Electric motors are electromechanical systems that function on the electromagnetic induction principle. They are speedily and highly effective, demand low maintenance, consume less energy and oscillate voltages have great endurance. Moreover, electric motors cost far less than a fossil-fuel engine. Owing to this, in several industries ranging from vehicles to oil and gas, electric motors find applications where they are utilized in industrial fans, machine tools, compressors, electric cars, home appliances, hard disc drives, and several others.
According to the report analysis, ‘Electric Motor Market: Market Segments: By Motor Type (Hermetic, AC and DC); By Power Output (Integral HP Output and Fractional HP Output); By Speed (Low-Speed Electric Motors (Less Than 1,000 RPM), Medium-Speed Electric Motors (1,001-25,000 RPM), High-Speed Electric Motors (25,001-75,000 RPM) and Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)); By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances and Others); and Region – Analysis of Market Size, Share & Trends for 2014’ states that the foremost drivers propelling the market are projected to be aspects such as increasing the environmental issues and increasing requirement for electrical energy. The foremost growth-inducing factor in the market is an enlargement in industrial automation along with improvements in technology. In addition, in large industrial plants, the inclination of replacing gas turbines with electric motors is propelling their requirement. In addition, market growth is obtaining momentum due to growing requirements for cars, supported by advanced living standards and increasing customer buying power. Furthermore, the government measures to augment electric vehicle sales to minimize carbon emissions are projected to accelerate the growth of the electric motor market.
In addition, it is projected that the growing informed of high-power consumption industries to decrease their energy consumption would propel the worldwide adoption of energy-efficient electric motors. Electric motors can account for about 70 percent of total energy consumption in the manufacturing segment, and the highest electricity consumption comes from the function of compressors. Industries are therefore utilizing more energy-efficient electrical engines to decrease the running costs and lead to a greener future. The major growth-inducing factor in the market is an enlargement in industrial automation along with improvements in technology.
Although, in some applications, electric motors are utilized because they are able of transforming electrical energy to mechanical energy proficiently. Power tools, pumps, fans, grinding mills, alternators, compressors, metal rolling machinery, refineries, hoists, propulsion systems, and several other items are built into such engines. Growing requirement for electric motors in the automotive, marine, petroleum and gas, agriculture, oil and energy, metals, cement, mining, water and wastewater, pulp and paper industries is advancing the outlook for the worldwide electric motor industry. In addition, in great industrial plants, the trend of substituting gas turbines with electric motors is driving their requirement. Furthermore, the growth of the industry is obtaining momentum due to the increasing demand for cars, driven by improving living standards and augmenting the customer buying power.
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Ankur Gupta, Head Marketing & Communications