- The medium and high power motors market size was valued over USD 51.7 in 2014.Positive outlook of manufacturing industries coupled with incentives for energy efficient electric motor driven systems will boost the market demand further. Furthermore, implementation of stringent regulations coupled with rising replacement of less efficient and old products across numerous countries is expected to spur the market growth.
Favorable government initiatives to encourage the use of medium and high powered motors will propel the market demand over the coming years. Increasing economic condition and financial position for industrial users has driven industrial users to invest in energy efficient products. This will assist in reducing their operational cost and will help in improving their production.
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Government subsidies on premium efficiency motors coupled with growing continuous cost are factors anticipated to offer new opportunities for medium and high power motors market expansion over the forecast period. Although, high purchase cost along with instability in raw material price is expected to hinder the industry growth. Moreover, lack of awareness regarding extended benefits may also act as challenge for market growth further.
AC motor market is anticipated to dominate the worldwide revenue contributing over 75% of the total share over the coming years. High power and low cost of the motors will augment the industry growth. Furthermore, Speed variation and reliable &low maintenance operation caused by AC products will impact the market demand positively.
DC motor market is expected to exhibit a CAGR for more than 6.2% further. These motors chiefly provide tremendous speed control acceleration and deceleration, drive design and design simplicity .Furthermore, they also overcome the disadvantages of AC counterparts like production of eddy currents and failure to operate at low speeds.
High voltage motors market is expected to contribute for notably larger share over the forecast period. This is mainly owing to broad range of applications comprising pumps, power plants, industrial plants and steel plants. Commercial sector contributed over 11% of the total revenue in 2014 and is likely to expand over the coming years. Power generation industries along with rising energy efficient electric motors adoption worldwide is expected to drive the market.
Information Source: Grand View Research
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