According to the latest report by IMARC Group, titled “Induction Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global induction motor market was worth nearly US$ 15.4 Billion in 2019. An electrical motor that works on the principle of electromagnetic induction is known as an induction motor. It runs at a constant speed and is more powerful and environment-friendly than conventional motors. Besides this, it is robust, works in varying climatic conditions and can be manufactured without any electronic connections to the rotor. Consequently, it is widely employed in the automotive and manufacturing industries across the globe.
Some of the induction motor market players being ABB Ltd NYSE: (ABB), AMETEK, Inc. NYSE: (AME), Emerson Electric Co. NYSE: (EMR), Siemens, WEG, Baldor Electric, Brook Crompton, Danaher Corporation, Johnson Electric Holdings and Regal Beloit.
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Induction motors find extensive applications in cranes, pumps, crushers, small fans, electric shavers, and oil extracting mills. This can be accredited to their ability to work in heavily polluted and explosive working conditions without frequent maintenance for several years. Apart from this, on account of the growing environmental concerns, leading manufacturers operating in the industry are focusing on reducing greenhouse gases emission and introducing product variants that consume less energy. This is projected to strengthen the market growth in the upcoming years. Looking forward, the market value is projected to reach US$ 26.7 Billion by 2025, expanding at a CAGR of 9.6% during 2020-2025.
Market Breakup by Product Type:
- Single Phase Induction Motors
- Three Phase Induction Motors
- Industrial
- Commercial
- Residential
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