounting plates, and load screws or pulleys. In recent years, the usage of electric motors has significantly surged due to the rising preference for electric vehicles (EVs) and heating, ventilation, and air conditioning (HVAC) systems.
According to the International Energy Agency (IEA), 6,850,327 battery electric vehicles (BEVs), 3,346,713 plug-in hybrid electric vehicles (PHEVs), and 31,225 full cell electric vehicles (FCEVs) were sold across the world, in 2020. The growing preference for these new energy vehicles can be attributed to the surging environmental concerns and toughening vehicle emission norms.
According to P&S Intelligence, Asia-Pacific (APAC) adopted the highest number of electric motors in the recent past, due to the high adoption rate of EVs and HVAC systems and rapid industrialization in India and China. The increasing production and purchase of EVs in these countries can be attributed to the implementation of stringent vehicle emission norms and favorable government policies regarding EV manufacturing and adoption.
Owing to these reasons, the APAC electric motor market is also expected to witness the fastest growth in the foreseeable future. Thus, the soaring demand for customized motors and escalating shift toward EVs from conventional vehicles will fuel the need for electric motors in the coming years.
Comments
Post a Comment