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Electric Motor And Generator Global Market Report 2022
Major players in the motors and generators market are Siemens AG, ASMO, Rockwell Automation, Emerson Electric Co, ABB Ltd. , Nidec, General Electric Co, Baldor Electric Co. , Danahar Motion LLC, and Kollmorgen Corp.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Motor And Generator Global Market Report 2022" - https://www.reportlinker.com/p06280926/?utm_source=GNW
The global electri motor and generator market is expected to grow from $82.35 billion in 2021 to $87.92 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The market is expected to grow to $101.85 billion in 2026 at a compound annual growth rate (CAGR) of 3.7%.
The motors and generators market consists of sales of motors, generators, and related services. The motor converts electrical energy into mechanical energy and the generator converts mechanical energy into electrical energy.
The main types of motors and generators are motor manufacturing and generator manufacturing.Motor manufacturing refers to the manufacturing of motors and generators for vehicles.
The motor and generators are applicable in automobile, maritime, power generation, and industrial uses.The motor and generators are used in industrial, commercial, and residential sectors.
The various power generation is power generation, thermal, hydro, nuclear, wind, and other power generation.
Increasing use of household appliances is expected to contribute to the growth of the motors and generators manufacturing market in the forecast period.Increasing electrification, rising disposable income, and rapid urbanization along with several other factors are boosting the demand for household appliances, which in turn will drive the market for motors.
For instance, the global household appliances manufacturing market is expected to reach $396.2 billion in 2022 at a CAGR of 8.7%. The growing demand for household appliances that function with a motor will thereby drive the market for motors and generators in the forecast period.
Increased tariffs on raw materials such as steel and aluminum restrained the market for motors and generators manufacturing in the historic period.Steel and aluminum are predominantly used in manufacturing the components for motors.
Increasing import tariffs on raw materials such as steel hindered the market for household fans.For instance, in 2021, according to The Hindu, the Aluminium Association of India had requested an increase in the tariff rate of basic customs duty for aluminum and articles from 10 to 15%.
An increase in tariffs will increase operating expenses, thereby restraining the growth of the market.
Generator manufacturing companies are increasingly manufacturing portable generators.A portable generator provides electricity by running a gas-powered/diesel-powered engine that turns an onboard alternator to generate electrical power.
Rising demand for uninterrupted and reliable power supply is increasing the demand for portable generators as they offer advantages such as flexibility, and ease of use.
In October 2019, Rolls-Royce, a company manufacturing motor cars based in the United Kingdom acquired Siemens for an undisclosed amount.With this acquisition, The technology portfolio and skills will complement Rolls-Royce’s existing developments in electrification and also include micro-grids and hybrid electric trains and aerospace applications.
Siemens, a company operating in motors and generators based in Germany.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries in the boat building and repairing market include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia.
Read the full report: https://www.reportlinker.com/p06280926/?utm_source=GNW
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