Rising Demand For Efficient Energy Usage Over Concerns of Environmental Impact of Energy Generation From Conventional Sources Such As Coal And Natural Gas, Is Expected To Help Grow The Induction Motor Market

Growing Demand for Energy-Efficient Motors Drive the Induction Motor Market During the Forecast Period 2021-2026. Induction Motor Market Size is forecast to reach $54.2 billion by 2026, at a CAGR of 6.5% during 2021-2026. 

Asia-Pacific is likely to be the highest contributor to the growth of the induction motor market during the forecast period, due to an increase in investment to automate various processing steps in many industries. Moreover, the increasing adoption of induction motors in electric vehicles, due to their improved efficiency and lightweight, replaced the DC motors. Further growing collaborations between companies to develop advanced induction motors is also analysed to drive the market growth. In January 2020, Regal Beloit Corporation has released three new models of SyMAX motor. The SyMAX motor line has expanded with the addition of three new 56 frame models, to include a ½ HP 1400 RPM motor, a ¾ HP 900 RPM motor, and a 2 HP 600 RPM motor to cater to the demand for a variable speed motor that could operate in a lower RPM for direct drive fan applications.

Moreover integration of three phase induction motors with automotive vehicles is analysed to drive the market growth. For instance, Mahindra e-Verito is powered by a 72 V 3-phase AC induction motor that produces a maximum of 30.5 kW (41 hp) and maximum torque of 91 Nm. Hence growing adoption of three phase induction motor is analysed to drive the market growth in the forecast period 2021-2026.

Another aspect enabling the push towards electric motors is public health and safety. According to the World Health Organization (WHO), more than 6 million deaths occur globally because of air pollution, the consequence of fossil-fuel powered motors used in industrial, automotive, and other sectors. These rising concerns regarding the reduction in energy consumption and pollution have led to the increasing demand for energy-efficient motors. As induction motor acts as energy efficient electrical machine when working closed to its rated torque and speed is analysed to drive the market. Moreover these motors also reduce environmental pollution. Hence growing demand for energy efficient motors are analysed to drive the market growth in the forecast period 2021-2026.

The growing need for diminishing the greenhouse effect is fuelling the demand for the energy-efficient motors such as induction motor. According to a recent study by the International Energy Agency (IEA), electric motors are responsible for 53% of global electricity and emit a total of 6,800 metrics tons of carbon dioxide. Countries such as Australia, Brazil, Canada, China, India and Mexico together represent around 81% of global electricity consumed by electric motors are working to change their market with regulations and policies that support the enhanced use of energy-efficient electric motors. In addition transition to energy-efficient motor systems would reduce the global electricity demand for electric motors by around 20% to 30% by 2030, depending on the adoption and implementation of energy-efficient practices and environmental policies globally. 

Major players in Induction Motor include ABB Ltd. AMETEK, Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd., Nidec Corporation, ARC Systems Inc., among others. In 2019, Oriental Motor USA introduced their latest high efficiency three-phase AC induction motors equipped with a terminal box and a high strength right-angle hypoid gearhead, these new three-phase motors have the capacity of two new wattages of 30W and 40W and expands the KIIS Series Standard AC motors product line-up.