The Latest Induction Motor Industry Statistics Explained
As of 2020, the global electric motor industry stands at roughly $107 billion.
The statistic ‘As of 2020, the global electric motor industry stands at roughly $107 billion’ indicates the total market value of electric motors worldwide in 2020. This figure represents the overall economic impact generated by the production, sales, and distribution of electric motors across various industries and sectors. The sizeable value of $107 billion reflects the growing demand for electric motors driven by factors such as increased focus on energy efficiency, industrial automation, electric vehicles, and renewable energy technologies. This statistic not only highlights the substantial economic contribution of the electric motor industry but also underscores its significance in promoting sustainability and technological advancements globally.
The induction motor market is expected to grow at a CAGR of 4.2% between 2021 and 2026.
The statement “The induction motor market is expected to grow at a compound annual growth rate (CAGR) of 4.2% between 2021 and 2026” indicates that the market for induction motors is projected to expand steadily over the specified five-year period. The CAGR provides a smoothed average annual growth rate that takes into account the compounding effect over multiple years. In this context, a CAGR of 4.2% implies that, if the trend continues, the market size for induction motors is anticipated to increase by approximately 4.2% each year from 2021 to 2026. This statistic suggests a positive outlook for the induction motor industry, reflecting potential growth opportunities and increased demand for these types of motors in various sectors such as manufacturing, automotive, and energy.
By end-user industries, industrial sector held major share of over 63% in 2019 in the induction motor market.
This statistic indicates that in 2019, the industrial sector accounted for a substantial portion of the overall market for induction motors, holding a majority share of over 63%. This suggests that industries such as manufacturing, mining, and construction heavily rely on induction motors for various applications such as driving conveyor belts, pumps, compressors, and other machinery. The dominance of the industrial sector in the induction motor market highlights the significant demand for these motors within industrial settings, reflecting their importance in powering essential operations and processes in a wide range of industrial applications.
In terms of revenue Japan accounts for over 16.08% in the global induction motor market in 2020.
This statistic indicates that, in 2020, Japan held a significant market share of 16.08% in the global induction motor market in terms of revenue. This means that out of the total revenue generated by the induction motor market worldwide, over 16% was contributed by Japan. Such a high market share suggests that Japan is a major player in the global induction motor industry and has a strong presence in the market. This statistic highlights Japan’s importance and influence in the induction motor sector on a global scale, showcasing its competitiveness and capability in this industry.
The three-phase AC induction motors segment accounted for a market share of over 83% in 2019.
The statistic indicates that the three-phase AC induction motors segment held a dominant position in the market in 2019, representing over 83% of the total market share. This suggests that the three-phase AC induction motors were the most widely used type of electric motor in various industrial and commercial applications during that year. The high market share of this segment could be attributed to factors such as efficiency, reliability, and cost-effectiveness of three-phase AC induction motors compared to other types of electric motors. This statistic highlights the significant impact and popularity of three-phase AC induction motors in the electric motor market in 2019.
North America induction motor market size was estimated at USD 8.63 billion in 2019.
The statistic that the North America induction motor market size was estimated at USD 8.63 billion in 2019 indicates the total value of sales for induction motors in that region during that year. This figure represents the total revenue generated by companies selling induction motors in North America in 2019. Market size estimates are important in assessing the overall economic significance and scale of a particular industry within a specific geographic region. The USD 8.63 billion figure provides insight into the size and potential growth of the induction motor market in North America and serves as a key indicator for industry stakeholders, investors, and policymakers to understand the market dynamics and trends in the region.
In 2019, China accounted for approximately 28% of the global revenue for induction motors industry.
The statistic indicates that in 2019, China generated around 28% of the total revenue of the induction motors industry worldwide. This highlights China’s significant role and dominance in the global market for induction motors. The high percentage suggests that China is a major player in the industry, likely due to factors such as its large manufacturing capacity, technological advancements, and strong demand for induction motors both domestically and internationally. This statistic underscores China’s influence on the global supply chain for induction motors and its impact on the overall industry dynamics.
Induction motors for automobiles are predicted to grow at a CAGR of 12.6% from 2020 to 2026.
The statement “Induction motors for automobiles are predicted to grow at a Compound Annual Growth Rate (CAGR) of 12.6% from 2020 to 2026” indicates that the market for induction motors used in automobiles is expected to increase steadily over the specified time period. The CAGR of 12.6% suggests a substantial rate of growth, where the market size is anticipated to expand significantly each year, leading to a cumulative growth of around 12.6% annually. This prediction is based on statistical analysis and market trends, suggesting that there is a growing demand for induction motors in automobiles and that this trend is expected to continue in the coming years.
In 2019, the industrial sector in Europe dominated with a share of 57% for Induction Motor industry.
The statistic suggests that in 2019, the industrial sector in Europe had a significant influence in the Induction Motor industry, capturing a dominant market share of 57%. This indicates that a substantial portion of the Induction Motor industry’s production, sales, and revenue stemmed from European industrial activities. The high share implies that European industries were leading players in the market for induction motors, which are commonly used in various industrial applications such as manufacturing, energy production, and transportation. This statistic highlights the strong presence and competitiveness of European industrial companies within the Induction Motor industry, showcasing their technological advancements, manufacturing capabilities, and market leadership in this sector.
Energy efficient level IE3 induction motor is expected to grow at 6.2% CAGR during 2020-2026.
The statistic states that the market for energy efficient level IE3 induction motors is projected to exhibit a compound annual growth rate (CAGR) of 6.2% over the period from 2020 to 2026. This suggests that there is anticipated growth in the demand for IE3 induction motors known for their energy efficiency capabilities, which are designed to reduce energy consumption and lower operating costs. The 6.2% CAGR indicates a steady annual growth rate in the market for these motors, reflecting a positive trend towards the adoption of more energy-efficient technologies in industrial applications. This growth trajectory may be driven by regulatory mandates for energy efficiency, increasing awareness of environmental sustainability, and the cost savings associated with using energy-efficient motors.
The demand for the single-phase induction motor in HVAC applications was valued at over USD 1.7 billion in 2019.
This statistic provides information on the monetary value of the demand for single-phase induction motors specifically within heating, ventilation, and air conditioning (HVAC) applications in the year 2019. The figure of over USD 1.7 billion indicates the total amount spent on these types of motors by consumers and businesses in that specific market segment during that year. This data point serves as a quantitative measure of the market size and the economic significance of single-phase induction motors within the HVAC industry in 2019, illustrating the substantial financial impact and widespread use of these motors in HVAC systems.
In 2019, the revenue generated by residential sectors for induction motors was about USD 5.5 billion.
The statistic indicates that in 2019, the residential sector generated approximately USD 5.5 billion in revenue specifically from the sale of induction motors. This figure suggests a significant market demand and investment in induction motors by residential consumers for various purposes such as household appliances, HVAC systems, and other applications. The revenue generated by the residential sector highlights the importance and reliance on induction motors in modern households, showcasing a thriving market for this technology within residential settings.
By 2026, the global electric motors market is predicted to reach $202.6 billion.
The statistic indicates that the global electric motors market is projected to expand significantly by the year 2026, with an estimated value of $202.6 billion. This prediction suggests a substantial growth trajectory for the electric motors industry, reflecting the increasing demand for electric motors across various sectors such as automotive, industrial, and consumer electronics. Factors driving this growth may include the rising adoption of electric vehicles, advancements in industrial automation, and the emphasis on energy efficiency. The projected market size highlights the potential economic impact of the electric motors sector on a global scale, signaling opportunities for industry players, investors, and policymakers to capitalize on the evolving landscape of electric motor technology.
By 2027, the global market for induction motors is expected to exceed USD 27.57 billion
The statistic suggests that the global market for induction motors is projected to grow substantially and reach a value surpassing USD 27.57 billion by the year 2027. This indicates a significant increase in demand for induction motors across various industries worldwide, reflecting a positive outlook for the market. The growth can be attributed to factors such as the increasing adoption of energy-efficient and eco-friendly technologies, as well as the rising industrialization and automation in developing countries. This forecast provides valuable insights for businesses, investors, and policymakers to anticipate market trends and make informed decisions in the coming years related to the production, distribution, and utilization of induction motors.
In North America, the U.S. held the largest market share of 80% in 2019 in the electric induction motor market.
The statistic that in North America, the U.S. held the largest market share of 80% in the electric induction motor market in 2019 indicates that the United States dominated the industry significantly during that time period. This suggests that the U.S. was the leading producer and consumer of electric induction motors in North America, outpacing its regional counterparts. With an 80% market share, the U.S. likely possessed a substantial competitive advantage in terms of production capacity, technological innovation, distribution networks, and consumer demand for electric induction motors. This data underscores the U.S.’s strong position and influence in the electric induction motor market within the North American region in 2019.
Asia-Pacific is estimated to hold the largest market share in the induction motor market, with a CAGR of 10.03% during the forecast period 2019-2025.
The statistic highlights that the Asia-Pacific region is expected to have the dominant position in the induction motor market, projected to experience a Compound Annual Growth Rate (CAGR) of 10.03% between 2019 and 2025. This indicates that the demand and adoption of induction motors in countries across the Asia-Pacific region are anticipated to grow significantly during the forecast period. Factors such as industrialization, urbanization, infrastructure development, and increasing investments in manufacturing sectors are likely to be driving forces behind the rapid growth of the induction motor market in this region. Additionally, technological advancements and a shift towards energy-efficient solutions are expected to further boost the market share of induction motors in Asia-Pacific.
India and China are the major contributors to the growth of the induction motor market in the Asia Pacific region where the market is expected to grow at a CAGR of 7.2% from 2021 to 2026.
The statistic specifies that India and China are playing crucial roles in driving the growth of the induction motor market in the Asia Pacific region. This suggests that these two countries are making significant contributions to the overall expansion of the market. The projected Compound Annual Growth Rate (CAGR) of 7.2% from 2021 to 2026 indicates that the market is expected to experience steady growth over the specified period. The focus is on the induction motor market, highlighting the importance of India and China in propelling this market forward and underlining the potential opportunities for business and investment in this sector within the Asia Pacific region.
The squirrel cage rotor type induction motors accounted for the largest market share of 78.37% in 2020.
The statistic indicates that squirrel cage rotor type induction motors held the largest market share in 2020, with a proportion of 78.37% of the total market. This suggests that these particular motors were the most widely used and preferred choice among consumers and industries during that year. The dominance of squirrel cage rotor type induction motors in the market can be attributed to factors such as their reliability, efficiency, and cost-effectiveness compared to other motor types. This statistic is important for understanding the dynamics of the motor industry in 2020 and can provide insights for manufacturers, investors, and policymakers on market trends and preferences within the sector.
The medium power motor (0.5 to 100KW) is projected to grow at a CAGR of 4.5% in the induction motors market.
The statement indicates that the medium power motor segment, which covers a range of motor sizes from 0.5 to 100KW, is expected to experience a Compound Annual Growth Rate (CAGR) of 4.5% within the induction motors market. This projection suggests that over a specified period, likely annually, the demand and market size for medium power motors within this range are anticipated to increase at a steady rate of 4.5%. This growth rate reflects a positive outlook for the medium power motor sector within the broader context of the induction motors market, indicating potential opportunities for manufacturers and stakeholders operating in this segment.
The induction motor market in the industrial manufacturing sector is projected to reach $9.79 billion by 2026.
The statistic indicates that the induction motor market within the industrial manufacturing sector is expected to grow significantly, reaching a value of $9.79 billion by the year 2026. This projection suggests that there is a growing demand for induction motors within industrial manufacturing applications, likely driven by factors such as technological advancements, increasing automation, and expanding industrial production activities. The forecasted market value also implies potential opportunities for businesses operating within the sector, as well as for investors looking to capitalize on the growing market for induction motors in industrial manufacturing.
Conclusion
Through analyzing the statistics of the induction motor industry, it is evident that the sector continues to play a crucial role in various applications across different industries. The data provides valuable insights into market trends, growth projections, and technological advancements within the industry. As the demand for energy-efficient and reliable motors increases, manufacturers are expected to innovate and adapt to meet the evolving needs of the market. Keeping a close eye on these statistics will be essential for stakeholders to make informed decisions and stay competitive in the dynamic landscape of the induction motor industry.
References
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