Drives and Controls Magazine
Global electric motors market heads above $140bn
Published:  08 January, 2016

The global market for electric motors will expand from just under $100bn in 2014 to reach more than $140bn by 2022, according to a new report from Grand View Research. It says that advances in technology and regulatory policies aimed at improving energy efficiency will be vital factors in driving this growth, which represents a CAGR of 4.5% from 2015 to 2022.

AC motors are the largest product segment, accounting for more than 70% of global revenues in 2014. The gradual replacement of DC motors by AC motors in a variety of applications has been a factor in the growth of AC machines.

Fractional horsepower motors – those with outputs below 1hp/0.75kW – accounted for just under 90% of total revenues in 2014. Larger (integral horsepower) motors generated revenues of more than $12bn in 2014. Grand View expects the market for integral horsepower motors to grow at a faster CAGR than fractional machines in the period to 2022.

In 2014, Asia-Pacific was the largest regional market for motors, accounting for more than 55% of global revenues.

The report predicts an increasing use of motors in industrial machinery, HVAC equipment and household appliances. It adds that AC motors are being used more widely in automotive applications, such as the automation of hydraulic suspension systems, speed control and adaptive handling of vehicles.