According to a new market research report "Induction Motor Market by Type (Single Phase, Three Phase), Application (Residential, Industrial, Commercial), Geography (North America, Europe, Asia-Pacific, Row) - Analysis and Forecasts to 2019", the overall induction motor market shows double-digit growth and is expected to reach $15,810.3 Million by 2019, at a CAGR of 12.4% from 2014 to 2019.
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The induction motor market is expected to exhibit high growth during the forecast period from 2014 to 2019. The driving factor for the growth of induction motor market is its simple and rugged physical structure. Induction motors are robust and can operate in any environmental condition. Due to the absence of brushes and slip rings (which can cause sparks), they are safe to operate in polluted and explosive working conditions. And, unlike synchronous motors, induction motors do not require starting mechanisms as they have a self-starting torque. This leads to their reliability, cost effective operation, and easy maintenance. Hence, induction motors are preferred over synchronous motors.
However, major restraint for growth of the induction motor market is the difficulty in the speed control of induction motors. For fine speed control applications, DC motors are preferred over induction motors. Due to advanced power electronics, variable frequency drives using induction motors are used in industries for speed control at present.
This report provides a detailed analysis of the overall induction motor market and segments the market on the basis of type, application, and geography. By type, the induction motor is divided into single phase induction motor & three phase induction motor. While the application includes industrial, commercial and residential, the geographic segmentation of the market covers North America, Europe, Asia-Pacific, and RoW (Rest of the world).
The objective of the research study is to analyze the market trends for each of the industries, growth rates of the various applications such as industrial, commercial, and residential, and the demand comparison for the types of induction motor market such as single phase and three phase induction motor during forecast period. The three phase induction motor is further segmented into squirrel cage induction motor and slip ring induction motor in this report.
Apart from the market segmentation, the report also covers the Porter’s five forces analysis, the market’s value chain with a detailed process flow diagram, and the market dynamics such as drivers, restraints, and opportunities in the overall induction motor market.
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The major players offering various products in the induction motor market include Nidec Motor Corporation (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), WEG Electric Corp. (Brazil), and Emerson Electric Co. (U.S.). The key players in the market focus on expanding their market base in the concerned market by adopting strategies such as new product development, alliances, and acquisitions.