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Motors And Generators Global Market Report 2022
The 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, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motors And Generators Global Market Report 2022" - https://www.reportlinker.com/p06320346/?utm_source=GNW
The global motors and generators market is expected to grow from $86.86 billion in 2021 to $92.62 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The motors and generators market is expected to grow to $105.56 billion in 2026 at a compound annual growth rate (CAGR) of 3.3%.
The motors and generators market consists of sales of motors, generators, and related services by entities (organizations, sole traders, partnership) that are used to isolate electrical loads from power upply lines. 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. The functions are performance, comfort and convenience, safety and security and it is used in industrial, commercial, and residential
Asia Pacific was the largest region in the motors and generators manufacturing market in 2021. The regions covered in motors and generators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing use of household appliances is expected to propel 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, according to CDI Global, a capital market company, the global Household Appliances market generated total revenue of US $542 billion in 2019. Also, the volume sales for the same year amounted to 4.3 billion pieces. Therefore, the increasing use of household appliances is driving the growth of the motors and generators market.
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, according to ECOMCREW, a Canada-based e-commerce business blog, in May 2019, nearly half of all goods that America imports from China were subject to an additional 25% tariffs.
In August 2019, the Trump Administration imposed 10% duties on all remaining products not currently subject to additional duties. An increase in tariffs will increase operating expenses, thereby restraining the growth of the market.
The emergence of portable generators is a key trend gaining popularity in the motors and generators market.Companies operating in the motors and generators market are focusing on developing new products to sustain their position in the market.
For instance, in June 2022, Honda Siel Power Products Ltd., an India-based motor and generator manufacturer launched the new Honda EU3200i, the newest generator in the Honda Super Quiet EU Series lineup. The high-output Honda EU3200i delivers more power and more convenience and is available in a compact, space-saving, portable package.
In December 2019, Voith Group, a Germany-based machine company acquiredElin Motoren GmbH for an undisclosed amount. This acquisition of ELIN Motoren would be an excellent addition to the industrial drive solutions and supports the Voith group company’s position as a technology-independent supplier of drive systems. Win Motoren GmbH is an Austria-based company that produces motors and generators for international companies
The countries covered in the motors and generators market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
Read the full report: https://www.reportlinker.com/p06320346/?utm_source=GNW
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