The motor lamination market will register a CAGR of almost 6% by 2023
May 14, 2019, 19:24 ET
NEW YORK, May 14, 2019 /PRNewswire/ -- About this market
The rise in the number of transformer installations is one of the key factors expected to trigger the motor lamination market growth during the forecast period. The rise in industrial development and urbanization in the emerging economies including India, China, Vietnam, and Thailand have further led to a high demand for electricity. In addition, factors including the increase in installation of new transformers and the replacement of old transformers with the new ones will eventually fuel the demand for motor lamination used in the transformers. Analysts have predicted that the motor lamination market will register a CAGR of almost 6% by 2023.
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Market Overview
Increasing adoption of automotive motors
The reduction in the price of hybrid passenger cars, technological improvements in hybrid and electric cars along with government initiatives will likely increase the adoption of automotive motors. This will boost the demand for motor lamination.
High failure rate of electronic components
Any failure caused due to any system or a component will have a negative impact on the other systems, subsystems, and components. Thus, the growth of the global motor lamination will be hampered due to such electronic failures.
For the detailed list of factors that will drive and challenge the growth of the motor lamination market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented with the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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