An electric motor known as an induction motor operates on the electromagnetic induction principle, which transforms electrical energy into mechanical energy. It is renowned for being effective, long-lasting, and low-maintenance. It is also adaptable and able to run at various speeds and loads. It is a tough option for industrial applications since it is less prone to mechanical wear and strain. Among other pieces of equipment, it can run fans, water pumps, and conveyor belts. Additionally, it can be tailored to meet specific power, speed, and torque needs.
According to SPER market research, ‘Induction Motor Market Size- By Type, By Component, By Material, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Induction Motor Market is predicted to reach USD XX billion by 2033 with a CAGR of 5.2%.
The need for induction motors is being stimulated globally by the expanding use of renewable energy systems like wind turbines. Additionally, the demand for dependable and effective induction motors is being driven by changing preferences for automated production and process control systems. Induction motors are also increasingly being used in a variety of kitchen appliances, including mixers, grinders, and conveyors. This is positively affecting the market, as is the rising popularity of processed and ready-to-eat (RTE) food goods among the general public as a result of increased urbanisation, hectic schedules, and rising consumer spending power. In addition, the market is expected to develop due to the automotive industry's rapid expansion, the rising demand for luxury and hybrid cars, and the growing desire for improved convenience and safety features. Additionally, growing worries about water treatment and conservation are accelerating market expansion.
However, the high cost of building a manufacturing facility is restricting the market for induction motors. The global induction motor market is dominated by a number of key rivals. Customers from all over the world are drawn to the black market by the low pricing that local vendors give. The induction motor market as a whole is not recognised as a result.
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Furthermore, the COVID-19 pandemic has had a negative influence on market growth, primarily because operations in the discrete manufacturing industry have been suspended. Due to the abrupt COVID-19 pandemic outbreak and the imposition of stringent lockdown procedures, many induction motor manufacturing facilities were forced to temporarily cease operations. The COVID-19 epidemic has also had a substantial impact on the production facilities used by the global automobile sector, which has caused a noticeable slowdown in the expansion of the market under study.
Geographically, due to an increase in investments to automate various processing steps in numerous sectors, Asia-Pacific is projected to contribute most to the growth of the induction motor market during the forecast period. Furthermore, due to the increased use of induction motors in heavy industry manufacturing, the aerospace, defence, and automotive sectors, North America has a strong demand and expanding market share in the induction motor market. In addition to the growing demand for electric vehicles in the United States, induction motor growth is also increasing in North America. Additionally, some of the market key players are ABB Ltd, Baldor Electric Company, Marathon Electric, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, WEG Electric Corp, Others.
Induction Motor Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Induction Motor Market is segmented as; Single-phase Induction Motor, Three-phase Induction Motor.
By Application: Based on the Application, Global Induction Motor Market is segmented as; Commercial, Industrial, Residential.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
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Induction Motor Market Outlook
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