Medium and high power motors are used in a broad range of industrial applications. In 2020, the global medium and high power motors market was valued at USD 43.07 billion and is expected to reach USD 71.89 by 2028; experiencing growth rate (CAGR) of 6.6% through the estimated period 2020 - 2028. Increasing production of automobiles, heating, ventilating and air conditioning (HVAC) equipment and other electric motor driven systems (EMDS) is expected to spur the demand for electric motors in the future. In addition, rising electricity prices and stringent energy consumption regulations are forcing industrial electric motor end users to upgrade their plants and machineries with energy efficient electric (IE2, IE3, and IE4 efficiency class) motors. The growth in energy efficient electric motors market is expected to outpace the growth of the overall electric motors market. However, high initial purchase cost and lack of awareness about life time cost saving opportunities of using energy efficient electric motors is posing a challenge to the growth of the electric motors market.
Medium and high power market is also classified into AC and DC motors. AC motors are further classified into single phase motors and DC motors into brushed motors and brushless motors. Compared to DC motor AC motors are smaller, cheaper and lighter. AC motors are more commonly available and accounts for the largest market share in the global market. AC motors are best suitable for fast operations and require less maintenance cost. In AC motors, three phase motors are gaining popularity of single phase motors due to declining prices and advancement in inverter technology. DC brushed motors are used in cost sensitive applications and accounted for the largest market size. In medium power applications, brushless DC motor is expected to see the fastest growing segment due to its high efficiency and declining prices.
The report covers the global medium and high power motors market by output power into medium power and high power motors. We have also analyzed the electric motors market based on types of AC motors and DC motors. AC motors are sub-divided into single phase motors and three phase motors. DC motors are further classified into brushed and brushless motors. We have also segment this market based on the energy efficiency classes i.e. IE1, IE2, IE3, IE4, and non-regulated motors. Different applications of electric motors analyzed in this market include motor vehicles, heating, ventilating and air conditioning (HVAC), industrial machinery, aerospace and transportation industry, and commercial and other industries.
Industrial machinery is the largest application segment for medium and high power motors. Medium and high power market used in industrial machinery is expected to see significant growth with growing production of manufacturing industries and stringent energy consumption regulations. Strong demand is also expected from motor vehicle, HVAC, power generation and water management industries.
Asia-Pacific represents the largest as well as the fastest growing market for medium and high power motors. Significant growth in GDP of countries such as China, India, South Korea, Singapore, Taiwan, and several others helped the region to dominate in the global electric motors market. Moreover, positive growth prospects in the GDP of these countries will help the region to maintain its dominating position in the global electric motors market. The electric motors market in Europe is expected to grow at a slower pace due to the current economic slowdown in the country.
The global electric motors manufacturing industry comprises a large number of established as well as small-sized players. Industry players have a fragmented market share and the top five players accounted for less than 15% of the global market share. Some other major players in this industry include AMTEK, Danaher, Franklin Electric, Rockwell Automation, Allied Motion Technologies, and several others.
Scope of Global Medium and High Power Motors Market
By Output Voltage, 2019 – 2028
Medium Power Motors Market by Type, 2019 – 2028
High Power Motors Market, by Type, 2019 – 2028
By Efficiency Class, 2019 – 2028
By End-Use Industry, 2019 – 2028
By Geography, 2019 – 2028