Induction Motor Market to Reach US$ 32.8 Billion by 2028

According to the latest report by IMARC Group, titled "Induction Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global induction motor market size reached US$ 20.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.41% during 2023-2028.

Induction Motor Industry Outlook:

An induction motor, or an asynchronous motor, is a type of electric motor that is driven by alternating current (AC). It is an electro-mechanical device that is powered by the induction of electromagnetic fields, which consists of a stator and a rotor. The stator is the stationary part, consisting of windings that create the magnetic field and the rotor is the rotating part that consists of a conductor that cuts through the magnetic field created by the stator. When the magnetic field is created by the stator and interacts with the conductor in the rotor, it results in a current being induced while producing a torque, which drives the motor. As a result, it is extensively utilized in a wide range of applications, such as fans, pumps, conveyor belts, and machine tools.

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Global Induction Motor Industry Demand:

The escalating demand for energy-efficient motors majorly drives the global market. This can be supported by the rising utilization of induction motors across industries, such as manufacturing and automotive industries, as they are highly efficient, require less energy to operate and work under varying climatic conditions. Coupled with this, the widespread adoption of induction motors due to their precise speed control, high reliability, low maintenance costs, long life expectancy, and easy adjustability to meet the specific requirements of a particular application is significantly supporting the market.

Apart from this, the growing demand for alternative energy sources, including solar and wind, on account of their high efficiency and low environmental impact is acting as another growth-inducing factor. Moreover, various technological advancements, such as the integration of robotics with induction motors, are creating a positive market outlook.

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Key Market Segmentation:

Top Manufacturers in Global Induction Motor Industry:

• ABB
• Ametek
• Emerson Electric
• Siemens
• WEG
• Brook Crompton
• Danaher Corporation
• Johnson Electric Holdings
• Regal Beloit

Breakup by Product Type:

• Single Phase Induction Motors
• Three Phase Induction Motors

Breakup by End-Use Sector:

• Industrial
• Commercial
• Residential

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (Germany, France, United Kingdom, Italy, Spain, Others)
• Europe (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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This release was published on openPR.