Sales of AC Motors to top $166 Billion by 2026
The global market for electric AC motors will hit $166.5 billion by 2026 as it grows annually by 8.8% over the next six years, according to estimates by Polaris Market Research in a recent report. Most of the growth in that market during that time will come from the Asian-Pacific area.
The growth in AC motors will be pushed by the increasing automation in various industrial processes, as well as the use of them in applications including healthcare, construction, automotive and consumer goods. In developing countries, AC motors will be increasingly used in infrastructural development and construction activities. Other driving factors include rising demand for household appliances, growing use in HVAC equipment, and government support for developing high-efficiency AC motors. Growing demand from emerging economies and technological advancements are expected to provide numerous growth opportunities in the electric AC motors industry over the next six years.
Asia-Pacific generated the highest revenue in the market during 2017 and is expected to lead global markets throughout the forecast period. Emerging industries in Asia-Pacific include healthcare, agriculture, construction and automotive, and they have substantial initiatives in research and development and favorable government policies. All these factors drive market growth. Rapid industrialization and more manufacturing further support the strong market for AC motors in the region. The increasing sale of passenger vehicles, coupled with growing sales of electric vehicles in countries such as China and Japan, also increases the use of AC motors in the region.
The different types of electric AC motors include induction AC motors and synchronous AC motors. In 2018, the induction AC motors accounted for the highest share of AC motors sold owing to increasing demand from industries that include agriculture, paper and pulp, and chemicals. Some key features offered by induction AC motors include controlled acceleration, simplicity, low cost, quiet operations, durability and low power demand on start, among others.
Well-known companies that are players in the AC motors market include Siemens AG, Kirloskar Electric Co., Johnson Electric, Rockwell Automation, Inc., Baldor Electric Co., Allied Motion Technologies Inc., Ametek Inc., Asmo Co. Ltd., Franklin Electric Co. Inc. and ABB Ltd. These companies consistently launch new products to expand and improve their offerings. With the advancement of technologies, companies are innovating and introducing new customized motors to meet the growing customer needs. Leading companies are also acquiring other companies to enhance their product offerings and improve their market reach.