Electrifying Growth: Global Electric Motor Market Poised for Transformation

The global electric motor market is set to embark on an exciting journey of growth and innovation, propelled by a multitude of factors that promise to reshape industries and economies. A comprehensive analysis of this dynamic market reveals key insights that offer valuable guidance for stakeholders and investors during the forecast period.

Emerging Robotics Technology Ushers in New Opportunities

The burgeoning field of robotics technology is poised to revolutionize the electric motor market in the coming years. Robotics applications have surged across diverse industries, enabling companies to streamline complex processes and enhance efficiency. Robots are increasingly deployed for repetitive tasks and in environments with high levels of risk, including exposure to radioactive materials and explosive chemicals. Additionally, robotics technology finds use in space exploration, assembly line operations, warehouse logistics, military services, mine cleaning, underwater exploration, agricultural activities, and surgical assistance.

According to the International Federation of Robotics (IFR), 2021 witnessed an unprecedented high in global robot installations, with 517,385 new industrial robots deployed in factories worldwide. This remarkable figure represents a year-on-year growth rate of 31%, surpassing the pre-pandemic record of 22% in 2018. In 2022, the operational robot stock reached approximately 3.5 million units worldwide, with projections of further growth in the years to come. This surge in robotics applications is driving the demand for electric motors, particularly AC and DC motors, which play crucial roles in powering the wheels, legs, weapon systems, sensor turrets, and tracks of industrial and portable robots. The impact of this trend is expected to be enduring and transformative for the global electric motor market.

Gradual Rise in SME Adoption of Robotics Technology

Small and medium-sized enterprises (SMEs) are gradually embracing robotics technology as Industry 4.0 continues to transform their operational landscape. This increasing automation integration is enhancing productivity and fueling the demand for robots within SMEs, thereby contributing to the growth of the electric motor market. Moreover, the decreasing cost of robotics technology is eliminating a significant barrier to its adoption among SMEs. According to the International Society of Automation, by the end of 2025, robotics prices are projected to decrease by approximately 75% compared to 2010 prices, further encouraging SMEs to deploy robots. This shift in adoption patterns among SMEs is expected to drive the electric motor markets growth.

Demand for Energy-Efficient Motors Presents Opportunities

As economies grow, the demand for energy is set to increase substantially each year. Electric motors have been responsible for a significant portion of energy consumption, especially in the manufacturing sector. In 2020, half of the energy consumed in the United States manufacturing sector was attributed to electric motors. Infrastructure and industrial applications account for approximately 53% of global electricity consumption. In response, stringent energy efficiency norms and motor efficiency regulations, such as IE1, IE2, IE3, and IE4, have been established in Europe to reduce carbon emissions. This has driven the need for energy-efficient electric motors. Approximately 40% of electricity is used to power electric motors, according to the International Energy Agency. Companies are increasingly investing in the development of lightweight, high-speed, and highly efficient motors, aligning with the growing emphasis on energy-efficient products. This presents new opportunities for the electric motor market.

Rising Demand for AC Motors Powers Growth

From a revenue perspective, AC motors are expected to dominate the electric motor market, accounting for a significant share. AC motors are in high demand due to their wide-ranging applications. They are not only used in irrigation pumps but are also gaining traction in modern robotics. Their advantages, including compact size, lightweight build, and cost-efficiency, have boosted their demand in HVAC equipment. Additionally, AC electric motors are finding increased usage in the automotive sector, driven by advancements in electronics and permanent magnetic materials. The growing penetration of electric vehicles is further stimulating demand for AC electric motors. These motors are also deployed in industries such as paper, chemicals, cement, and wastewater treatment, further boosting sales. The increasing adoption of AC motors is expected to substantially contribute to the global electric motor markets revenue growth.

Asia Pacific: A Lucrative Revenue Pocket

Emerging economies in Asia Pacific are poised to exhibit significant growth potential in the electric motor market. Advancements across various sectors, coupled with industrialization in countries such as South Korea, China, Australia, and India, are driving growth. Additionally, the increasing adoption of electric vehicles in the region, aligned with zero-emission targets, is set to bolster the electric motor market. Factors like a growing manufacturing sector, expanding customer base, and stable economic growth are expected to bode well for the electric motor market in Asia Pacific.

Competitive Landscape

The electric motor market has witnessed a flurry of new product launches, partnerships, and acquisitions, signaling the industrys dynamism. In 2021, Mabuchi Motors acquired Electromag SA, enhancing its portfolio with new brushless motors for healthcare facilities. The collaboration between Turbo Power Systems and Statcon Energiaa in April 2021 signifies a shared effort to develop and market power electronics products for diverse markets. In February 2021, Johnson Electric unveiled a novel range of low voltage DC (LVDC) motors, characterized by their compact size, reduced operating noise, high power density, and high torque.

Prominent players in the electric motor market include ABB, GE, Hitachi, Siemens, Yaskawa, Johnson Electric, Woolong Electric, Windings Inc., and Rockwell Automation.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/electric-motor-market

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