AC Motors Market Likely to Boost Future Growth by 2029

The global AC Motors Market is projected to grow from estimated USD 4.60 billion in 2024 to USD 6.60 billion by 2029, at a CAGR of 7.5% during the forecast period. Industrial growth, rapid urbanization, and increased usage in HVAC systems, water treatment, and manufacturing activities are driving the demand for AC motors. The industries located in China, India, and Japan require AC motors for efficient operation, power pumps, fans, and compressors.

The 4-pole AC motor is the largest part of the AC motor market because it is versatile, energy-efficient, and has a lot of applications in various types of industries such as HVAC, pumps, and compressors. The motors work at constant speeds (1500 RPM at 50 Hz or 1800 RPM at 60 Hz) and have constant operations. Their balance of torque and speed also caters for heavy-duty and precision work, making them widely used in industries.

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This segment is largely the largest consumer of 500–900 kW-rated power due to its immense applications in heavy industries, like power generation, mining, and oil and gas. Such motors perfectly fit the high-power requirement of heavy operations while remaining highly efficient for demanding operations. Further, the trend in increasing application of automation and energy efficiency in processes of industry creates the need for these motors in the mentioned power range. They are a popular option in many industries due to their adaptability and dependability in managing demanding applications, which greatly contributes to their market domination.

The reason for the fast growth of the AC motors market share is the fast industrialization and urbanization within the Asia Pacific region, especially within the developing countries of China and India. The rising manufacturing sector, changing infrastructure, and the ever-increasing trend of employing energy-efficient technology are a few reasons why the need for AC motors is arising. Increasing usage of electric automobiles and HVAC systems is yet another reason contributing to its growth. The trend of AC motors in the region is further boosted by favorable government policies toward renewable energy projects and industrial automation.

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Some of the major players in the AC Motors Industry are ABB (Switzerland), Siemens (Germany), GE Vernova (US), WEG (Brazil) and NIDEC (Japan).

ABB

ABB is a leading power and automation technology company offering a wide range of products, services, and systems, namely, transformers, distribution automation products, high-voltage products, power transmission systems, grid integration systems, and others. The company has over 130 years of experience with motors and generators, and more than 40 years of expertise with drives in manufacturing, servicing and optimizing across a wide range of industries. The company has operations spread across more than 100 countries across 3 regions: Europe, the Americas and Asia, Middle East and Africa. ABB has 476 offices in 85 countries around the world.  ABB provides with general purpose to highly customized designs, synchronous motors and high voltage induction motors provide high efficiency, reliability and availability across all major industries, such as power generation, marine, oil and gas, mining, and data centers; and applications.

General Electric 

General Electric Company is a high-tech industrial company that operates worldwide through three segments: Aerospace, Renewable Energy, and Power. In April 2024, General Electric Company completed its transition of splitting into three separate companies with GE Vernova, GE Aerospace, and GE Healthcare all trading under separate stock tickers.

GE operates through four business segments: aerospace, renewable energy, power, and corporate. The power segment provides with AC motors. Along with motors, it provides with generators, automation and control equipment and drives for energy intensive industries such as marine, oil and gas, mining, rail, metals and test systems. General Electric Company operates in over 160 countries. Manufacturing and service operations are carried out at 59 manufacturing plants located in 24 states in the United States and Puerto Rico and at 102 manufacturing plants located in 25 other countries. Manufacturing facilities in Alabama, South Carolina and Tennessee, as well as R&D, sales, distribution and support operations in 46 states.

The Ultimate Guide to Understanding Energy Efficient Motor Market

The global Energy Efficient Motor Market will grow to USD 59.3 Billion by 2028 from USD 41.7 Billion in 2023, at a CAGR of 7.3% during 2023-2028. An energy efficient motor is a type of electric motor that is designed to consume less electrical energy while providing the same level of output as a standard motor. Energy-efficient motors help achieve significant energy savings, reduce greenhouse gas emissions, and lower operating costs due to the longer lifespan of these motors. The lower life cycle costs over traditional motors, government initiatives encouraging the adoption of energy efficient motors, and increasing adoption of energy-efficient motors in the industrial sector are a few of the major drivers for the energy efficient motor market growth.

 

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In the industrial sector, energy efficient motor are used in a variety of applications, such as pumps, compressors, fans, conveyors, and processing equipment for achieving improved energy efficiency, lower operating costs, reduced downtime, enhanced performance, and increased system reliability. Many companies have investing in energy efficient technologies to achieve their targets to minimize their greenhouse gas emissions. This is anticipated to propel the demand for energy efficient motors in the industrial end user segment.

Energy-efficient electric motors are used in heating, ventilation, and air conditioning (HVAC) solutions, especially in commercial buildings, especially for maintaining good indoor air quality and providing thermal comfort. HVAC systems are based on the laws of thermodynamics, and principles of fluid mechanics and heat transfer. The most commonly used motors in HVAC applications are induction motors; three-phase for commercial/industrial premises, and single-phase for certain smaller installations. The growth of the HVAC market is propelled by rapid industrialization and urbanization, which has enhanced the need to maintain air quality in indoor spaces like offices and manufacturing units, and growing demand for energy-efficient devices.

 

North America region is expected to hold the second largest and fastest-growing energy efficient motor market share. The use of energy efficient motors in the region is increasing rapidly due to growing investments in major verticals such as industrial, commercial, and transportation. Countries in North America have been focusing on energy efficiency through programs, partnerships, and initiatives. For instance, the Industrial Efficiency and Decarbonization Office (IEDO) aims to improve the energy and material efficiency, productivity, and competitiveness of manufacturers across the industrial sector. Asia Pacific accounted for largest energy efficient motor market share.

 

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Key Market Players:

 

Some of the major players in the Energy Efficient Motor Market are Regal Rexnord Corporation (US), ABB (Switzerland), Siemens (Germany), Wolong Electric Group Co., Ltd (China), and Nidec Corporation (Japan).

 

Regal Rexnord

 

Regal Rexnord Corporation is a company that provides energy efficient motors, with efficiency levels ranging from IE1 to IE5 for a wide range of sectors, such as industrial, residential, commercial, and automotive. In recent years, the company has been focusing on expanding its portfolio of energy-efficient motors. The company has been investing in research and development to design and manufacture high-performance motors that meet the energy efficiency standards set by various regulatory bodies around across the world.

 

ABB

 

ABB is a company that provides a range of International Electrotechnical Commission (IEC) standard motors that are designed to meet the high-performance and efficiency requirements of a wide range of applications. ABB invests heavily in research and development in a bid to continuously improve and innovate its energy-efficient motion control offerings to meet the changing needs of its customers. Its latest launch, M3BP motors, are a series of premium efficiency motors for use in the food and beverage, pulp and paper, and water and wastewater industries.

Energy Efficient Motor Market May Set New Growth Story

 The global Energy Efficient Motor Market is projected to reach USD 41.6 billion by 2023 from USD 30.3 billion in 2018, at a CAGR of 6.5% between 2018 and 2023. The major factors driving the growth of the energy efficient motor market are energy savings and the subsequent cost over traditional motors, increasing governmental support worldwide towards the adoption of energy efficient motors, rising need to reduce the greenhouse effect, and growing adoption of energy efficient motors in the industrial sector.

Energy efficient motors are used in various application areas in the agriculture industry; these applications include irrigation, ventilation, grain handling, material handling, aeration, and conditioning. Motors are among the largest energy consuming devices on farms. Motors used in the agriculture sector account for 18% of the on-farm energy consumption worldwide. Also, the energy saving solutions are applicable to all segments of the agriculture sector including dairies and livestock producers, nurseries, crop farmers, and food processing companies. This would further propel the growth of the energy efficient motor market

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The energy-efficient electric motor market for the HVAC application projected to grow at the highest Growth Rate.

Energy-efficient electric motors are implemented for heating, ventilation, and air conditioning (HVAC) solutions, especially in commercial buildings. HVAC systems operate based on the laws of thermodynamics, and principles of fluid mechanics and heat transfer. These motors are equipped in electromechanical products, such as pumps, fans, compressors, and refrigerators. The primary objective of HVAC systems is the maintenance of good indoor air quality, providing sufficient ventilation through air filtration, and thermal comfort. The growth of the HVAC application market is driven by government support, increasing industrialization and urbanization, development of advanced solutions, and growing demand for energy-efficient devices.

The industrial vertical accounted for the largest share of the overall energy efficient motor market.

Energy efficient motors are extensively used in various industries, including oil & gas, marine, power & energy, mining, and water & wastewater, to help reduce energy consumption as well as operational costs. Electric motors account for 60–70% of the total electricity consumed in the industrial sector. Hence, manufacturers of electric motors have undertaken efforts to improve the efficiency of motors. Energy consumption is one of the major economic and environmental issues of concern, leading to the growing need for, and an increase in the adoption of energy efficient motors. The demand for energy efficient motors in various industries is increasing to enable a reduction in electricity consumption and lower carbon dioxide (CO2) emissions.

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The Asia Pacific is expected to be the fastest-growing market of energy efficient motor.

The Asia Pacific is projected to be the fastest-growing regions in the energy efficient motor market by 2018, and grow at the highest CAGR during the forecast period. According to the Asian Development Bank (ADB), the share of the region to global energy consumption is expected to increase from 34% in 2010 to 56% by 2035. ADB has undertaken investments worth USD 970 million in energy efficiency projects, which are expected to help the Asia Pacific countries meet their national targets for energy efficiency and the reduction of greenhouse gas emissions by 2020.

Some of the key players in the Energy Efficient Motor Market, such as ABB (Switzerland), Siemens (Germany), WEG (Brazil), GE (US), Schneider Electric (France), Nidec (Japan), Rockwell (US), CG (India), Bosch Rexroth (Germany), and Kirloskar Electric (India).

Electric Motor Market: Rising demand for electric vehicles to fuel the growth of electric motors

 According to the new market research report published by MarketsandMarkets™, the Electric Motor Market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% from 2020 to 2026. Increased demand for HVAC systems in residential, commercial, and industrial end-users in the Middle East and Asia Pacific regions along with growing use of electric motors across major industries is the driving factor for the growth of this market. Emerging robotics technologies and the demand for electric motors in the robots is likely to create a larger opportunity for Electric Motor Market in near future.

The global automotive industry is transitioning toward electric mobility with significant changes in electric vehicle technology. In Europe, the proactive measures are taken for the decarbonization of society are leading to the increased adoption of electrical vehicles that use electric motors. Advancements in battery technologies have lowered battery costs and improved their charging speed. Increasing government support in the form of tax redemptions and incentives to promote eco-friendly electric vehicles that use electric motors are also acting as opportunities for the growth of the electric motor market. According to IEA, China is expected to account for 50% of the global passenger electrical vehicles by 2025.

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The industrial segment is expected to dominate the Electric Motor Market.

The industrial segment is expected to lead the Electric Motor Market from 2020 to 2026. This sector provides good scope for motor manufacturers, as most industries depend on motorized automation.  The segment includes the utilities, oil & gas, cement & manufacturing, metal and mining, oil & gas, renewables, petrochemicals & chemicals, water & wastewater, and paper & pulp industries, all of which use electric motors for pumps, boilers, compressors, and other applications, at various process stages.

The DC motor segment is expected to be the fastest-growing Electric Motor Market.

The DC motor segment, by type, Electric Motor Market is estimated to grow at the fastest rate during the forecast period. The advantages of DC motors include excellent speed control, easy design, high starting torque, and simple operation. The increasing demand for brushless DC motors in electric vehicles is likely to drive this segment in the Electric Motor Market.

Asia Pacific likely to emerge as the largest Electric Motor Market

In this report, the Electric Motor Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to be the largest Electric Motor Market during the forecast period. Asia Pacific comprises China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The ongoing industrialization in India, along with increasing electric vehicle manufacturing in China is expected to create an ample amount of opportunity which is likely to drive the growth of Electric Motor Market in Asia Pacific region.

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Some of the top players in the Electric Motor Market are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).The leading players are adopting various strategies to increase their share in the Electric Motor Market.