Dublin, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The "Electric Motor Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The electric motor market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% during the forecast period.
Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and Asia Pacific regions along with growing use of electric motors across major industries such as oil & gas, chemicals (compressors & pumps), power & energy, metals & mining (rolling mills, hoists, blowers, and processing lines), paper & pulp (grinders, chippers, and refiners), wastewater, marine, automotive, and power utilities (pumps & condensers.
However, Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing electric motors are typically procured in US dollars, which results in increased component cost which is likely to hamper the growth of the electric motor market.
The electric motor market is dominated by a few major players that have an extensive regional presence. The leading players in the electric motor market are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).
Market Dynamics
Drivers
- Increased Demand for Hvac Systems Among Residential, Commercial, and Industrial End-users
- Growing Use of Electric Motors Across Major Industries
- Rising Demand for Energy-Efficient and Low-Cost Maintenance Motors
Restraints
- Fluctuating Prices of Raw Material from China
Opportunities
- Transition of Global Automotive Industry Toward Electric Vehicles
- Emerging Robotics Technology Will Increase Demand for Electric Motors
Challenges
- Easy Availability of Low-Quality and Inexpensive Electric Motors
- Shortage of Components and Parts Due to COVID-19 Leading to Higher Product Cost
Yc Shift
- Revenue Shift & New Revenue Pockets for Electric Vehicle Manufacturers
Average Selling Price Trend
Ecosystem Market Map
Value Chain Analysis
Technology Analysis
Case Study Analysis
- Electric Motors for Aircraft
- Parker Used Ametek's Hydraulic Pump Motor for the US Airforce's Next Generation T-X Jet Trainer Aircraft
- Cost Effective Meps (Minimum Energy Performance Standard) Levels for Motors
- The Energy Research Centre of the Netherlands Developed a Market Transformation Program for Indonesia
Companies Mentioned
- ABB
- ARC Systems
- Allied Motion Technologies
- Ametek
- Brook Crompton
- Buhler Motor
- Faulhaber Group
- Hitachi
- Hyosung Heavy Industries
- Johnson Electric
- Maxon Motor
- Nidec Corporation
- Regal Beloit Corporation
- Rockwell Automation
- Siemens
- Teco Electric & Machinery
- Toshiba Corporation
- Weg
- Wolong
- Yaskawa
For more information about this report visit https://www.researchandmarkets.com/r/5lajsk
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