PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371885
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371885
AC Electric Motors Market Forecasts to 2030 - Global Analysis By Type (Induction Motor and Synchronous Motor), Voltage, Application and By Geography
According to Stratistics MRC, the Global AC Electric Motors Market is accounted for $17.8 billion in 2023 and is expected to reach $28.1 billion by 2030 growing at a CAGR of 6.7% during the forecast period. A device that transforms electrical energy into mechanical energy is an electric motor. Motors come in a variety of forms, including as synchronous, induction, and single phase. There are many uses for these kinds of motors. Using the principles of electromagnetic induction, AC (alternating current) electric motors are machines that transform electrical energy into mechanical energy. Numerous products, including as industrial equipment, appliances, HVAC systems, and more, use these motors extensively.
According to the International Energy Agency (IEA), consumer spending on Electric Vehicles stood at USD 249 billion, while government spending stood at USD 28 billion. Moreover, consumer spending witnessed a significant rise in 2021, increasing from USD 125 billion in 2020.
Market Dynamics:
Driver:
Rising use in the industrial and automotive industries
The use of electrical motors as a power source enables it to broaden and enhance its position in the worldwide market. These applications include those in the transportation, electricity, and other sectors. The industrial sector has accelerated and new technologies like combined heat and power are being brought to the market as a result of the huge increase in global power consumption. Due to this, the industrial sector's use of electric machinery has expanded. Similar to how the advent of electric vehicles (EVs) and the increase in demand for cars have fueled this market's expansion.
Restraint:
Control complexity
Control systems for AC motors must be increasingly sophisticated. These motors may become increasingly complex and costly due to the requirement for control electronics to adjust the frequency and voltage of the AC power source. Additionally, compared to certain other motor types, these motors require more maintenance, especially in applications involving extreme climatic conditions or heavy operation. Over time, components such as bearings, brushes, and others deteriorate. These are the issues impeding market expansion.
Opportunity:
Various sizes and capacities
Small domestic gadgets to huge industrial gear may all use AC motors since they are available in a wide variety of sizes and capabilities. These are renowned for their great efficiency, which denotes the extent to which electrical energy is converted into mechanical energy. Efficiency like this lowers energy use and running expenses. For many applications, such as fans, pumps, and conveyors, smooth and continuous spinning is provided by AC motors. These are the elements driving the market's expansion.
Threat:
High maintenance cost
The high cost of motor maintenance is the main issue that might impede the growth of the key market. Its adoption by clients may be hampered in some situations by the operational expense, which is also sometimes quite expensive. However, unlike induction motors, certain motors do not have a self-starting torque. Auxiliaries may also be needed to start single-phase motors, in addition. As a result, due to these issues, market expansion may be hindered.
COVID-19 Impact:
Every business has been negatively impacted by the worldwide health catastrophe brought on by the unexpected outbreak of the new coronavirus pandemic. Due to the adoption of severe measures like nationwide lockdowns to limit the virus's spread, industries must lose a substantial amount of operating time. The lack of personnel and travel restrictions have halted production operations and brought the industry to a standstill because the market is huge and contains several businesses with broad sales networks dispersed over different nations.
The induction motor segment is expected to be the largest during the forecast period
The induction motor segment is expected to be the largest during the forecast period. In contrast to dc and synchronous motors, they don't require maintenance because they don't have brushes, commutators, or slip rings. In polluted and explosive environments, induction motors can be utilized since they don't have brushes that could produce sparks. Three-phase induction motors have self-starting torque, unlike synchronous motors, hence no beginning techniques are needed. Conversely, single-phase induction motors require the use of auxiliaries to induce rotation since they lack self-starting torque.
The industrial segment is expected to have the highest CAGR during the forecast period
The industrial segment is expected to have the highest CAGR during the forecast period. Motor manufacturers have a lot of opportunity in this market because most businesses rely on automated motors. Among other industries, utilities, oil & gas, cement & manufacturing, metal & mining, oil & gas, renewables, petrochemicals & chemicals, water & wastewater, and paper & pulp employ electric motors in pumps, boilers, compressors, and other applications.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The market's demand will benefit from the increased attention being paid to the use of electric motors in industrial and agricultural processes. Additionally, the area is a centre for automation and there is a huge demand for electric cars. The market will develop significantly in response to the rising demand for electric cars and the increased attention being paid to meeting renewable energy requirements.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. Rising demand for electric motors in industrial industries and increased awareness of energy efficiency are driving the regional market. Additionally, it is anticipated that the increased cost of energy would hasten the adoption of synchronous electric motors across a range of sectors. The region is anticipated to hold onto a sizable market share over the projection period due to the abundance of electric motor manufacturers in the various nations.
Key players in the market:
Some of the key players in AC Electric Motors Market include: ABB Ltd, Nidec Corporation, Siemens AG, Rockwell Automation, Schneider Electric SE, Toshiba Corporation, Emerson Electric Co., Mitsubishi Electric Corporation, Yaskawa Electric Corporation, Fuji Electric Co., Ltd., Hitachi, Ltd., Johnson Electric Holdings Limited, Danfoss Group, Rockwell Automation, Inc., General Electric, AMETEK and Bosch Group.
Key Developments:
In July 2023, General Electric Vernova' Solar & Storage Solutions partnered with Fortune Electric to develop Battery Energy Storage Solutions (BESS) in Taiwan. The purpose is to use electric motors in the storage system to keep a control on the energy flow, manage charging and discharging of batteries, and ensure smooth integration of the stored energy.
In May 2023, ABB Limited announced the acquisition of Siemens low voltage NEMA motor business. This acquisition will enable ABB to strengthen its position as NEMA motor manufacturer, and provide its offering in the NEMA motor sector.
In June 2022, Nidec and its subsidiary Nidec Sankyo have collaborated on developing an AC servo motor with Zignear, a position detection technology that can be used in industrial robots to replace encoders. The motor is designed for industrial robots and automated guided vehicles.
Types Covered:
- Induction Motor
- Synchronous Motor
Voltages Covered:
- Fractional
- Integral
Applications Covered:
- Automotive
- Power Industry
- Agriculture
- Construction
- Industrial
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.7 Application Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global AC Electric Motors Market, By Type
- 5.1 Introduction
- 5.2 Induction Motor
- 5.2.1 Three Phase Induction Motor
- 5.2.2 Single Phase Induction Motor
- 5.3 Synchronous Motor
6 Global AC Electric Motors Market, By Voltage
- 6.1 Introduction
- 6.2 Fractional
- 6.3 Integral
7 Global AC Electric Motors Market, By Application
- 7.1 Introduction
- 7.2 Automotive
- 7.3 Power Industry
- 7.4 Agriculture
- 7.5 Construction
- 7.6 Industrial
- 7.7 Other Applications
8 Global AC Electric Motors Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 ABB Ltd
- 10.2 Nidec Corporation
- 10.3 Siemens AG
- 10.4 Rockwell Automation
- 10.5 Schneider Electric SE
- 10.6 Toshiba Corporation
- 10.7 Emerson Electric Co.
- 10.8 Mitsubishi Electric Corporation
- 10.9 Yaskawa Electric Corporation
- 10.10 Fuji Electric Co., Ltd.
- 10.11 Hitachi, Ltd.
- 10.12 Johnson Electric Holdings Limited
- 10.13 Danfoss Group
- 10.14 Rockwell Automation, Inc.
- 10.15 General Electric
- 10.16 AMETEK
- 10.17 Bosch Group
List of Tables
- Table 1 Global AC Electric Motors Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global AC Electric Motors Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global AC Electric Motors Market Outlook, By Induction Motor (2021-2030) ($MN)
- Table 4 Global AC Electric Motors Market Outlook, By Three Phase Induction Motor (2021-2030) ($MN)
- Table 5 Global AC Electric Motors Market Outlook, By Single Phase Induction Motor (2021-2030) ($MN)
- Table 6 Global AC Electric Motors Market Outlook, By Synchronous Motor (2021-2030) ($MN)
- Table 7 Global AC Electric Motors Market Outlook, By Voltage (2021-2030) ($MN)
- Table 8 Global AC Electric Motors Market Outlook, By Fractional (2021-2030) ($MN)
- Table 9 Global AC Electric Motors Market Outlook, By Integral (2021-2030) ($MN)
- Table 10 Global AC Electric Motors Market Outlook, By Application (2021-2030) ($MN)
- Table 11 Global AC Electric Motors Market Outlook, By Automotive (2021-2030) ($MN)
- Table 12 Global AC Electric Motors Market Outlook, By Power Industry (2021-2030) ($MN)
- Table 13 Global AC Electric Motors Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 14 Global AC Electric Motors Market Outlook, By Construction (2021-2030) ($MN)
- Table 15 Global AC Electric Motors Market Outlook, By Industrial (2021-2030) ($MN)
- Table 16 Global AC Electric Motors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 17 North America AC Electric Motors Market Outlook, By Country (2021-2030) ($MN)
- Table 18 North America AC Electric Motors Market Outlook, By Type (2021-2030) ($MN)
- Table 19 North America AC Electric Motors Market Outlook, By Induction Motor (2021-2030) ($MN)
- Table 20 North America AC Electric Motors Market Outlook, By Three Phase Induction Motor (2021-2030) ($MN)
- Table 21 North America AC Electric Motors Market Outlook, By Single Phase Induction Motor (2021-2030) ($MN)
- Table 22 North America AC Electric Motors Market Outlook, By Synchronous Motor (2021-2030) ($MN)
- Table 23 North America AC Electric Motors Market Outlook, By Voltage (2021-2030) ($MN)
- Table 24 North America AC Electric Motors Market Outlook, By Fractional (2021-2030) ($MN)
- Table 25 North America AC Electric Motors Market Outlook, By Integral (2021-2030) ($MN)
- Table 26 North America AC Electric Motors Market Outlook, By Application (2021-2030) ($MN)
- Table 27 North America AC Electric Motors Market Outlook, By Automotive (2021-2030) ($MN)
- Table 28 North America AC Electric Motors Market Outlook, By Power Industry (2021-2030) ($MN)
- Table 29 North America AC Electric Motors Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 30 North America AC Electric Motors Market Outlook, By Construction (2021-2030) ($MN)
- Table 31 North America AC Electric Motors Market Outlook, By Industrial (2021-2030) ($MN)
- Table 32 North America AC Electric Motors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 33 Europe AC Electric Motors Market Outlook, By Country (2021-2030) ($MN)
- Table 34 Europe AC Electric Motors Market Outlook, By Type (2021-2030) ($MN)
- Table 35 Europe AC Electric Motors Market Outlook, By Induction Motor (2021-2030) ($MN)
- Table 36 Europe AC Electric Motors Market Outlook, By Three Phase Induction Motor (2021-2030) ($MN)
- Table 37 Europe AC Electric Motors Market Outlook, By Single Phase Induction Motor (2021-2030) ($MN)
- Table 38 Europe AC Electric Motors Market Outlook, By Synchronous Motor (2021-2030) ($MN)
- Table 39 Europe AC Electric Motors Market Outlook, By Voltage (2021-2030) ($MN)
- Table 40 Europe AC Electric Motors Market Outlook, By Fractional (2021-2030) ($MN)
- Table 41 Europe AC Electric Motors Market Outlook, By Integral (2021-2030) ($MN)
- Table 42 Europe AC Electric Motors Market Outlook, By Application (2021-2030) ($MN)
- Table 43 Europe AC Electric Motors Market Outlook, By Automotive (2021-2030) ($MN)
- Table 44 Europe AC Electric Motors Market Outlook, By Power Industry (2021-2030) ($MN)
- Table 45 Europe AC Electric Motors Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 46 Europe AC Electric Motors Market Outlook, By Construction (2021-2030) ($MN)
- Table 47 Europe AC Electric Motors Market Outlook, By Industrial (2021-2030) ($MN)
- Table 48 Europe AC Electric Motors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 49 Asia Pacific AC Electric Motors Market Outlook, By Country (2021-2030) ($MN)
- Table 50 Asia Pacific AC Electric Motors Market Outlook, By Type (2021-2030) ($MN)
- Table 51 Asia Pacific AC Electric Motors Market Outlook, By Induction Motor (2021-2030) ($MN)
- Table 52 Asia Pacific AC Electric Motors Market Outlook, By Three Phase Induction Motor (2021-2030) ($MN)
- Table 53 Asia Pacific AC Electric Motors Market Outlook, By Single Phase Induction Motor (2021-2030) ($MN)
- Table 54 Asia Pacific AC Electric Motors Market Outlook, By Synchronous Motor (2021-2030) ($MN)
- Table 55 Asia Pacific AC Electric Motors Market Outlook, By Voltage (2021-2030) ($MN)
- Table 56 Asia Pacific AC Electric Motors Market Outlook, By Fractional (2021-2030) ($MN)
- Table 57 Asia Pacific AC Electric Motors Market Outlook, By Integral (2021-2030) ($MN)
- Table 58 Asia Pacific AC Electric Motors Market Outlook, By Application (2021-2030) ($MN)
- Table 59 Asia Pacific AC Electric Motors Market Outlook, By Automotive (2021-2030) ($MN)
- Table 60 Asia Pacific AC Electric Motors Market Outlook, By Power Industry (2021-2030) ($MN)
- Table 61 Asia Pacific AC Electric Motors Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 62 Asia Pacific AC Electric Motors Market Outlook, By Construction (2021-2030) ($MN)
- Table 63 Asia Pacific AC Electric Motors Market Outlook, By Industrial (2021-2030) ($MN)
- Table 64 Asia Pacific AC Electric Motors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 65 South America AC Electric Motors Market Outlook, By Country (2021-2030) ($MN)
- Table 66 South America AC Electric Motors Market Outlook, By Type (2021-2030) ($MN)
- Table 67 South America AC Electric Motors Market Outlook, By Induction Motor (2021-2030) ($MN)
- Table 68 South America AC Electric Motors Market Outlook, By Three Phase Induction Motor (2021-2030) ($MN)
- Table 69 South America AC Electric Motors Market Outlook, By Single Phase Induction Motor (2021-2030) ($MN)
- Table 70 South America AC Electric Motors Market Outlook, By Synchronous Motor (2021-2030) ($MN)
- Table 71 South America AC Electric Motors Market Outlook, By Voltage (2021-2030) ($MN)
- Table 72 South America AC Electric Motors Market Outlook, By Fractional (2021-2030) ($MN)
- Table 73 South America AC Electric Motors Market Outlook, By Integral (2021-2030) ($MN)
- Table 74 South America AC Electric Motors Market Outlook, By Application (2021-2030) ($MN)
- Table 75 South America AC Electric Motors Market Outlook, By Automotive (2021-2030) ($MN)
- Table 76 South America AC Electric Motors Market Outlook, By Power Industry (2021-2030) ($MN)
- Table 77 South America AC Electric Motors Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 78 South America AC Electric Motors Market Outlook, By Construction (2021-2030) ($MN)
- Table 79 South America AC Electric Motors Market Outlook, By Industrial (2021-2030) ($MN)
- Table 80 South America AC Electric Motors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 81 Middle East & Africa AC Electric Motors Market Outlook, By Country (2021-2030) ($MN)
- Table 82 Middle East & Africa AC Electric Motors Market Outlook, By Type (2021-2030) ($MN)
- Table 83 Middle East & Africa AC Electric Motors Market Outlook, By Induction Motor (2021-2030) ($MN)
- Table 84 Middle East & Africa AC Electric Motors Market Outlook, By Three Phase Induction Motor (2021-2030) ($MN)
- Table 85 Middle East & Africa AC Electric Motors Market Outlook, By Single Phase Induction Motor (2021-2030) ($MN)
- Table 86 Middle East & Africa AC Electric Motors Market Outlook, By Synchronous Motor (2021-2030) ($MN)
- Table 87 Middle East & Africa AC Electric Motors Market Outlook, By Voltage (2021-2030) ($MN)
- Table 88 Middle East & Africa AC Electric Motors Market Outlook, By Fractional (2021-2030) ($MN)
- Table 89 Middle East & Africa AC Electric Motors Market Outlook, By Integral (2021-2030) ($MN)
- Table 90 Middle East & Africa AC Electric Motors Market Outlook, By Application (2021-2030) ($MN)
- Table 91 Middle East & Africa AC Electric Motors Market Outlook, By Automotive (2021-2030) ($MN)
- Table 92 Middle East & Africa AC Electric Motors Market Outlook, By Power Industry (2021-2030) ($MN)
- Table 93 Middle East & Africa AC Electric Motors Market Outlook, By Agriculture (2021-2030) ($MN)
- Table 94 Middle East & Africa AC Electric Motors Market Outlook, By Construction (2021-2030) ($MN)
- Table 95 Middle East & Africa AC Electric Motors Market Outlook, By Industrial (2021-2030) ($MN)
- Table 96 Middle East & Africa AC Electric Motors Market Outlook, By Other Applications (2021-2030) ($MN)
