Electric Motor Market

Market Leader - Electric Motor Market

The electric motor market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% during the forecast period. The increase in global electricity consumption, and the use of electrical equipment and machines in different industries and the renewables sector are major factors driving growth in the electric motor market during the forecast period.

A few major players that have a wide regional presence dominate the electric motor market. The leading players in the electric motor market include ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG(Brazil).

The major strategies adopted by these players include contracts & agreements, product launches, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Product launches, and mergers & acquisitions were the two most commonly adopted strategy from January 2016 to September 2020.

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ABB (Switzerland), founded in 1988, is a leading company in automation and power technologies. It offers a wide range of products, solutions, services, and systems to utilities, industrial, and infrastructure & transportation customers. The company’s motion business segment offers electric motors, generators, and drives. These include high efficiency motors that conform to leading environmental and Minimum Energy Performance Standards. Building automation, marine, power, transportation, metals, mining, and oil & gas are some of the industries that use the company’s electric motors. The company continuously focuses on innovation to capitalize on the emerging opportunities in the market and maintain its position as a market leader. ABB positions itself as a customer-focused technology leader by offering new and innovative products in its automation, electrification, robotics, and digitalization segments.

Siemens is a major technology company with core business activities in electrification, automation, and digitalization. The company’s digital industries and portfolio companies business segments offer motors, drives, integrated automation systems, electric motors, converters, generators, gear units, couplings, etc. Siemens’ electric motors cater to various industrial applications such as crushers, blowers, compressors, refiners, and line & converter operations. Siemens operates in more than 100 countries across Europe, North America, South America, the Middle East, and Asia Pacific. Siemens offers electric motors for various industrial and transportation applications. The company is successfully moving towards implementing the ‘Vision 2020+’ concept, which will strengthen its core business by improving efficiency and performance, and creating sustainability. As a part of the Vision 2020+ concept, during 2019, the company introduced a new organizational structure consisting of three operating companies—digital industries, smart infrastructure, and gas and power. The company intends to strengthen its portfolio through investments in new growth fields like IoT integration services.

Related Reports:

Electric Motor Market by Type (AC,DC), Power Rating (<1KW, 1-2.2KW, 2.2-375 KW, >375KW), End User (Industrial, Commercial, Residential, Transportation, and Agriculture), Rotor Type, Output Power, and Region – Global Forecast to 2026

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Report Code
EP 3882
RI Published ON
11/2/2020
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