Global sales of electric motors will be valued at over US $ 104 Bn in 2021, with a stable long-term projection, according to the latest insights by Future Market Insights (FMI). A new report estimates the market to expand to over 5.1% CAGR from 2021 to 2031.
Driven by increasing focus on research and development and investment in Industrial sector, the electric motor market will rise at 5.6% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered during 2016-2020.
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According to Future Market Insights (FMI), increasing automation and robotics in industrial production sector has fueled the demand for electric motors. The market is also gaining from rapid technological advancement and the advent of industrial 4.0.
The electric motors market, however, registered a moderate decline in its sales volume in FY2020 because of the unforeseen COVID-19 pandemic. Demand from major end-use industries like automotive, oil & gas, and others wanted. Contrary to this, sections of the medical sector were not affected because of the increase in demand amid the adoption of COVID-19 precautionary measures.
Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to operating advantage linked with it, its prime advantage is its speed-torque characteristics which has raised the application for electric motors in various end uses, owing to which the AC electric motors has secured a prominent share in the global Electric motors market.
The growing requirement for pumping application from agriculture, water treatment plants, oil & gas sector and other industries expected to drive the electric motors market in the forecast period.
Increasing number of players are focusing on research and development related to electric motors, which are expected to contribute towards market growth in the years to come.
Key takeaways from Electric Motors Market Study
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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