As per Inkwood Research, the Global Induction Motors Market is estimated to grow with a CAGR of xx% in terms of revenue over the forecasting years 2023-2032.
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Induction motors are the most extensively used AC electric motors in commercial, residential, and industrial settings on account of their simple and robust construction. These motors have also become a popular choice in mechanical infrastructure due to their reliability, adaptability, as well as low maintenance and cost.
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Rise in Technological Advancements to Propel Market Growth
One of the major developments in induction motor technology is the introduction of copper rotor induction motors. The copper rotor serves as a robust alternative to the synchronous motor used in electric vehicles. Aligning with this, the development of mass production techniques for copper rotor die-casting has provided induction motors with higher energy efficiency while meeting the required IE5 efficiency levels. As a result, technological advancements in induction motors are anticipated to contribute to the growth of the global induction motor market during the forecast period.
Industrial: Dominating Application by 2032
The industrial segment, under the application category, is linked to the adoption of induction motors across different industrial applications. These include machine tools, small exhaust fans and pumps, process machines, power tools, conveyors, compressors, etc. In this regard, three-phase squirrel cage induction motors are extensively used as industrial drives since they are reliable as well as cost-effective.
Asia-Pacific to be the Major Region by End of Forecast Period
Key factors fueling the market growth in the Asia-Pacific include the rising number of manufacturing as well as industrial units, the growing use of motors in agricultural machines, and the surging demand for electrical energy in power supply generation.
The intensity of competition in the global induction motors market is projected to remain high over the forecast period. The top companies operating in the market include Johnson Electric Holdings, Brook Crompton, ABB Ltd, etc.
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