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Induction Motor Market
Global Induction Motor Market include Ward Leonard, WEG, ABB, AC – Motoren, ATB, CAG Electric Machinery S.r.o., Cantoni Motor, CG Power Systems
Growing demand for induction motors driven by industrial automation, energy efficiency initiatives, and increasing adoption of electric vehicles.” - Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, March 27, 2024 /EINPresswire / -- The Global Induction Motor Market report focuses on a comprehensive analysis of the recent and future prospects of the Induction Motor industry. An in-depth analysis of historical trends, future trends, industry advancements, and regulatory requirements of the Induction Motor has been conducted to analyze the growth rate of each segment and sub-segment. Highlighting the major drivers and restraints in this industry, the report also provides a complete study of future trends and improvements in the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary and SWOT analysis. Exactitude Consultancy ensures qualified and verifiable features of market data operating in the real- time scenario. The analytical studies are conducted ensuring client needs with a thorough understanding of market dimensions in the current scenario.
The global induction motor market is expected to grow at 5% CAGR from 2024 to 2030. It is expected to reach above USD 20.167 billion by 2030 from USD 14.42 billion in 2020.
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Induction Motor Market Drivers
Robust Structure of Motor
The rough physical structure of the motor is predicted to be a major driving factor for the growth of the induction motor market. Induction motor are robust in nature and can be operated in any climatic conditions. Moreover, the absence of slip rings and brushes in the motor induction eliminates the chances of sparks, which makes the operation safe even in the most explosive working conditions. In addition, induction motor is cost effective, highly reliable and the maintenance is very less, which is expected to propel the growth of the induction motor market in the forecast period 2024-2030.
Rise in Production of Electric Vehicles
The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favourable government policies and support in terms of subsidies and grants, tax rebates. As induction motors especially three phase are widely used in electric vehicles because of high efficiency, good speed regulation and absence of commutators is analysed to drive the market growth. In addition these motor also serves as an alternative of a permanent magnet in the electric vehicles. Hence rise in production of electric vehicles is analysed to drive the market.
List of the Top key players Influencing this Market includes:
The research study includes the current trends that are being adopted by significant market players in the Induction Motor markets, including the use of cutting-edge technology, government funding of R&D, and an increasing focus on sustainability.
Ward Leonard, WEG, ABB, AC – Motoren, ATB, CAG Electric Machinery S.r.o., Cantoni Motor, CG Power Systems, Changzhou Duowei Electric Co., Ltd, Chinabase Machinery (Hangzhou), CRRC Zhuzhou Electric Co., Ltd, Elprom Harmanli, FIMET Motori & Riduttori S.p.a., Fujian Mindong Electric Co., Ltd., Bosch Rexroth.
KEY INDUSTRY DEVELOPMENTS
In September 2019, Motor and drive manufacturer WEG has released the M Mining series of slip-ring induction motors which are designed especially for use in the dusty environments of iron ore operations and the cement sector.
In July 2019, Ward Leonard launched the oil and gas industry's 2000 HP induction motor WL29BC200 which is designed to fit into a package of 15000 HP.
In September 2019, Tata Motors is set to launch Tigor EV for private buyers as well as cab aggregators and EESL staff. The Tata Tigor electric uses a 72 V, 3-Phase Induction motor
Segmentation Analysis of the market:
The market is segmented based on the type, product and application. The segmentation helps to deliver a precise explanation of the market.
Segments Covered in the Induction Motor Market Report:
Induction Motors Market By Type, 2020-2029, (USD Billion), (Thousand Units)
Single Phase
Three Phases
Induction Motors Market By Application, 2020-2029, (USD Billion), (Thousand Units)
Residential
Industrial
Commercial
Transportation
Others
The full Report of Induction Motor Market is Available@:
Regional Coverage:
Region Included: North America, Europe, Asia Pacific, Oceania, South America, Middle East and Africa
Country level breakdown: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand, etc.
Asia Pacific to Witness High Demand for AC Induction Motors among Various Industries
Asia Pacific induction motors market size was US$ 8.8 billion in 2021. It crossed a valuation of US$ 9.5 billion in 2022. Asia Pacific is set to be the world's predominant manufacturing hub. Demand for induction motors in the region is projected to increase due to rapidly growing manufacturing sector.
Induction motors are widely used in a variety of industrial equipment across Asia Pacific. It is attributed to their ability to automate various processing steps in numerous industries. Industries in the region are also investing huge sums in factory automation.
Induction motors are being used in place of DC motors in electric vehicles. It is mainly due to their higher efficiency and lighter weight, as compared to the latter.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Induction Motor market.
Product Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market.
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Induction Motor market.
Quick Snapshot and Extracts from TOC of Latest Edition Overview of Induction Motor Market:
Induction Motor Size (Sales Volume) Comparison by Type
Induction Motor Size (Consumption) and Market Share Comparison by Application (2023-2029)
Induction Motor Size (Value) Comparison by Region (2023-2029)
Induction Motor Sales, Revenue and Growth Rate (2023-2029)
Market Competitive Situation and Current Scenario Analysis
Strategic proposal for estimating sizing of core business segments
Players/Suppliers High Performance Pigments Manufacturing Base Distribution, Sales Area, Product Type
Analyze competitors, including all important parameters of Market
Market Manufacturing Cost Analysis
Latest innovative headway and supply chain pattern mapping of leading and merging industry players
With this report you will learn:
Who the leading players are in Induction Motor Market?
What you should look for in a Induction Motor?
What trends are driving the Market?
About the changing market behavior over time with strategic view point to examine competition?
Who are the main players in the market, and what is their market share?
How do companies set their prices in the market, and what is the competitive landscape like?
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