Global AC Electric Motor Market

Global AC Electric Motor Market Size

Global AC Electric Motor Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 17.1 billion and is projected to reach USD 30.4 billion by the completion of 2034.

AC electric motors operate using alternating current (AC), a type of electrical current commonly found in homes and businesses worldwide. These motors convert electrical energy into mechanical power through a process called electromagnetic induction. The primary components of an AC motor include the stationary stator, which creates a rotating magnetic field when electricity flows through its coils, and the rotor, which spins in response to this magnetic field. As the rotor turns, electromagnetic induction within it generates a magnetic field that interacts with the stator's field, causing the motor to rotate and drive various types of machinery such as pumps, compressors, and industrial equipment. AC motors are valued for their efficiency, reliability, and versatility across numerous applications.

Market Highlights

Global AC Electric Motor Market is anticipated to grow at a robust rate, with projections indicating a 5.4% compound annual growth rate (CAGR) between 2024 and 2034

Global AC Electric Motor Market is expected to reach USD 30.4 billion during the forecast period. This growth is driven by increased industrial automation, which demands more efficient motors for robotics and machinery. The shift towards electric vehicles and renewable energy sources, such as wind turbines, also boosts the demand for AC motors in automotive applications and charging stations. Urban growth drives the need for HVAC systems and infrastructure, heavily relying on AC motors. Innovations in motor design, materials, and control systems further enhance motor performance, efficiency, and reliability, promoting their use in various sectors. Additionally, the growing industrialization and infrastructure developments in emerging economies are increasing the demand for AC motors in construction, manufacturing, and transportation sectors.

Source: Fatpos Global

Global AC Electric Motor Market Segmentation

Industrial Machinery segment will dominate the industry

Global AC Electric Motor Market is classified based on End-Use into Automobile, Industrial Machinery, Power Generation, Metal and Mining, Oil and Gas, and Others. The Industrial Machinery segment is expected to dominate the Global AC Electric Motor Market. This segment includes a wide range of equipment such as conveyors, pumps, compressors, and machine tools, all requiring reliable and efficient motors. The drive for automation in manufacturing and other sectors fuels the demand for AC motors, as they are crucial for automated systems and robotics. Industries focus on energy efficiency to save costs and meet regulations, making high-efficiency AC motors essential. Rapid industrialization and economic growth in emerging markets also boost demand for industrial machinery.

Synchronous Motors segment is anticipated to lead due to its high efficiency and precise speed control

Global AC Electric Motor Market is segmented based on Motor Type Induction Motors, Synchronous Motors, Servo Motors, and Hermetic Motors. The Synchronous Motors segment is anticipated to lead the market due to its high efficiency and precise speed control. Synchronous motors offer exact speed regulation, maintaining constant speed regardless of load, which is critical for applications needing consistent speed, such as manufacturing and process control. Their superior efficiency, especially at low loads, helps industries reduce operational costs and comply with stringent energy regulations. Synchronous motors perform exceptionally well in heavy-duty applications like compressors and pumps, capable of starting under full load. With increased renewable energy integration, synchronous motors ensure reliable operation and grid synchronization. Additionally, supportive government policies promoting energy-efficient technologies encourage their adoption.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Urbanization and Infrastructure Development are Critical to Boost the Adoption of AC Electric Motor

Urbanization and infrastructure development are crucial for the global AC electric motor market. The growing urban population increases the demand for HVAC systems in residential, commercial, and industrial buildings, where AC electric motors are essential. As cities expand with high-rise buildings, there is a greater need for elevators and escalators, heavily relying on AC motors for efficient operation. The demand for AC motors also rises with the expansion of industrial machinery necessary for manufacturing and construction in large cities. Additionally, the development of reliable water supply and wastewater management systems, vital for urban growth, involves the use of pumps and other equipment driven by AC motors.

Automation and Robotics Will Aid the Market

Automation enhances operational efficiency in manufacturing and other industries by using AC motors to drive machines, conveyors, and robotic arms, leading to market growth. These systems require precise control, which AC motors with modern control technologies provide, ensuring reliable operation for complex processes. Modern automated systems focus on energy efficiency to reduce costs, making high-efficiency AC motors crucial. AC motors are flexible and scalable, making them ideal for various automation and robotics applications, as they integrate easily into multiple systems. Automation reduces the need for human labor in repetitive tasks, increasing the demand for reliable AC motors. The rise of connected, automated systems under Industry 4.0 also drives AC motor use. Additionally, advancements in motor technology improve performance, making them more suitable for complex robotics and automation.

Restraints

Competition from DC Motors can Limit the Growth of the Global AC Electric Motor Market

DC motors pose a challenge to the global AC electric motor market, especially in the automotive sector. Known for their simplicity, reliability, and adaptability in applications such as electric vehicles (EVs), DC motors offer strong competition to AC motors in this growing market. Their superior control over speed and torque is crucial for optimizing electric vehicle performance, reducing demand for AC motors. Furthermore, the infrastructure supporting DC motors, including charging stations and control systems, is well developed, giving them a competitive edge over AC motors. Despite their efficiency and versatility, AC motors face challenges in meeting the precise performance needs and infrastructure support that DC motors provide in the electric vehicle sector.

Recent Developments

• In 2024, Nidec Corporation, a Japanese multinational renowned for its electric motors, introduced a new series of ultra-high-efficiency motors that surpass the IE5 standard. These motors are designed for applications requiring outstanding efficiency and minimal energy consumption.
• In 2023, ABB, a leading Swiss-Swedish engineering business, added a "Increased Safety" variant to its high-efficiency IE5 synchronous reluctance motor (SynRM) lineup. These motors are engineered for potentially explosive environments in demanding industrial applications, ensuring both safety and efficiency.
• In a move to solidify its presence in the industrial motor market, Brazilian electrical equipment giant WEG acquired Regal Rexnord's industrial electric motors and generators business in 2023.

Global AC Electric Motor Market

Key Players:

• ABB Ltd.
• Emerson Electric Co.
• Siemens AG
• Nidec Corporation
• Toshiba Corporation
• Danaher Corporation
• General Electric Company (GE)
• Hitachi, Ltd.
• Regal Beloit Corporation
• WEG S.A.
• Johnson Electric Holdings Limited
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Rockwell Automation, Inc.
• Baldor Electric Company
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Global AC Electric Motor Market is divided into five key regions for regional analysis: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific region is expected to lead the Global AC Electric Motor Market due to rapid urbanization. The demand for elevators, escalators, HVAC systems, and other equipment that rely on AC electric motors has increased due to the construction of buildings and infrastructure development, leading to market growth. Efforts by governments to improve energy efficiency and promote the use of electric vehicles also contribute to the demand for AC electric motors. Furthermore, the Asia Pacific region is at the forefront of technological advancements in motor design, materials, and control systems, which significantly improve the performance, efficiency, and reliability of AC electric motors. These innovations serve a wide range of industrial applications across the region.

Source: Fatpos Global

Impact of COVID-19 on the Global AC Electric Motor Market

COVID-19 pandemic had a dual impact on the global AC electric motor market, bringing both challenges and opportunities. Initially, the supply chain was disrupted due to the lockdown, leading to delays in production and a shortage of raw materials. Sectors heavily reliant on AC motors, such as automotive and construction, also experienced declines in demand during the pandemic. The shortage of workers during the lockdown also affected manufacturing capabilities. However, critical industries like healthcare and food manufacturing continued to depend on AC motors, ensuring stability. Businesses also placed increased focus on operational efficiency, benefiting the market for high-efficiency AC motors that consume less energy. Furthermore, the pandemic accelerated automation initiatives across various industries, potentially increasing long-term demand for AC motors in automated machinery.

Global AC Electric Motor Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global AC Electric Motor Market Scope and Segments:

Frequently Asked Questions (FAQ):