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Induction Motors Market worth USD 55.63 billion by 2028, registering a CAGR of 9.51% - Report by Market Research Future (MRFR)

·5 min read

New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Induction Motors Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Induction Motors Market Research Report, End User, Application and Region - Forecast till 2028” , the market is projected to be worth USD 55.63 billion by 2028, registering a CAGR of 9.51% during the forecast period (2021 - 2028), The market was valued at USD 17.48 billion in 2020.

List of the companies profiled in the Induction Motors Market research report are:

  • Emerson Electric Company

  • Regal Beloit Corporation

  • ABB Ltd.

  • Schneider Electric SE

  • Marathon Electric

  • Kirloskar Electric Company Siemens AG

  • Baldor Electric Company

  • Among others.

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Industry News

In March 2020, Seimens created a prototype of the intelligent electric disinfection robot. This product was launched into the market to meet the needs of disinfection employees in hospitals and clinics.

Market Research Future’s Review on Induction Motors Market

Multiple Factors to Bolster Market Growth

Induction motors are also called Asynchronous motors. Along with the considerable benefits of these motors, such as reliability and load reduction, it also assures that the cost associated with after-sales maintenance is reduced several folds. They are used in a variety of end-use sectors and have so grown rapidly. Furthermore, its lightweight has made it highly popular and given it an advantage over other motors.

The population's awareness of environmentally friendly products is growing by the day, and as a result, the Induction Motors Market Size is expanding rapidly. Without a doubt, the resources associated with it are expensive, making it difficult for investors to establish such operations. Nonetheless, with the government's assistance and the benefits of these motors in mind, the induction motors market trends will bloom like a ray of sunlight in the next years.

Browse In-depth Market Research Report (188 pages) on Induction Motors


The Global Market to Recover Post COVID-19 Pandemic

The COVID-19 outbreak has had a negative impact on the world economy because numerous industries have been affected by the current situation, and operations in various sectors have come to a halt. One of the most severely impacted industries in the power sector. According to Independent Commodity Intelligence Services, electricity availability in the EU is likely to remain consistent because several countries, including the United Kingdom and Germany, have put in place safety measures to ensure the continuation of operations. This would be beneficial for induction motors in the EU to generate and distribute power in facilities such as isolated residences, farmyards, or pumping stations. However, regional governments' lockdown orders have had an influence on the financial condition of power distribution firms. Since the beginning of the statewide lockdown, India's daily power demand has decreased by 25 to 28 percent, owing mostly to the shutdown of companies and offices in the commercial and industrial sectors. Since the T&D losses suffered are greater than what was previously expected, distribution businesses would have to incur higher aggregate technical and commercial (AT&C) losses than the thresholds specified by the regulators.

Nevertheless, the pandemic's influence may have an impact on the forecast for electricity generation in the United States. For example, due to firm closures, retail sales of power to the commercial sector were expected to reduce by 4.7% in 2020. As factories cut back on production, industrial sales are likely to dip by 4.2%. This will eventually have an impact on the country's electrical power generation and magnetic field distribution via induction motors. Furthermore, in China, the industrial sector, which accounts for around two-thirds of China's electricity use, led to the drop in demand, accounting for a 12% decrease in electricity usage.

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Market Segmentation

The global induction motors market has been segmented into end-user and application.

By end-user, the global induction motors market has been segmented into residential, commercial, and industrial.

By application, the global induction motors market has been segmented into residential, commercial, and industrial.

Regional Analysis

Europe and North America to Lead the Worldwide Market

Since most investors are available to invest in projects efficiently, Europe and North America dominate the Induction Motors Market Trends. Furthermore, the population's determination to save the environment by utilizing eco-friendly products has contributed to the market's expansion.

APAC to Follow Europe and North America

The Asia Pacific region is also predicted to see significant growth in the Induction Motors Market Revenue due to an increase in demand for various end-use industries where the induction motor is employed, as well as demand for such products due to its eco-friendly qualities.

Segmentation of Market covered in the research:

Induction Motors Market Information Report by End User (residential, commercial and industrial), by Application (residential, commercial and industrial) and by Region - Forecast to 2028

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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