Electric Motors Market: Opportunity Analysis and Industry Forecast upto 2019
Electric motors are commonly used as a source of mechanical energy in a broad range of residential, industrial and commercial applications such as fans, pumps, compressors, elevators, refrigerators and several other systems. The global electric motors market is expected to see a steady growth through the estimated period 2013 – 2019. Stringent electricity consumption regulations, rising need to reduce green house gas effects and positive outlook of manufacturing industries are expected to propel the growth of global electric motors market. Electric motor is the most vital component used in the production of motor vehicles, heating ventilating and cooling (HVAC) equipment and in several home appliances. Rising income levels and improving standards of living are expected to spur the production of motor vehicles and electronic appliances globally. This is expected to be the primary factor to boost the demand for electric motors globally. In addition, use of energy efficient electric motors minimizes financial burden on consumers and governments by optimizing electricity consumption. Due to the aforementioned factors, electric motors are expected to see a huge demand in the replacement market particularly from industrial users. Obtain Report Details @ http://www.transparencymarketresearch.com/electric-motors-market.html Based on output power capacity electric motors are divided into two categories fractional horsepower (FHP) motors and integral horsepower (IHP) motors. Fractional horsepower are generally used in low power applications and accounted for the largest revenue share of the electric motors in 2012. IHP motors are expected to see the fastest growth through the estimated period. Stringent electricity consumptions and benefits of energy efficiency electric motors are motivating industrial users to retrofit their plants with energy efficient electric motors. This represents a positive outlook for IHP motor suppliers in the next six years. In 2012, motor vehicles accounted for the largest application segment for electric motors. Due to rising fuel prices and pollution, demand for electric vehicles is rising rapidly in developed and emerging countries such as the U.S., Japan, Germany, China, India and others. This segment is expected to maintain its dominating position in the electric motors market with increasing