Electric motors are electromechanical devices that convert electrical energy into mechanical energy. They are crucial components across numerous industries as they are used to power various mechanical equipment and components. Motors find applications in HVAC equipment, industrial machinery, home appliances, and electric vehicles among others.
The global Electric Motor Market is estimated to be valued at US$ 144.44 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for energy-efficient electric motors has been increasing due to stringent regulations regarding carbon emissions and energy consumption across various industries. Electric motors that conform to higher efficiency standards can significantly reduce energy costs. In addition, efficiency standards such as IE3, IE4, and IE5 have been driving manufacturers to develop and produce higher efficiency motors. The development of innovative motor technologies aimed at improved efficiency is expected to further drive the electric motor market during the forecast period.
SWOT Analysis
Strength: Electric motors provide high energy efficiency and low maintenance costs. They enable automation and process control across manufacturing industries.
Weakness: High initial investment costs associated with electric motors. Maintenance and repair of complex motor components require specialized skills.
Opportunity: Growing adoption of electric vehicles and transition to renewable energy sources will drive demand. Expanding industrial automation provides opportunities for motor systems integration.
Threats: Fluctuations in raw material prices impact production costs. Increased competition from local and international motor manufacturers.
Key Takeaways
The Global Electric Motor Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region currently dominates the global electric motor market owing to rapid industrialization and growing manufacturing sector in countries like China and India. The region is estimated to grow at a CAGR of more than 11% during the forecast period.
Key players operating in the electric motor market are Leidos Holdings Inc., SAAB AB, Nuctech Company Limited, Thales Group, OSI Systems Inc., Leonardo SpA, Smiths Group PLC, Elbit Systems Ltd., Kongsberg Gruppen ASA, Airbus SE, Westminster Group PLC, BAE Systems PLC, and Terma AS. Leidos Holdings and SAAB hold a major share in supply of aviation security equipment across major airports. Thales Group and OSI Systems are prominently positioned in supply of cargo and vehicle inspection systems.
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