ABB (Switzerland) and Siemens (Germany) are leading players in Electric Motors Market
The global electric motors market is estimated to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027; it is expected to record a CAGR of 6.8% during the forecast period. Growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors are the driving factor for electric motors market.
The electric motors market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global electric motors market include ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan). Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to increase their market share.
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ABB is one of the leading companies offering power and automation solutions. The company provides a broad range of products, systems, solutions, and services to various industries, such as aluminum, automotive, cement, chemical, datacenter, food & beverage, process automation, life sciences, marine, metal, mining, oil & gas, ports, power generation, pulp & paper, railway, smart cities, solar power, water treatment, and wind power. ABB conducts its operations through four business segments, namely, Electrification, Motion, Process Automation, and Robotics & Discrete Automation. The company’s Motion business sector, which represented for 23.3 % of total sales in 2021, provides electric motor products and services. The Motion section provides a wide range of electrical motors, generators, drives, and services, as well as integrated digital powertrain solutions. Drive Products, System Drives, Traction, IEC LV Motors, Large Motors & Generators, NEMA Motors, and Service are the seven operational divisions that provide products, services, and solutions.. The Service section provides basic services and spare parts, as well as upgrades and replacements and smart solutions. The Drive Products and System Drives divisions offers low and medium AC drives and modules. ABB operates in over 100 countries across regions, namely, Europe, the Americas, Asia, and the Middle East & Africa. It has ~320 consolidated operating and holding subsidiaries and several production and R&D centers across the world.
Siemens is a German multinational corporation that specialises in electrification, automation, and digitalization technologies. Digital Industries, Siemens Healthineers, Smart Infrastructure, Mobility, Portfolio Companies, and Siemens Financial Services are the company’s six business segments. Through its Digital Industries business sector, the company provides electric motor solutions, accounting for 26.4 percent of total sales in 2021. The Digital Industries segment provides automation products and solutions for discrete and process industries, as well as factory automation systems and software, numerical control systems, motors, drives, and inverters, and integrated automation systems for motors, drives, machine tools, and production machines.Process control systems, machine-to-machine communication devices, sensors for detecting pressure, temperature, liquid level, flow rate, distance, or shape, and radio frequency identification systems are also available in this category. Siemens has operations across Europe, North America, the Middle East, South America, Africa, and the Asia Pacific region. The corporation includes regional offices, warehouses, research and development facilities, and sales offices in over 100 countries across the world. The company has 16 corporate technology facilities for research and development and production and quality assurance globally that optimize its business process.
Related Reports:
Electric Motors Market by Type (AC, DC), Power Rating (<1 kW, 1–2.2 kW, 2.2–375 kW, >375 kW), End User (Industrial, Commercial, Residential, Transportation, and Agriculture), Voltage, Rotor Type, Output Power and Region - Global Forecast to 2027
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