Global Electric Motor Market Size, Share, Development, Growth and Demand Forecast to 2022

Global Electric Motor Market Size, Share, Development,
Growth and Demand Forecast to 2022
The global electric motor market is being driven by increasing
usage of electric motors across several industries, by increasing
compliance for energy efficient electric motors, by growing demand
from residential and commercial sectors, and by increasing
replacement of outdated electric motors.

The global electric motor market is being driven by increasing usage of electric
motors across several industries, by increasing compliance for energy efficient
electric motors, by growing demand from residential and commercial sectors, and
by increasing replacement of outdated electric motors. The global electric motor
market was valued at $85.7 billion in 2015, which it is expected to grow at a CAGR
of 6.5% during the forecast period. Asia-Pacific was the largest electric motors
market in 2015 and it is expected to continue being the largest market during the
forecast
period.
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Electric motors find several applications in different industries as these are capable
of converting electric energy into mechanical energy. The application areas include
power tools, pumps, fans, grinding mills, alternators, compressors, metal rolling,
refiners, mine hoists, and propulsion. The increasing demand and installations of
electric motors in marine, oil and gas, energy and power, metals, cement, mining,
water and waste water, and pulp and paper industries are driving the growth of
global electric motor market. These industries are dependent on extensive usage
of machines, which require constant power supply. Electric motor powers
individual machines and provide easy control at each point of operation. These
motors improve safety in operations, power transmission efficiency and production
efficiency. Moreover, these motors are capable of working in highly corrosive
environments, which increase their demand in nuclear power plant and corrosive
chemical and gases plants.
The International Energy Agency (IEA) estimated that electric motor driven
systems accounted for 43% to 46% of global electricity consumption in 2011,
which resulted in 6,040 Mt CO2 emissions. The organisation also reported that by
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2030, without comprehensive and effective energy‐efficiency policy measures, the
energy consumption from electric motors would increase to 13,360 TWh per year,
resulting in 8,750 MT CO2 emission per year. The high energy consumption
through electric motors led to the development of energy efficient electric motors,
which could result in reduced energy consumption and CO2 emissions.
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Increasing urbanization has significantly changed the lifestyle of people and the
surrounding environment. According to the World Health Organization (WHO),
more than 50% of the world’s population live in urban areas. It is expected that by
2050, around 70% of the world’s population will live in towns and cities. The
construction industry is growing at a steady pace for the last few years. Increase
in population and growing disposable income of individuals has led to the
construction of various residential and commercial buildings, malls, offices,
factories and plants. Owing to its broad spectrum of applications, electric motors
are used in these buildings for operations of different systems or machines.
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