Induction Motor Market Size, Share & Industry Analysis, By Type (Single Phase, Three Phase) By Application (Residential, Industrial, Commercial, Transportation, Others) and Regional Forecast, 2024-2032

Motors play a very important role in every human process and action. Motors are used along with a large number of equipment, devices, and systems. With the increase in use of equipment, devices, and systems, the number of motors is increasing. Out of all motors used, more than 80 % of motors are induction motors. This has significantly boosted the induction motor market.

Based on types, the induction motor market can be segmented into single-phase induction motor and three-phase induction motor. The types of single-phase motors are split-phase induction motor, capacitor starts induction motor, capacitor start, and capacitor run induction motor and shaded pole induction motor. The types of three-phase induction motor are squirrel cage induction motor and slip ring induction motor. The three-phase induction motors are used for heavy load applications, while single-phase induction motors are used for light and regular applications. Based on the application, the induction motor market is divided into residential, industrial, commercial, transportation, and others.

Key Market Driver -

Key Market Driver – Increase in equipment, devices and systems driven by induction motor

Key Market Restraint -

Key Market Restraint – Availability of alternative technology

The major market driver for the global induction motor market is the increase in equipment, devices, and systems driven by an induction motor. All mechanical infrastructure requires use of induction motor for safe and reliable operation. The increasing industrial and manufacturing activities is a boost for the induction motor market.

The key market restraint for the global induction motor market is the availability of alternative technology for induction motor. Synchronous reluctance motor is under research, development, and demonstration phase. Tesla is considering to use reluctance motors as they have higher efficiency.    

Key Players Covered:

Some of the major companies that are present in the induction motor market are Ward Leonard, WEG, ABB, AC – Motoren, ATB, CAG Electric Machinery s.r.o., Cantoni Motor, CG Power Systems, Changzhou Duowei Electric Co.,Ltd, Chinabase Machinery (Hangzhou), CRRC Zhuzhou Electric Co., Ltd, Elprom Harmanli, FIMET Motori & Riduttori S.p.a., Fujian Mindong Electric Co., Ltd., GE, and Bosch Rexroth.                         

Regional Analysis:

The global induction motor market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region is expected to dominate the induction motor market. The high increase in the number of manufacturing and industrial units has boosted demand for induction motor. The induction motors are used in fans, blowers, machine tools, compressors, pumps, conveyors, bulldozers, etc. The increase in railways, metros, bullet trains, etc. requires the use of induction motor for stable and reliable operation. The rural economy which primarily depends on agricultural-related processes uses induction motors for several numbers of processes. Rapid urbanization has increased demand for elevators and escalators which in-turn has increased demand for induction motor.

Induction motors are also used in daily applications like water pumps, kitchen appliances, fans, and air conditioners, automobiles, etc. The increase in number of power generation plants has also increased sales of induction motor. The African continent has the massive potential for growth of induction motor market while Latin America has second-largest growth potential for induction motor market. Just like Asia-Pacific, Latin America and Africa will experience fast growth of induction motor market due to similar reasons and conditions. Europe and North America will experience steady growth in induction motor market.

To gain extensive insights into the market, Request for Customization

The refurbishment, upgradation, and modernization in these regions will spur growth of induction motor market. The rise of electric cars has significantly boosted the use of induction motors. China and USA lead the world in demand for electric vehicles. Several companies are in research, development and demonstration phase of electric cars. The growth of the electric vehicle market will positively influence the induction motor market.   

Segmentation

Key Industry Developments

• In September 2019, Motor and drive manufacturer WEG has released the M Mining series of slip-ring induction motors which are designed especially for use in the dusty environments of iron ore operations and the cement sector.


• In July 2019, Ward Leonard launched the oil and gas industry’s 2000 HP induction motor WL29BC200 which is designed to fit into a package of 15000 HP.


• In September 2019, Tata Motors is set to launch Tigor EV for private buyers as well as cab aggregators and EESL staff.  The Tata Tigor electric uses a 72 V, 3-Phase Induction motor