The new report by Expert Market Research titled, ‘Global Electric Motors and Generators Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global electric motors and generators market, assessing the market based on its segments like types, applications, power generations, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 5.5%
The escalating demand for electric motors in various industrial applications owing to their cost-effectiveness and high efficiency is driving the market growth. As the use of miniature devices in major sectors such as medical and construction are surging, electric motors are increasingly deployed, which is augmenting the growth of the market. With the widening gap between the supply and demand of electricity, electric generators are increasingly preferred for uninterrupted power supply. Further, the surging environmental consciousness is leading to an increase in demand for electric generators that use natural resources for power generation, which is significantly contributing to the growth of the electric motors and generators industry.
Industry Definition and Major Segments
Electric motors and generators are devices that are used to convert mechanical energy into electrical energy and vice-versa. Electric motors are extensively used in appliances like refrigerators, water pumps, and washing machines, among others. Electric generators are typically used for distribution and transmission of over power lines to the commercial, residential, and industrial sectors.
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The global electric motors and generators market is segmented into global electric motors and global electric generators markets.
The electric motors market is divided into types, and applications.
The major types of electric motors and generators are:
• AC Motors
• DC Motors
Based on application, the market is classified into:
• Industrial
• Residential and Commercial
• E-Mobility
• Others
The industrial segment, based on power types, is segmented into low power, medium power, and high power. The residential and commercial segment, on the basis of application type, is further divided into HVAC and home appliances, among others. The e-mobility segment, based on type, is classified into 2 and 3 wheelers, light vehicle (passenger vehicle), commercial vehicle (light and medium commercial), heavy truck (heavy commercial), marine, train, and aerospace, among others.
The electric generators market is divided into type, power generation, and region.
The market can be broadly categorised on the basis of power generation into:
• Thermal
• Hydro
• Nuclear
• Wind
• Others
The regional markets of electric motors and generators are:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The market growth for electric motors and generators can be attributed to the advent of Industry 4.0, which, in turn, is leading to a surge in the use of electric equipment in major industries. As uninterrupted electricity supply is crucial in Industry 4.0, the demand for electric generators to prevent power outages is surging, which is driving the growth of the market. The development of innovative electric generators that can boost cost-efficiency and energy efficiency is providing impetus to the growth of the market. In addition, the integration of artificial intelligence (AI) in electric motors to maximise their efficiency and automate control is predicted to propel the growth of the electric motors and generators industry in the forecast period.
Key Market Players
The major players in the market are ABB Ltd, Robert Bosch GmbH, Siemens AG, General Electric, Rockwell Automation, Inc., Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., and Atlas Copco, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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