Induction Motors Market Analysis

Global Induction Motors Market Overview:

Induction Motors Market Size was valued at USD 21.6 Billion in 2023. The Induction Motors Market industry is projected to grow from USD 23.65 Billion in 2024 to USD 44.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.31% during the forecast period (2024 - 2032). Growing automobile manufacturing and rising industrial uses are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Induction Motors Market Trends

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  Increased production of electric vehicles drives market growth.

  
  

The market for electric cars has quickly developed due to continual advancements in the automotive industry and advantageous government policies and support in the form of grants, subsidies, and tax breaks. Induction motors, particularly three-phase induction motors, are frequently used in electric vehicles due to their high efficiency, good speed regulation, and lack of commutators, which is considered to be a key factor in the market's growth. 

Additionally, in electric cars, these motors can be used in place of permanent magnets. Thus, it is predicted that increased manufacturing of electric vehicles will propel the market CAGR for induction motors.

Additionally, the governments of numerous nations have made significant investments in the advancement of electric automobiles. The German government has promised to invest more than $3 billion in the region's electric vehicle sector in 2019. Therefore, throughout the projection period of 2022–2032, these investments and innovations are considered to be the primary drivers of the growth of the electric vehicle market and, consequently, the growth of the induction motor market.

Another factor drives induction motors. Induction motors are used in a wide range of industrial applications that are critical to the business's efficiency. These motors are frequently utilised as a component of pumps, hoists, lifts, electric shavers, cranes, crushers, and other oil extraction apparatus because they are inexpensive, durable, maintenance-free, and operable in any environment. The need for induction motors is expected to rise further as manufacturing and industrial activities expand.

According to the United Nations Industrial Development Organisation (UNIDO), the world's manufacturing sector increased output by 4.2 percent in the first quarter of 2022. In October 2022, industrial production in the United States increased 3.3% year on year, following a 2.4% gain in manufacturing. Rising industrial and manufacturing output would enhance demand for induction motors, boosting overall market growth during the anticipated period.

Induction Motors Market Segment Insights:

Induction Motors Product Type Insights

The Induction Motors Market segmentation, based on type includes synchronous motors, asynchronous motors, direct current motors and others. Synchronous motors category had a significant market share. A synchronous electric motor is an AC motor in which the rotation of the shaft is precisely equal to an integral number of AC cycles during steady state and the frequency of the supply current. Electromagnets are used as the motor's stator in synchronous motors, and they produce a magnetic field that rotates in time with the current oscillations.

Induction Motors Type Insights

The Induction Motors Market segmentation, based on type, includes IE1, IE2, IE3, and IE4. The IE1 category hold the largest market share. The international efficiency standard classifies IE1 motors. The IE1 motors have outputs ranging from 0.75kW to 355kW. The IE1 motors have poles 2, 4, 6, 8, 10, and 12. The IE1 motors have a speed range of 500rpm to 3600rpm. The efficiency of IE1 motors is 40% higher than that of IE3 motors and 20% higher than that of IE2 motors. IE1 motors are typically developed and built to operate for more than 6000 hours per year.

Induction Motors Application Insights

The Induction Motors Market segmentation, based on application, includes pumps, HVAC fans, material processing, compressed air, material handling and others. In 2022 HVAC fans segment dominated the Induction Motors market, HVAC fans are used to move air through heating, ventilation, and air conditioning (HVAC) systems. 

They are an essential component of air management systems that bring or draw fresh air into buildings. HVAC fans can be positioned on an outside wall (ventilation unit) or above the ceiling (plenum fan), or they can be utilised as part of a ducted system (duct fan). An electric motor turns the fan or blower, providing unidirectional air flow. Often, the air is pre-heated or chilled.

Figure1: Induction Motors Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Induction Motors End-Use Insights

The Induction Motors Market segmentation, based on end-use, includes residential, industrial, agricultural sector, transportation and others. In 2022, the industrial segment is predicted to hold the largest market share. Because of their low cost and dependability, three-phase induction motors are extensively utilised in industrial applications. The motor is used in industrial applications for very high inertia loads where it is important to provide maximum torque at a low speed and accelerate to full speed with minimal current.

Induction Motors Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Induction Motors Market area will dominate this market, due to increasing investment by market players and increased production in the vehicle industry. The use of induction motors in the vehicle industry has expanded as EV sales in the North American region have increased, which will improve the regional market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Induction Motors Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Induction Motors Market accounts for the second-largest market share due to an increase in investment to automate various processing steps in many industries. Further, the German Induction Motors Market held the largest market share, and the UK Induction Motors Market was the fastest-growing market in the European region

The Asia-Pacific Induction Motors Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing industrial sectors in this region, Moreover, China’s Induction Motors Market held the largest market share, and the Indian Induction Motors Market was the fastest-growing market in the Asia-Pacific region.

Induction Motors Key Market Players & Competitive Insights

Leading market players are extensively investing in research and development to extend their product lines, which will help the Induction Motors Market grow even further. Market participants are also engaging in a number of strategic initiatives to grow their worldwide footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations. To expand and survive in a more competitive and rising market climate, the Induction Motors industry must provide cost-effective products.

Manufacturing locally to reduce operational costs is one of the primary business strategies employed by manufacturers in the worldwide Induction Motors industry to serve clients and expand the market sector. Induction Motors have recently provided some of the most significant benefits to medicine. 

Major players in the Induction Motors Market, such as Schneider Electric SE Marathon Electric, Kirloskar Electric Company Siemens AG, and Baldor Electric Company, among others, are seeking to enhance market demand by investing in research and development operations.

The General Motors Company (GM) is an American multinational automobile manufacturer headquartered in Detroit, Michigan. It was the largest carmaker in the United States by sales in 2022, and the largest in the world for 77 years before relinquishing the top rank to Toyota in 2008. General Motors has manufacturing units in eight different nations. Chevrolet, Buick, GMC, and Cadillac are its four primary automotive brands. 

It also has a stake in the Chinese brands Baojun and Wuling through SAIC-GM-Wuling Automobile. In September 2021, The General Motors Company announced three new motors meant to power its Ultium-based EVs. The Ultium Drive package includes a 255-kW rear- and front-drive motor, a 180-kW front-drive motor, and a 62-kW all-wheel drive assist motor, with the latter being an induction motor.

Havells India Limited is a Indian electrical equipment business headquartered in Noida. It was started by Haveli Ram Gandhi and then sold to his distributor, Qimat Rai Gupta. Home appliances, lighting for domestic, commercial, and industrial applications, LED lighting, fans, water heaters, industrial and domestic circuit protection switchgear, modular switches and wiring accessories, industrial and domestic cables and wires, induction motors, and capacitors are some of the products manufactured by the company. 

Havells owns the Havells, Lloyd, Crabtree, Standard Electric, Reo, and Promptec brands. In March 2022,  Havells India has introduced 19 new energy-efficient ECOACTIV fans in the pedestal, ceiling, wall, and ventilation fan categories. The redesigned fan component includes an ECOACTIV extremely efficient BLDC and induction motor.

Key Companies in the Induction Motors market include

• Emerson Electric Company


• Regal Beloit Corporation ABB Ltd.


• Schneider Electric SE


• Marathon Electric


• Kirloskar Electric Company


• Siemens AG


• Baldor Electric Company.

Induction Motors Industry Developments

In June 2021,The European Union introduced new regulations to improve the energy efficiency of electric motors. The new guidelines, which apply to AC induction motors, amend the previous regulation from 2009 and include motors with power ratings ranging from 0.12 kW to 1000 kW.

In June 2022,Nidec Corporation introduced SynRA (Synchronous Reluctance Motor with Aluminium Cage Rotor), a high-efficiency synchronous reluctance (SR) motor with an aluminium cage that combines an SR motor with the basic principles of a cage-type induction motor, for the US market. When activated, Nidec's SynRA rotates as an induction motor, produces less loss, and achieves higher efficiency than cage-type induction motors.

In June 2023,ABB has developed the new generation AMI 5800 NEMA modular induction motor to offer exceptional energy efficiency and reliability in demanding applications such as pumps, compressors, fans, extruders, conveyors and crushers. the AMI 5800 offers the capability for a high degree of modularity and customization to suit both new build and upgrade projects in a wide range of industries including chemical oil and gas.The AMI 5800 motor is a true NEMA design that builds on ABB’s technology leadership in the North American market to meet both electrical performance requirements and mechanical mounting standards. 

In July 2023,The US motor-maker Ideal Electric has acquired the Louis Allis Large Synchronous Machines and Louis Allis Large Induction Motors product lines of the former Louis Allis Company of Milwaukee, Wisconsin. The financial terms of the deal have not been disclosed.

February 2024

World-first liquid-cooled IE5 SynRM induction motor from ABB establishes energy efficiency and power output standards.

ABB launched a new version of its IE5 SynRM (synchronous reluctance motor) series that combines ultra-high energy efficiency with liquid cooling, a global first. The innovative design redefines great power and dependability in a small package.

In new projects or as drop-in replacements for less efficient motors, IE5 SynRM Liquid-cooled motors may reduce energy expenditures and emissions. They fit maritime propulsion, rubber and plastics, and food and beverage sectors.

The IE5 SynRM Liquid-cooled motors are more efficient than conventional liquid-cooled induction motors and give room for energy-saving technologies. The cost of energy to power an electric motor during its life accounts for 97% of its total cost of ownership (TCO), with the purchase cost accounting for 2%. Energy efficiency is key to optimizing TCO. Common IE3 motors lose 40% more energy than IE5 motors. Selecting an IE5 motor over an IE3 motor frequently pays for itself in less than a year.

Highly efficient cooling, the cool SynRM rotor, and cooling ribs on the bearing assembly lower bearing operating temperatures, improving reliability. This extends the life of this crucial component and reduces maintenance.

With tight seals and a smooth exterior, the motors are durable. This makes them ideal for maritime propulsion systems and thrusters that need great power density in a small size. Since the motors don't require fans or ventilation, they don't disrupt the air or emit heat. Airflow-sensitive operations like rubber and plastics manufacture and chocolate conche machines benefit greatly from this. Motors without fans reduce noise, improving the workplace.

Stefan Floeck, ABB Division President IEC Low Voltage Motors, says: “ABB pioneered SynRM technology and liquid cooling for induction motors. After combining them, our IE5 SynRM Liquid-cooled motor gives clients ultra-premium efficiency in more applications. We launched our IE5 SynRM Increased Safety motor for hazardous places, and this is another world-first for this series.”

Induction Motors Market Segmentation:

Induction Motors Market by Product Type Outlook

• Synchronous motors


• Asynchronous motors


• Direct current motors


• Others

Induction Motors Market by Type Outlook

• IE1


• IE2


• IE3


• IE4

 Induction Motors Market by Application Outlook

• Pumps


• HVAC Fans


• Material processing


• Compressed air


• Material handling


• Others

 Induction Motors Market by End-Use Outlook

• Residential


• Industrial


• Agricultural sector


• Transportation


• Others

Induction Motors Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America