Global Induction Motor Market: Overview
An induction motor is an electric motor that runs on A.C. current. In the induction motor, the electric energy in the rotor that is needed to invent torque is given by the electromagnetic induction. This electromagnetic induction is obtained from the magnetic field of the winding used in the motor. Thus, an electric current is not necessary for the induction motor to run. The induction motor is normally segmented into two types—wound and squirrel cage.
Global Induction Motor Market: Growth Factors
The global induction motor market is likely to have a huge growth in coming future. Use of advanced technology for developing induction motors is the main reason that has driven the growth of the global market. Further, the rise in the demand from the industry is also boosting the growth of the global induction motor market. Moreover, increased application of induction motors in different industries is also driving the global market growth. Besides this, increased job opportunities are also powering the growth of the global induction motor market. On top of this, cheap labor charge is also one of the significant reasons that are boosting the global market. Additionally, low-cost value for maintenance is also one of the significant reasons that are driving the global market. Moving on, low cost for raw material is one of the main reasons that are elevating the growth of the global market. Affordable charges for transportation are also one of the significant factors that are lowering the global market.
On the other hand, huge value of ownership of the induction motors is the main reason hampering the growth of global induction motor market.
Global Induction Motor Market: Segmentation
Based on the type, the global induction motor market is mainly classified as three phase induction motor and single-phase induction motor.
Based on applications, the global market is bifurcated into industrial, residential, and commercial.
On the basis of geography, the global market for the induction motor is divided into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa, and Rest of the World.
Global Induction Motor Market: Regional Analysis
Geographically, the global market for the induction motor is bifurcated into North America, Asia-Pacific, and Rest of the World. The rise in the demand from the industry is boosting the global market in China. Use of advanced technology for developing induction motors has elevated the global market in North America. Increased job opportunities are towering the global market in India. The rest of the world will witness a moderate growth in the global market in the near future.
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Global Induction Motor Market: Competitive Players
Some of the key players in the global induction motor market are Kirloskar Electric Company, Marathon Electric, ABB Ltd., Regal Beloit Corporation, Schneider Electric SE, Emerson Electric Company, and Baldor Electric Company, Siemens AG.