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The global induction motor market was valued at USD 20.09 Billion in 2023. The industry is expected to expand at a CAGR of 9.50% during the forecast period of 2024-2032 to attain a value of USD 45.47 Billion by 2032.
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By Product Type Analysis
Single-phase and three-phase induction motors are gaining significant traction in the global market. As per induction motor market analysis, these motors are very durable, cost-effective, and versatile for nearly any type of application. Single-phase motors are commonly used on household appliances and small machines and are used generally in light-duty applications, whereas three-phase motors are usually opted for industrial settings, yielding greater efficiency, power output, and aptitude for heavy-duty equipment. With increasing interests in automation and energy, the demand for both motor types, especially in the manufacturing and HVAC industries, has accelerated.
Market Analysis by End Use
Induction motors have significant usage in the industrial, commercial, and residential sector because they are efficient and versatile. As per induction motor industry analysis, in industrial applications, it provides power for machinery such as pumps, compressors, conveyors, and fans to support the manufacturing and production process. In commercial applications, induction motors drive HVAC systems, elevators, escalators, and refrigeration units to enhance operational efficiency. In household uses, they feature in washing machines, air conditioners, and refrigerators, on which they rely to deliver reliable and energy-efficient performance for daily applications.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 20.09 Billion.
The Induction Motor market is assessed to grow at a CAGR of 9.50% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 45.47 Billion by 2032.
The major market drivers include rising disposable incomes, increasing sales of electric vehicles, rising environmental concerns, and rapid technological advancements.
The stringent government regulations pertaining to the use of environmentally friendly and sustainable vehicles is expected to be a key trend guiding the growth of the market.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The significant product types considered in the market report include single-phase induction motors and three-phase induction motors.
Based on end use the market is divided into industrial, commercial, and residential.
The competitive landscape consists of ABB Ltd, AMETEK Inc., Siemens, Johnson Electric Holdings Limited, and Regal Beloit Corporation, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124