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(I-AutoNewsWire.com, November 03, 2020 ) According to the new market research report "Electric Motor Market by Type (AC,DC), Power Rating (375KW), End User (Industrial, Commercial, Residential, Transportation, and Agriculture), Rotor Type, Output Power, and Region – Global Forecast to 2026",published by MarketsandMarkets™,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.Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and Asia Pacific regions along with growing use of electric motors across major industries is the driving factor for the growth of this market.Emerging robotics technologies and the demand for electric motors in the robots is likely to create a larger opportunity for Electric Motor Market in near future.
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The industrial segment is expected to dominate the Electric Motor Market, by end user, during the forecast period.
The industrial segment is expected to lead the Electric Motor Market from 2020 to 2026. This sector provides good scope for motor manufacturers, as most industries depend on motorized automation. The segment includes the utilities, oil & gas, cement & manufacturing, metal and mining, oil & gas, renewables, petrochemicals & chemicals, water & wastewater, and paper & pulp industries, all of which use electric motors for pumps, boilers, compressors, and other applications, at various process stages.
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The DC motor segment is expected to be the fastest-growing Electric Motor Market, by type, during the forecast period.
The DC motor segment, by type, Electric Motor Market is estimated to grow at the fastest rate during the forecast period. The advantages of DC motors include excellent speed control, easy design, high starting torque, and simple operation. The increasing demand for brushless DC motors in electric vehicles is likely to drive this segment in the Electric Motor Market.
Asia Pacific likely to emerge as the largest Electric Motor Market
In this report, the Electric Motor Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to be the largest Electric Motor Market during the forecast period. Asia Pacific comprises China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The ongoing industrialization in India, along with increasing electric vehicle manufacturing in China is expected to create an ample amount of opportunity which is likely to drive the growth of Electric Motor Market in Asia Pacific region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electric Motor Market.
Some of the key players are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).The leading players are adopting various strategies to increase their share in the Electric Motor Market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Mr. Aashish Mehra