The global electric motor market is being driven by increasing usage of electric motors across several industries, by increasing compliance for energy efficient electric motors, by growing demand from residential and commercial sectors, and by increasing replacement of outdated electric motors. The global electric motor market was valued at $85.7 billion in 2015, which it is expected to grow at a CAGR of 6.5% during the forecast period. Asia-Pacific was the largest electric motors market in 2015 and it is expected to continue being the largest market during the forecast period.
Electric motors find several applications in different industries as these are capable of converting electric energy into mechanical energy. The application areas include power tools, pumps, fans, grinding mills, alternators, compressors, metal rolling, refiners, mine hoists, and propulsion. The increasing demand and installations of electric motors in marine, oil and gas, energy and power, metals, cement, mining, water and waste water, and pulp and paper industries are driving the growth of global electric motor market. These industries are dependent on extensive usage of machines, which require constant power supply. Electric motor powers individual machines and provide easy control at each point of operation. These motors improve safety in operations, power transmission efficiency and production efficiency. Moreover, these motors are capable of working in highly corrosive environments, which increase their demand in nuclear power plant and corrosive chemical and gases plants.
The International Energy Agency (IEA) estimated that electric motor driven systems accounted for 43% to 46% of global electricity consumption in 2011, which resulted in 6,040 Mt CO2 emissions. The organisation also reported that by 2030, without comprehensive and effective energy‐efficiency policy measures, the energy consumption from electric motors would increase to 13,360 TWh per year, resulting in 8,750 MT CO2 emission per year. The high energy consumption through electric motors led to the development of energy efficient electric motors, which could result in reduced energy consumption and CO2 emissions.
Increasing urbanization has significantly changed the lifestyle of people and the surrounding environment. According to the World Health Organization (WHO), more than 50% of the world’s population live in urban areas. It is expected that by 2050, around 70% of the world’s population will live in towns and cities. The construction industry is growing at a steady pace for the last few years. Increase in population and growing disposable income of individuals has led to the construction of various residential and commercial buildings, malls, offices, factories and plants. Owing to its broad spectrum of applications, electric motors are used in these buildings for operations of different systems or machines.
Get More Information Visit : P&S Market Research