The electric motor sales market is expected to grow from an estimated $94.23 billion in 2016 to $127.63 billion by 2021, at a compound annual growth rate (CAGR) of 6.26 per cent, according to a report.

The increased use of motors across major industries, growing agricultural sector, and transition toward energy-efficient motors are the key factors driving the electric motor sales market across the globe, said the report by MarketsandMarkets, a top business research firm.

To provide an in-depth understanding of the competitive landscape, the report includes profiles of companies, namely, ABB (Switzerland), Siemens (Germany), Nidec Corporation (Japan), Denso Corporation (Japan), General Electric (US), Allied Motion Technologies (US), Ametek (US), Arc System (US), Baldor Electric Company (US), Bosch Group (Germany), Emerson Electric (US), Hitachi (Japan), Johnson Electric Holdings (Hong Kong), Regal Beloit Corporation (US), Rockwell Automation (US), Toshiba International Corporation (US), and WEG (Brazil).
 
The report pointed out that the dominant players were trying to penetrate developing economies and were adopting various methods to grab the market share.

New product launches was the most common strategy adopted by the top players in the market, constituting more than one-third of the total development share. It was followed by new contracts and agreements, mergers and acquisitions, and expansions, respectively, said the report.

The electric motor sales market in this report has been classified based on type into the following segments, namely, AC and DC motors.

The AC motors segment dominated the global electric motor sales market this year.

With a growing demand in various industries such as paper and pulp, cement, wastewater treatment and chemicals, the AC motors market is expected to grow in a big way by 2021. Hence, the market size of the AC motors segment is the largest, the report stated.

MarketsandMarkets said the Asia-Pacific was currently the largest market for electric motor sales.

In this region, the electric motor sales boom can be attributed to several factors such as continuous growth in the agriculture sector along with massive investments in industrialisation in countries such as India, China, Australia, and South Korea, it added. – TradeArabia News Service