Electric Motor Market - Industry Analysis, Share, Size, Growth & Forecast
The global electric motor market is majorly being driven by the increasing industrialisation and rising levels of automation in various industrial processes. Other factors contributing to the growth of this market include the conveniences offered by electric motors, technological advancements and the growth of other end-use industries. For more on report see: http://www.imarcgroup.com/electric-motor-manufacturing-plant
The global electric motor market is majorly being driven by the increasing industrialisation and rising levels of automation in various industrial processes. Other factors contributing to the growth of this market include the conveniences offered by electric motors, technological advancements and the growth of other end-use industries. For more on report see: http://www.imarcgroup.com/electric-motor-manufacturing-plant
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Imarc<br />
Report Description<br />
www.imarcgroup.com<br />
Report Description and Highlights<br />
Global <strong>Electric</strong> <strong>Motor</strong> <strong>Market</strong> Boosted by Increasing Industrialisation and Automation<br />
The global electric motor market is majorly being driven by the increasing industrialisation and<br />
rising levels of automation in various industrial processes. Other factors contributing to the growth<br />
of this market include the conveniences offered by electric motors, technological advancements<br />
and the growth of other end-use industries.<br />
According to IMARC’s latest study, “<strong>Electric</strong> <strong>Motor</strong> <strong>Market</strong> – <strong>Industry</strong> Trends, Manufacturing<br />
Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue”, the global electric motor<br />
market has grown at a CAGR of more than 3% during 2008-2015, reaching a value of more than<br />
US$ 25 Billion in 2015. <strong>Electric</strong> motors are used for a variety of applications in various industries<br />
ranging from HVAC equipment to aerospace. This versatility in their use is a result of their<br />
longevity, low energy requirements, low maintenance and high tolerance to fluctuating voltages.<br />
The surge in industrialisation, urbanization and the penetration of electricity across the globe have<br />
resulted in the increased requirement of electric motors. Moreover, various industries are<br />
increasingly turning towards automation as it increases productivity, quality, flexibility and reduces<br />
operational costs. As automation entails the use of electric motors in the equipment, it is creating<br />
a strong demand for electric motors. Other factors such as technological advancements and rising<br />
automobile sales are also driving this market.
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