DUBAI, U.A.E, July 14, 2020
DUBAI, U.A.E, July 14, 2020 /PRNewswire/ -- Future Market Insights' recent report on the electric motors market pegs the market's CAGR at 4.8% for the assessment period 2020-2030.
A combination of industry 4.0 and material advancements is anticipated to augur well for the electric motors market across the forecast period. End-use industries are aligning manufacturing and production technologies with consumers' expectations.
Advancements such as sensor-equipped motors have been assisting production managers regulate maintenance schedules and monitor them in real-time settings. Additionally, technologies such as variable frequency drive (VFD) have aided in speed regulation, providing a greater degree of control over the machinery.
The incorporation of soft magnetic composite (SMC) material has helped lower manufacturing costs and provided good structural shape to the material. Furthermore, engineers are looking to include high-quality performance magnets within the electric motors ambit in order to provide better torque and enhance tire performance.
As such advancements gather momentum, market players are scrambling to forge partnerships with established players as well as raw material provides and enhance their individual portfolios, contributing to the development of a rich revenue ecosystem.
"As industrial automation gathers pace, manual labor is being replaced with automated guided vehicles and collaborative robots. These mechanical advancements are spurring electric motor manufacturers to accelerate the production of frameless, brushless DC motors and synchronous AC electric motors for eclectic end-use verticals," infers an FMI analyst.
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Key Takeaways from FMI's Electric Motors Market Research Report
Preference for Green Technologies Catapulting Electric Motor Adoption across the Automotive Industry
In recent years, concern for the environment has grown across all the continents of the world. Rising greenhouse gas emissions attributed to incessant burning of fossil fuels has dangerously tipped emission levels to an all-time high. Most of these emissions originate from flue pipes of major factories, ranging from chemicals & dyes to automotive & vehicles.
This has compelled governments to enforce strict emission controls and legislations regarding sustainable industrial practices. Therefore, production units are augmenting their investments in electric motors. A major beneficiary in this respect is the automotive industry. The advent of electric cars has revolutionized automobile production. Electric vehicles are being extensively used in developed regions such as North America and Europe. Countries such as China and Japan have also transitioned to electric vehicles, which have yielded significant environmental benefits.
The COVID-19 pandemic has heightened environmental concerns among individuals across the world. Since its outbreak, countries have imposed stringent lockdowns, prohibiting cross border or domestic travel, except under extenuating circumstances or for delivering essential goods and services. This has reduced the number of vehicles on the roads, leading to reduced emissions and significantly improving air quality. On the back of this trend, people have been exploring possibilities of owning electric cars in the future, which is anticipated to provide major traction to the electric motors market. The International Energy Agency estimates that electric vehicle sales shall reach 10 million during 2020. It also estimates that electric cars shall constitute nearly 1% of the global car stock. EV manufacturers will thus generate high demand for electric motors.
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Electric Motors Market- Region-wise Analysis
Electric Motors Market- Competitive Landscape
The electric motors market consists of prominent players such as Siemens AG, General Electric, Nidec Corporation, Johnson Electronic, Robert Bosch GmbH, Hitachi Ltd., Emerson Electric Co. and WEG S.A. Besides these, a number of new entrants are generating significant revenue pools, making the market quite fragmented in nature.
Maintaining environmental sustainability remains the core foundation of electric motor manufacturers. For instance, Siemens AG has been investing in the production of electric vehicles. It has been developing the Wallbox VersiCharge IEC electric charger with a fast charging capacity of 200-920 V. The company has also partnered with Alstorm to provide mobility solutions in industrial plants through automation.
Manufacturers are also capitalizing on innovative designs and collaborations with government authorities to retain their position in the market. For instance, Linear Labs introduced a new electric motor design to reduce complexity in powertrains and size. The company incurred a cost of US$ 4.5 million to design this project. Efficiency levels were reported to increase by 20%. Recently, in July 2020, the company negotiated a ~US$ 70 million economic incentive package with the city of Fort Worth to secure a 500,000 square foot premise to establish an electric motor plant which would create thousands of skilled jobs over the 2020-2030 decade.
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Electric Motors Market: Segment Analysis
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FMI's report on the electric motors provides first-hand information on the qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments across prominent geographies. Data has been provided in terms of revenue, market share and year-on-year growth.
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