Press release
Induction Motor Market Set to Surge Significantly During 2023
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The research report offers a detailed analysis of the technologies available in the global induction motor market as well as the upcoming ones. Furthermore, the major technological milestones are also mentioned in the study. Broadly, the global induction motor market is segmented on the basis of type, product, application, end use, and geography.
A detailed analysis of the key segments of the global induction motor market has been covered in the study. Each segment’s historical data and forecast values are presented along with the trends shaping the growth of these key segment. After reading the report, businesses and professionals in the global induction motor market will gain the latest insights into induction motor products and technologies.
Overview of the Global Induction Motor Market
The global induction motor market is driven by the elevated need for power savings in households, manufacturing hubs, and energy infrastructure. Induction motors are also known as asynchronous motors. These motors are used because they are reliable, carry smaller loads, and reduce aftersales service and cost. Importantly, they can help save a substantial amount of energy. Induction motors are used widely in applications such as compressor load applications, fans, and others.
Another trend driving the global induction motor market is the rising focus on reducing greenhouse gas emissions. This is revving up the use of induction motors in every sector, driving the demand for induction motors substantially. The global induction motor market will also benefit from the rising government funding, which is encouraging manufacturers to invest in induction motor manufacturing.
By product, the global induction motor market is segmented into synchronous motors, direct current (DC) motors, asynchronous motors, and others. According to type, the global induction motor market is classified into IE1, IE2, IE3, and IE4. On the basis of application, the global induction motor market is divided into HVAC, fans, pumps, compressed air, material processing, material handling, and others. According to end use, the market is segregated into residential, industrial, commercial building, agricultural sector, transportation, and others.
Regionally, the global induction motor market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe constitute the largest markets for induction motors in terms of consumption, production, and exports. On the other hand, emerging economies such as Korea, Brazil, India, China, Thailand, and South Africa are presenting massive opportunities for global manufacturers.
Although the aforesaid trends will drive the global induction motor market, it will be suppressed by cost issues. The installation cost of induction motors is quite high, which is restraining the global induction motor market. Moreover, many manufacturers in the global induction motor market are not able to get the required resources to start manufacturing these motors, challenging the market further.
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Companies mentioned in the research report
Product innovation is one of the key strategies adopted by companies in the global induction motor market. The key players operating in the global induction motor market are Marathon Electric, Kirloskar Electric Company, Regal Beloit Corporation, ABB Ltd., Emerson Electric Company, Schneider Electric SE, Siemens AG, and Baldor Electric Company.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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