Dublin, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The "Electric Motor Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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% during the forecast period.
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 such as oil & gas, chemicals (compressors & pumps), power & energy, metals & mining (rolling mills, hoists, blowers, and processing lines), paper & pulp (grinders, chippers, and refiners), wastewater, marine, automotive, and power utilities (pumps & condensers.
However, Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing electric motors are typically procured in US dollars, which results in increased component cost which is likely to hamper the growth of the electric motor market.
The electric motor market is dominated by a few major players that have an extensive regional presence. The leading players in the electric motor market are ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Wolong (China), and WEG (Brazil).
Increased Demand for Hvac Systems Among Residential, Commercial, and Industrial End-users
Growing Use of Electric Motors Across Major Industries
Rising Demand for Energy-Efficient and Low-Cost Maintenance Motors
Fluctuating Prices of Raw Material from China
Transition of Global Automotive Industry Toward Electric Vehicles
Emerging Robotics Technology Will Increase Demand for Electric Motors
Easy Availability of Low-Quality and Inexpensive Electric Motors
Shortage of Components and Parts Due to COVID-19 Leading to Higher Product Cost
Revenue Shift & New Revenue Pockets for Electric Vehicle Manufacturers
Average Selling Price Trend
Ecosystem Market Map
Value Chain Analysis
Case Study Analysis
Electric Motors for Aircraft
Parker Used Ametek's Hydraulic Pump Motor for the US Airforce's Next Generation T-X Jet Trainer Aircraft
Cost Effective Meps (Minimum Energy Performance Standard) Levels for Motors
The Energy Research Centre of the Netherlands Developed a Market Transformation Program for Indonesia
Allied Motion Technologies
Hyosung Heavy Industries
Regal Beloit Corporation
Teco Electric & Machinery
For more information about this report visit https://www.researchandmarkets.com/r/5lajsk
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900