Electric Motor Market Analysis

Type {Alternate Current (AC), Direct Current (DC)}

In electric motor market, alternative current (AC) segment is projected to hold revenue share of over 70% by the end of 2037. This high market share will be attributed to wide applications of alternative current (AC) covering a range from irrigating pumps to modern-day robotics.

For instance, according to the National Library of Medicine published in May 2023, the yearly energy available to run the WPS is 23502 kWh, while the annual PV array virtual energy at MPP of the planned photovoltaic system is 33342 kWh. Ohmic wiring losses and module array mismatch are 298.83 kWh and 374.16 kWh, respectively. The alternate current (AC) motor is used in photovoltaic irrigation.

Application (Industrial Machinery, HVAC, Transportation, Household Appliances, Motor Vehicles, Aerospace, Marine, Robotics)

By 2037, industrial machinery segment is set to hold electric motor market share of more than 39% and will notice constant growth. The increasing automation and progression in the industrial sector will be the primary reason behind the exponential growth of this segment.

As per the World Economic Forum published in April 2021, the 2020 launch of SpaceX represented a significant advancement in automation as it made it possible for people to securely dock onto the International Space Station with zero effort. Electric motors are an integral part of these recent developments in industrial automation as these industrial types of machinery are solely dependent on electric motors.

Voltage (Low Voltage Electric Motors, Medium Voltage Electric Motors, High Voltage Electric Motors)

Low-voltage electric motors segment is expected to dominate electric motor market share of around 46% by the end of 2037. The expansion of this segment will be noticed by the need for low-voltage motors for the majority of electrical equipment and gadgets used in daily life, including tiny machines, pumps, fans, and appliances.

Nearly 70% of industrial power demand and 60% of industrial electricity consumption worldwide are attributed to electric motor systems as found in the survey of Research Nester in 2023. Electric motors power auxiliary systems including compressed air generation, ventilation, and water pumping in addition to central industrial operations like presses and rolls.

Our in-depth analysis of the global electric motor market includes the following segments: