The global medium and high power motors market is expected to reach USD 88.93 billion by 2022, according to a new study by Grand View Research, Inc. Positive outcome of the manufacturing industries coupled with the implementation of stringent regulations pertaining to the electricity consumption is expected to escalate industry growth over the forecast period. Additionally, increasing replacement of aging electric motors may also elevate demand over the coming years.
North America medium and high power motors market by product, 2012 - 2022 (USD Million)
North America medium and high power motors market by product, 2012 - 2022 (USD Million)
Favorable government initiatives and subsidies encouraging the use of these products are also estimated to contribute significantly towards industry growth. However, high purchase cost and the lack of awareness may pose challenges to growth over the next few years. Continual rise in energy costs along with improving economic condition of industrial users may offer new avenues for industry growth.
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Further key findings from the study suggest:
- High voltage segment accounted for more than 50% of the overall market share throughout the forecast period owing to widespread use across diverse application areas including power plants, industrial plants, steel plants, pumps and compressors. Medium voltage power motors are estimated to exhibit high growth which may be attributed to benefits such as easy maintenance, ruggedness, and better reliability.
- AC motors market is anticipated to grow at a CAGR of more than 7% over the next few years on account of high power factor, low purchase cost, speed variation and reliable & low maintenance operations. DC motors provide excellent speed control acceleration and deceleration along with a simple and cheap drive design.
- Industrial machinery sector accounted for over 30% of the total share in 2014, which is expected to increase over the coming years. High adoption across diverse array of industrial applications including oil & gas, food & beverage, medical equipment, and pulp & paper may propel demand over the next few years.
- Asia Pacific medium and high power motors market captured a considerable amount of the global revenue, which can be majorly attributed to rapid industrialization and rising government initiatives and mandates for energy efficient electric motors. In addition, North America is estimated to witness a CAGR of over 6.5% over the forecast period owing to increasing replacement.
- The industry is fragmented with the presence of some big players including Siemens AG, Rockwell Automation Inc., Danaher Motion LLC, Franklin Electric Co., Inc., and Baldor Electric Company Inc. The market is led by innovation and new product development. Vendors also invest heavily in R&D for developing solutions to minimize power consumption and improve efficiency.
Grand View Research has segmented the global medium and high power motors market on the basis of voltage, product, application and region:
Medium And High Power Motors Voltage Outlook (Revenue, USD Billion, 2012 – 2022)
Medium voltage
High voltage
Medium And High Power Motors Product Outlook (Revenue, USD Billion, 2012 – 2022)
AC motor
Single phase
Three phase
DC motor
Brushed
Brushless
Medium And High Power Motors Application Outlook (Revenue, USD Billion, 2012 – 2022)
Automotive
HVAC equipment
Industrial machinery
Aerospace & transportation
Commercial
Medium And High Power Motors Regional Outlook (Revenue, USD Billion, 2012 – 2022)
North America
Europe
Asia Pacific
RoW
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