Demand for electric motors in HVAC and automotive drives the market
Mumbai, India – June 16, 2014 – A device which transforms electrical energy into mechanical energy that is then used to drive different machines – electric motors, as a market segment has grown significantly in the last few years. These motors are utilized in different appliances which have domestic applications, as well as in industrial pumps and power tools. Electric motors are categorized according to the mode of working as well as the output power ratings and are employed in numerous industrial sectors like HVAC or Heating, Ventilation and Air Conditioning and Automotive. With a growing economy this market segment has also grown significantly - according to research reports on the electric motor market, this sector is expected to grow at a CAGR of 4.56% between 2013 and 2018.
The report: Electric Motors Market in the US 2014-2018 discusses in detail the market size of the electric motor industry in the US, key drivers which propel the market as well as the trends and challenges faced by the industry.
Electric motor market size in US
Given that about 23% of the country’s electricity utility is made up of the industrial motor systems which also accounts for about two-thirds of the electricity expenditure of this industry, the electric motor market in the US is revving up to meet the increasing demands. The U.S. Department of Energy’s (DOE’s) Office of Industrial Technologies (OIT) has come out with a series of options in order to ensure the diminishing of energy costs in the US markets and enlarge the efficacy of the system of electric motors.
Factors which drive the market forward
The rising requirement of electric motor appliances in the industries is one of the major factors which has stimulated the growth of the electric motor industry in the US. Both the Automotive and HVAC sectors produce generous revenues for manufacturers of these devices thus giving them enough incentive to invest in electric motors.
Key Market Trends
Currently electric motors are employed by a large number of industries in diverse applications. Manufacturers, these days are emphasizing on advertisements and campaigns promoting the increased advocacy of these motors. Advertisements which display the power density of the motors educate industries on how it would help raise the power output of the motors while simultaneously retaining low weight. While technically-developed electric motors are increasingly used across industries, the increasing demand for custom-made electric motors is a challenge that the market is trying to meet.
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