Induction motors market will reach $40.5 billion by 2032

The induction motors market approaches $40.5 billion by 2023 as it is driven by investments in renewable energy projects.

By Future Market Insights August 13, 2023
Courtesy: Brett Sayles

Motor and drive insights

  • The induction motor market is expected to reach more than $40 billion globally by 2032.
  • The need for induction motors is expected to rise as the electric vehicle (EV) sector grows because manufacturers are turning to them for their low maintenance requirements.

The induction motor global market sales are anticipated to reach $40.5 billion in 2032. Between 2022 and 2032, a strong CAGR of 7.4% is expected. It was worth around $19.9 billion in 2022.

Induction motors require little to no maintenance if any at all. The lack of sliding rings, commuters, or brushes is one of the primary factors driving the growing demand for these motors.

In an induction motor, a fluctuating magnetic field created in the stator interacts with the current generated in the rotor coils to produce torque. This type of motor is preferred over traditional ones in most equipment.

It is stronger and more ecologically friendly than traditional ones. It is an excellent choice for the manufacturing and automotive industries because to its durability and low maintenance needs. Another major aspect influencing its growing popularity is its capacity to operate in a range of weather conditions.

The increased emphasis on reducing greenhouse gas emissions, as well as the need for energy-efficient products, are two major factors driving the growing popularity of electric vehicles. The International Energy Agency (IEA) estimates that 2 million electric car units were sold in the first quarter of 2022, a significant increase over the previous year.

It was a 75% increase over the same period in 2021. The need for induction motors is expected to rise as the EV sector grows. Electric vehicle (EV) manufacturers like these motors because of their longevity, dependability, and low maintenance requirements.

To supply the growing demand for electricity and sustain global growth, consistent and considerable investments in power generation are necessary. As a result, the usage of induction motors in the electrical industry has expanded.

When electric motor systems are optimized, there are significant opportunities for energy savings and a reduction in operating costs in both industrial facilities and buildings. According to the US Department of Energy, motors consume around 50% of the nation’s power, with AC induction motors accounting for 90% of that figure.

Key Takeaways

  • Historically, the worldwide induction motors market grew at an 8.3% CAGR.

  • The Asia Pacific induction motors market is expected to develop at a CAGR of roughly 48.0% over the forecast period.

  • The market for induction motors in the United States is estimated to exceed US$ 6.2 billion by 2032.

  • The industrial segment by end-use sector is expected to grow at a 7.2% CAGR from 2022 to 2032.

  • The Chinese induction motor industry is expected to be worth US$ 10.1 billion by 2032.

Competitive Analysis

Top induction motor manufacturers are strengthening their brand’s reputation and image via effective marketing and advertising initiatives. They also participate in a number of trade exhibits and events.

A few well-known companies are leveraging digital technology to improve supply chain management, optimize operations, and boost consumer contact. They are also creating alliances and collaborations with regional firms and distributors in order to get access to new markets and clientele.

  • WEG announced the release of its newest M Mining Series slip-ring induction motors in September 2019. The M Mining Series is specially intended to function in dusty settings such as iron ore operations without issue.

Future Market Insights is a CFE Media and Technology content partner.