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Market Leaders - Electric Motors Sales Market
The global electric motor sales market is expected to register a growth rate of 6.26% from 2016 to 2021. Increased use of motors across major industries, growing agricultural sector, and transition of conventional electric motors toward energy-efficient motors are the major factors driving the market for electric motors across the globe.
Asia-Pacific is estimated to be the largest market for electric motor sales in 2016, and the trend is projected to continue till 2021, followed by Europe and North America, respectively.
The electric motor sales market includes both global and small regional players. Some of the key players operating in the market include ABB Ltd. (Switzerland), Siemens AG (Germany), Nidec Corporation (Japan), Denso Corporation (Japan), General Electric Company (U.S.), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Arc System, Inc. (U.S.), Baldor Electric Company (U.S.), Bosch Group (Germany), Emerson Electric Co. (U.S.), Hitachi Ltd. (Japan), Johnson Electric Holdings Ltd. (Hong Kong), Regal Beloit Corporation (U.S.), Rockwell Automation (U.S.), Toshiba International Corporation (U.S.), and WEG (Brazil).
Growth strategies adopted by key players in the electric motor sales market include mergers & acquisitions, new product launches, contracts & agreements, and expansions. New product launch was the most commonly adopted strategy, constituting more than one-third of the total development share. The industry also adopted contracts & agreements as the second most popular strategy in the past 5 years (2012–2016) in the electric motor sales market.
ABB Ltd. (Switzerland) and Siemens AG (Germany) were among the leading players in the electric motor sales market in terms of development share.
ABB Limited (Switzerland) is the global market leader in the field of power and automation technologies. The company has focused on new contracts & agreements as one of its key growth strategies. Recently in 2016, ABB Ltd. was awarded a contract by POSCO, a South Korean steel manufacturing company, to replace its twin DC motors and associated drives with ABB’s AC motor and drive technology on a hot rolling mill at POSCO’s Pohang Works in South Korea. As a part of the contract, ABB will provide AMZ synchronous motors, low-voltage motors, and drives among other equipment. In 2011, the company acquired Baldor Electric Company, a leader in industrial motors in North America. This acquisition allowed ABB to become a leader in the North American industrial motor business and a global leader for motion and control in industrial applications.
Siemens AG (Germany) provides a complete portfolio of electric motors, which include low-voltage motors, motion control motors, high-voltage motors, and DC motors. Siemens has focused on new product launches as one of its growth strategies. The company introduced some latest products in the electric motor segment for various industries such as aircrafts, steel plants, oil & gas, petrochemicals, and pharmaceuticals. Siemens also focuses on contracts & agreements to enhance its market share and expand its geographical presence. Various contracts with Shanghai Zhenhua Heavy Industries Co., Ltd. (China), Thai TPI Polene Public Company Limited (Thailand), Yantai CIMC Raffles Offshore Ltd (China), and CMHI/Shenzhen and Shanghai Waigaoqiao Shipyard (China) helped the company to expand its business in the Asia-Pacific region.
Other prominent players in the electric motor sales market include Nidec Corporation (Japan), Denso Corporation (Japan), and General Electric Company (U.S.).
Electric Motor Sales Market by Type (AC and DC), Voltage (< 1 kV, 1 kV–6.6 kV, and > 6.6 kV), Output Power (< 1 hp and > 1 hp), End-User (Industrial, Commercial, Residential, Transportation, and Agriculture), and Region - Global Forecast to 2021
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