According to BlueWeave Consulting, Global Electric Motors market is expected to grow at a CAGR of 6% during the forecast period 2020-2026. The properties electric motors is surging its demand in the various firms like agriculture, automotive, manufacturing, HVAC industry, etc. Electric Motors are highly efficient to possess longer operating life, consume low energy, possess high endurance for the fluctuating voltages, and require low maintenance.
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The consumers are leaning towards the eco-friendly non-conventional fuel alternatives due to the augmenting price hike of fuels. The conventional fuel alternatives are highly unlikely ever to run out, so consumers are inclining towards renewable resources. These non-conventional resources are polluting the environment, causing many health-related problems, creating a problem in sustaining life on earth. These are the factors impelling the consumers to go for electric vehicles, which is anticipated to propel the electric motors market in the forecast horizon.
The Asia Pacific region is anticipated to have the fastest growth rate in the forecast horizon of 2020-26 due to the direct investment in developing nations like China and India by the governments. North America is expected to have the largest market share of electric motors in terms of revenue in the forecast horizon due to industrial growth and expansion of the aerospace industry.
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The upsurge in the awareness about the benefits of using smart motors amid small and medium enterprise owners tends to augment the growth of the electric motor market. The government policies and initiatives are promoting high efficient energy in machines and equipment. Innovations and policy frameworks are playing a key role in fueling the demand for products in the forecast horizon.
The major market players in the Global Electric Motors are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation, Johnson Electric Holdings Limited, Toshiba, FAULHABER GROUP, Danaher Motion, WEG, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
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