Demand for AC motors will further accelerate in the coming years.
FORT COLLINS, Colo., April 4, 2024 (Globe Newswire) — The AC motor market was valued at $86.6 billion in 2023 and is expected to reach $141.5 billion by 2032, at a CAGR of 5.6%.
AC motors are the most important components in heating, ventilation, cooling systems and automobile manufacturing. Improving living standards and rising income levels are expected to drive global production of electronics and automobiles. This is estimated to be the main factor driving the demand for AC motors over the coming years.
Due to increasing urbanization and infrastructure development, investments and alliances in the AC motor market are increasing and are expected to significantly contribute to the opportunities in the AC motor market. For example, WEG, a global electrical and electronic equipment company, acquired the industrial electric motor and generator business of Regal Rexnord Corporation, a specialist manufacturer of electromechanical equipment, in September 2023.
With this acquisition worth approximately $400 million, WEG intends to focus on continued and sustainable growth and diversification in its industrial operations and significantly expand its international presence.
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Segmentation overview:
The global AC motor market is segmented into: Type, Application, Region. Based on application, the market is segmented into industrial machinery, automotive, HVAC equipment, aerospace and transportation equipment, home appliances, etc. The automotive sector accounts for the majority of the market share.
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Highlights of the AC motor market report:
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Asia Pacific region dominates the AC motor market due to rapid industrialization, urbanization, and infrastructure development in countries such as China, India, Japan, and South Korea. The region is witnessing strong growth in sectors such as automotive, manufacturing, construction, electronics and major consumers of AC motors.
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Notable players in the AC motor market report include Siemens AG, WEG, SEC Electric Machinery Co., Ltd., ABB Ltd., Cantoni Group, LLC., Teco Electric & Machinery Co., Ltd., Toshiba Corporation, Stocks Companies Hitachi, Nidec Corporation, General Electric Co., Ltd.
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AC motor market segmentation:
By type: Induction AC motor, synchronous AC motor
By application: Industrial machinery, automobiles, HVAC equipment, aerospace/transportation equipment, home appliances, etc.
By region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa.
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