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.
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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Medium And High
Power Motors Market Report Highlights
- 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.
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Medium And High
Power Motors Market Segmentation
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
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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