by An electric motor is a machine designed to convert electrical energy into mechanical energy, which is then used to power industrial equipment, household appliances, vehicles and more. Electric motors function by generating torque or rotational force via magnetic interactions between stationary and rotating parts. The commutator ensures proper sequential energization of the windings placed in the stator while the rotor turns. Based on type, common electric motors include AC induction motors and DC brushed or brushless motors.
The global electric motor market is estimated to be valued at US$ 144.44 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Automation helps improve productivity and reduce costs by replacing human labor with machines. Various manufacturing processes today rely on motors to power robotics, conveyor belts, process equipment and more. The demand for automation is also increasing from other sectors like oil & gas, food processing, warehousing to enhance efficiency. This rising adoption of industrial automation is fueling the need for robust, high-power electric motors. In addition, favorable government policies promoting energy efficiency and clean energy further boost the electric motor market growth. For example, policies incentivizing the replacement of old inefficient motors with new energy-efficient ones.
SWOT ANALYSIS
Strength: Electric motors are highly efficient, reliable and have a long operating life. They consume less energy compared to other conventional power sources which helps reduce operating costs. Recent technological advancements have led to development of more compact and lightweight electric motors with higher power densities.
Weakness: Initial investment cost of electric motors is generally high compared to internal combustion engines. Availability of supporting infrastructure like charging stations is still limited in some regions which restricts the growth of electric mobility. Power electronics and control systems used in electric motors add to the complexity and cost of the overall system.
Opportunity: Stringent government regulations to curb vehicular emissions are driving the adoption of electric vehicles. This increases the demand for advanced electric traction motors. Growing focus on renewable energy also opens up opportunities in applications like wind turbines and industrial pumps which utilize electric motors. Development of new motor topologies and wide band-gap semiconductor devices can further improve motor efficiency.
Threats: Dependency on rare earth metals used in permanent magnet synchronous motors increases supply chain risks. Rise in raw material prices negatively impacts the manufacturing costs. Traditional automakers and new market entrants are aggressively investing in developing alternative powertrain technologies like hydrogen fuel cells which can pose a threat to electric motor market in long term.
Key Takeaways
The Global Electric Motor Market Size is expected to witness high growth over the forecast period supported by policy push for electrification across industries. The market size is projected to reach US$ 144.44 Billion by 2024 registering a CAGR of 10%.
Regional analysis reveals China currently dominates the global market with largest production and sales of electric motors led by automotive, industrial machinery and consumer appliance sectors. Europe and North America are other major markets driven by stringent emission norms and incentives for electric vehicles adoption. The Asia Pacific region excluding China is anticipated to grow at fastest pace owing to rapid industrialization and infrastructure development activities in countries like India.
Key players operating in the electric motor market are Leidos Holdings Inc., SAAB AB, Nuctech Company Limited, Thales Group, OSI Systems Inc., Leonardo SpA, Smiths Group PLC, Elbit Systems Ltd., Kongsberg Gruppen ASA, Airbus SE, Westminster Group PLC, BAE Systems PLC, and Terma AS. These players are focusing on new product development, strategic partnerships and mergers & acquisitions to strengthen their market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
