An induction motor which is also known as asynchronous motor is basically an AC electric motor. Induction motor does not require any mechanical commutation and self-excitation for energy transformation from stator to rotor part of the machine. This motor’s rotor can be divided into two types wound type and squirrel-cage type. In addition induction motors are widely used in various applications such as pump and compressor load application, fan, and others. Further addition, induction motor used for reliability, smaller loads carry, reduces after service cost and others. Moreover, Squirrel cage induction motors are used in both variable-frequency drive (VFD) and fixed-speed applications.
Induction motor market is expected to grow during the forecast period. The rising need for energy power savings in house hold, manufacturing hub and energy infrastructure sector is raising the demand of induction motor. In addition, demand for green house reduction in worldwide is revving up the usage of induction motor in every sector, which is in turn contributing to the growing demand for induction motor. Another addition, increasing the government fund is also attracting the manufacturers to invest in induction motor manufacturing. These are the factors is boosting the induction motor market during the forecast period. However In the induction motor manufacturers cost or installation cost is quiet high, therefore, many manufacturers are not able to get resource to start manufacturing. This factor is acting as a restraint in the market. The ongoing technological advancement in the induction motor industry is acting as an opportunity for the market. In addition, a new technology in induction motor which is cooper rooter induction motor which is a strong alternative to the permanent magnet motor for electric vehicle.
The market is segmented in five categories: by product, by type, by application, by end use and by region. In terms of product, the market can be divided into synchronous Motors, asynchronous Motors, direct current (DC) motor and others. In terms of type, the market can be divided into IE1 type of standard, IE2 type of standard, IE3 type of standard, IE4 type of standard. In terms of application the market can be sub divided by HVAC, pumps, fan, compressed air, refrigeration, material handling, Material processing and others. In terms of end use, the market can be segregated into industrial, commercial building, residential, transportation, agricultural sector and others.
Geographically, North America and other developed nations such as the U.K., Germany, France and Italy among others constitute the largest market for this sector both in terms of production, consumption and worldwide exports. Developing nations such as India Brazil, Korea Thailand, China, and South Africa among others are monitoring attracting massive market opportunities for the global manufacturers. Thus the entire global market can be majorly classified into regions such as North America, Europe, Asia Pacific and the Rest of the world.
Some of the key players participating in the induction motor market are Baldor Electric Company, Emerson Electric Company, General Electric, ABB Ltd., Bosh Rexroth AG, Siemens AG, Schneider Electric SE, Regal Beloit Corporation, Kirloskar Electric Company Ltd., and Marathon Electric among others.