Induction Motor Market by Type (Single Phase, Three Phase), by Application (Residential, Industrial, Commercial, Transportation, Others), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium), by Asia Pacific (China, India, Japan, South Korea, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, New Zealand), by Latin America (Brazil, Mexico, Argentina, Chile, Colombia, Peru), by MEA (UAE, Saudi Arabia, South Africa, Egypt, Turkey, Israel, Nigeria, Kenya) Forecast 2024-2032
The Induction Motor Market size was valued at USD 21.36 USD Billion in 2023 and is projected to reach USD 35.21 USD Billion by 2032, exhibiting a CAGR of 7.4 % during the forecast period. An induction motor, also known as an asynchronous motor, is an electric motor in which the electric current needed to produce torque is obtained by electromagnetic induction from the magnetic field of the stator winding. These motors are widely used due to their robustness, simplicity, and cost-effectiveness. It comes in various types, including single-phase and three-phase motors, and it is extensively used in industrial, commercial, and residential applications to power machinery, appliances, and other equipment. The integration of advanced materials and technologies to enhance motor performance and efficiency is also gaining traction with the adoption of smart motors with built-in sensors and IoT connectivity is on the rise, enabling real-time monitoring and predictive maintenance, thereby reducing downtime and operational costs. Particularly in Asia-Pacific, Latin America, and Africa, offer significant potential due to ongoing industrialization and infrastructure projects. The transition to electric vehicles and the expansion of the EV market creates a demand for specialized induction motors. Smart factories and Industry 4.0 initiatives provide opportunities for the development of advanced, connected motors that enhance operational efficiency. Additionally, investments in renewable energy infrastructure and the need for motors in applications like wind turbines and solar power systems further expand market opportunities.
Type
Application
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 7.4% from 2018-2032 |
Segmentation |
|
Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 7.4% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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