Novel manufacturing ideas have paved its way into the motor industry for the effective production of efficient and highly durable induction motors to minimize coil induced sparks owing to which it is highly utilized in the hazardous industries. Applied in several industrial sectors, induction motors are convenient for integration with sensor technology and Internet of Things (IoT) devices to provide high performance without hindrance whereby is readily adopted in 24/7 industrial enterprises to manage operating systems. Modern motors are produced simultaneously eyeing on low energy consumption and lesser greenhouse gas emissions while the execution and procedure and the induction motors comply with the environmental regulations consequently leveraging huge demand in the global market. As compared to the single phase induction motor, the three phase induction motors are gaining wide application in different fields of work owing to its self-starting features because of which it can be significantly combined with wireless sensors technology pushing forth automation work accomplishment in the modern industry. The global Induction Motors Market generated a revenue of $14.4 billion in the year 2018 and acquired demand-inflation which is estimated to grow at a CAGR of 5.5% during the forecast period of 2019-2025.
Residential, commercial buildings, agriculture, transportation, and industrial sectors widely rely on the induction motors which is applied in the working of cranes, hydraulic pumps, ceiling fans, elevators and conveyors, refrigerators compressors, washing machine, as traction motors in rail roads, electric cars, and aircraft working. However, industrial sector is the most prominent segment which generates massive demand for the induction motors market and is projected to increase at a thriving CAGR of 37.7% through to 2025.
Asia Pacific is the leading contributor to the global induction motor market and held a regional share of 34.7% as of 2018. With a stronghold of the electronic and automotive manufacturing industries, APAC region necessitates the efficient electric motor to accomplish successful working of the electronic market. Being the most populous region in the world, the overall expenditure of the regional population is spent on consumer products which largely includes home appliances and electronic goods such as electric fan, washing machine, and freezers. A high sales rate of these products positively affects the induction motor market growth prospects in this region. Also, Panasonic Corporation, one of the leading electronic and electrical supplying company highlighted that its total household refrigerator production reached 100 million in the year 2018 since its beginning. This is reflective of the gross dependency on induction motors by several electronic manufacturing companies which will upheave the domestic induction motor market thereby elevating the scope of opportunity for this market in the forthcoming years in APAC region.
Diverse Application Of Induction Motors In Multifarious Industries:
The emergence of IIoT and sensor technology has significantly pushed forth the induction motor industry which has penetrated into several industries owing to its wide range of application for various day-to-day life machinery and systems. Household basic requirements are accomplished with ceiling fans, washing machine, and refrigerators, which are largely dependent on the induction motors for control operation. Furthermore, induction works in close collaboration with the sensors to monitor variable speed settings in ships and with IoT systems for temperature sensing of the motor winding to avoid power supply breaks while operating.
Globally, around $59.6 million electric motors and generators were imported in the year 2018.
-International Trade Center (ITC)
Conveyor systems highly rely on induction motors for speed detection and controlling and the increasing demand for these systems in automotive, freight and logistics, community centers, and many others also escalates the scope of opportunity for induction motor market growth and revenue generation. Also, as per the Conveyor Equipment Manufacturers Association (CEMA), the North American shipment for conveyor systems grew by 18.04% in the year 2018 and the total order accounted for around $15.863 billion in the same year. This is indicative of the resultant prospect for the induction motor usage which is likely to push forth the niche market development.
Significant Innovation And Development In The Global Induction Motors Market:
Advancement and Innovation are the most critical part to sustain in the global market and prosper the individual business to leverage huge amount of profit in the long run. Although a mainstream product in the industrial sector, induction motors are widely known as the industrial drives. Required to start other machines, induction motors remain as one of the vital equipment in the industrial sector and several manufacturing companies have concentrated on its development for a more harmonic control of speed, torque, switches, and sensors to promote the concept of Industrial Internet of Things (IIoT). The Infinitum Electric, recently, received $1.8 million Series A financing and plans to launch its new HVAC electric motor and utilize the funding towards R&D of its application in electric vehicles and oil and gas industry. Additionally, General Electric (GE) successfully consummated the no-load testing of its 80 megawatt induction motor for LPG facilities and is one of the largest induction motors combined with high power, greater operational consistency, and comparatively smaller (30% less) footprint and weight. Another breakthrough innovation in the global induction motor market is set forth by the novel production by the researchers at TU Chemitz, who have developed an entirely 3D printed electric motor from iron, copper, and ceramic.
In recent times the permanent magnet AC motor (PMAC) is and eminent innovation overwhelmingly used by several key industries owing to its efficiency, better speed and high precision torque, and less heated running temperature. Similar to this, a Belgium-based green-tech motor company, Magnax, announced that it has developed an axial flux electric motor through which automotive and aircraft industries could achieve high-performance and exceeding horsepower in their motor vehicles without overheating issue due to its compact lightweight model. Higher efficiency is the foremost requirement in all the electric motors and Revolution Motor Industries achieved this through the improvisation of their winding technique for the stator in three-phase induction motors. These novel concepts and developments will eventually upheave the global induction motor market demand and promote the progress of the prospect for growth.
Novel Contributions By The Major Players In The Global Induction Motor Market:
Improving energy efficiency coupled with motor innovations produced by the major players in the global induction motors remains as an imperative step towards higher revenue generation and inflating customer demand. Colossal investment by the different companies, acquisition and alliance with local, domestic or international companies is likely to push forth their economic profit and boosts the brand image which majorly influences the growing demand for induction motors in the global market. These pioneering companies include ABB, Ametek, Emerson Electric, Siemens, WEG, Baldor Electric, Brook Crompton, Danaher Corporation, Johnson Electric Holdings, Regal Beloit, and others.
Siemens AG, a multinational company dealing in the conglomerate products, is also credited for the manufacturing of a wide range of electric motors for several end-use purposes. They distribute asynchronous squirrel cage motors, synchronous motors, high voltage and low voltage electric motors, and a wide range of products, one of which is the SIMOTICS IEC and SIMOTICS M motors. Johnson Electric Holdings is another global leader dealing in multifarious electronic products and distributes them to various industries such as automotive, food and beverage, home technologies, medical and aerospace industries, and others. Its major contribution to the induction motor market includes AC synchronous motors, universal AC motors, and shaded pole motors.
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