An electric motor is an electrical machine that is utilized to transform electrical energy into the mechanical energy. Most of the present electrical motors function through the interaction amongst the motor’s magnetic field and electric current in the wire winding to create the strength in the form of torque applied on the motor’s shaft. Agricultural, Industrial and automotive segments are the prime aspects for the deployment of such motors. But with the advancing technology and urbanization, the requirement for motors has augmented around the residential and commercial segments. In addition, the heating and air conditioning segment have developed as the fastest-increasing segment for motor deployment.
According to the report analysis, ‘Electric Motor Market: Current Analysis and Forecast
(2021-2027)’ states that the benefit of electric
motors such as more environmentally friendly, as they do not cause pollution by
burning the fossil fuels, which in turn generates the harmful greenhouse gases.
Save the end-user money over time, while gasoline engines are more luxurious in
comparison. The cost of fuel inclines to fluctuate over time, and the cost of gasoline
generally augments by the month. The cost of electricity, on the other hand, is
much inferior. On a short-term and long-term basis, electric motors utilize the
less energy, which in turn generates the cost savings.
Electrical motors are utilized in countless different
applications. Some of their most common applications comprise HVAC systems,
Pumps, Lathes, Fans and Blowers, Compressors, Crushers, Heavy-duty machinery.
The growth in the industrial segment is leading to the increasing demand for
electric motors around the globe.
Electric Motor solutions are being sold for countless application
such as Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace &
Transportation and Household Appliances. The industrial machinery sector captured
the considerable market share. The segment created revenue worth USD XX million
during 2020 and is projected to reach USD XX million by 2027. However, the
motor vehicle sector is expected to observe an exhibit growth throughout the
forecast duration.
Based on the region, North America constitutes a foremost market
for the Electric Motor industry and produced revenue of USD XX Million during
2020 owing to the emerging requirement of electric vehicles in the region.
Also, the existence of well-established players in the region adding pace to the
growth of the market around the region. Therefore, in the near years, it is
predicted that the market of electric motor will increase around the globe more
actively over the near future.
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