A lead analyst at AMR highlighted that the AC electric motor market across Asia-Pacific is anticipated to achieve the largest market share during the forecast period.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ญ๐จ ๐ ๐๐ญ ๐๐๐๐๐ฌ๐ฌ ๐จ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ฉ๐๐ ๐๐ฌ:
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Allied Market Research published a research report on the AC electric motor market. The findings of the report state that the global market for AC electric motors generated $15.7 billion in 2021, and is projected to reach $25 billion by 2031, witnessing a CAGR of 4.7% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restraints, and opportunities to help the market players devise several growth strategies. An increase in the adoption of AC electric motors in automotive, robotics, and industrial machinery and useful features of the motors such as high torque, low maintenance requirement, and better torque to weight ratio propel the growth of the AC electric motor market. However, slow growth in the automotive sector and high initial investments needed for setting up AC electric motor manufacturing units impede the market growth. Nevertheless, the surge in electronic computation in automation and construction applications which boosted the demand for ac electric motors in electric vehicles and other automobiles provides prolific growth opportunities for the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the AC electric motor market globally. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global AC electric motor market, especially during the initial period. Operations of many manufacturing industries came to a halt due to strict rules by various governments to curb the spread of the COVID-19 disease. However, the market recovered with the pandemic situation getting better and the demand for AC electric motor growing.
โThe AC electric motors market is an important component for industrial manufacturing. AC motors are used in various industries where power transmission is needed. Post-COVID-19 the market recovered as the manufacturing activities resumed rapidly.โ said Onkar Sumant, Manager, Construction, and Manufacturing at Allied Market Research.
The report offers a detailed segmentation of the global AC electric motor market based on output power, end-user industry, sales type, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.
By output power, the 10000 HP to 20000 HP segment held the largest share in 2021, contributing to nearly two-fifths of the global AC electric motor market share, and would maintain a noteworthy growth through 2031. However, the 1000 HP up to 10000 HP segment is expected to exhibit the fastest CAGR of 5.5% during the forecast period.
Based on the end-user industry, the industrial machinery segment was the largest market in 2021, grabbing over two-fifths of the global AC electric motor market share, and is likely to lead the trail during the forecast period. Nonetheless, the other segment is anticipated to witness the fastest CAGR of 5.6% during the forecast period.
Based on sales type, the new sales segment contributed to the highest share of more than three-fourths of the global market in 2021 and is likely to dominate the market during the forecast period. Nonetheless, the aftermarket segment is anticipated to witness the fastest CAGR of 5.2% during the forecast period.
Based on region, the AC electric motor market across Asia-Pacific held the largest share in 2021, garnering more than two-fifths of the global AC electric motor market, and would maintain its dominance during the forecast period. However, the market in LAMEA is expected to grow at the highest CAGR of 9.0% during the forecast period.
The leading market players analyzed in the global AC electric motor market report include ABB Ltd., Cantoni Group, General Electric Corporation, Hitachi Ltd., Nidec Corporation, SEC Electric Machinery Co., Ltd., Siemens AG, Toshiba Corporation, Teco, and WEG.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality โMarket Research Reportsโ and โBusiness Intelligence Solutions.โ AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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