1. What is the projected Compound Annual Growth Rate (CAGR) of the Induction Motor Market?
The projected CAGR is approximately 7.4%.
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Induction Motor MarketInduction Motor Market by Type (Single Phase, Three Phase), by Application (Residential, Industrial, Commercial, Transportation, Others), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium), by Asia Pacific (China, India, Japan, South Korea, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, New Zealand), by Latin America (Brazil, Mexico, Argentina, Chile, Colombia, Peru), by MEA (UAE, Saudi Arabia, South Africa, Egypt, Turkey, Israel, Nigeria, Kenya) Forecast 2026-2034
The Induction Motor Market size was valued at USD 21.36 USD Billion in 2023 and is projected to reach USD 35.21 USD Billion by 2032, exhibiting a CAGR of 7.4 % during the forecast period. An induction motor, also known as an asynchronous motor, is an electric motor in which the electric current needed to produce torque is obtained by electromagnetic induction from the magnetic field of the stator winding. These motors are widely used due to their robustness, simplicity, and cost-effectiveness. It comes in various types, including single-phase and three-phase motors, and it is extensively used in industrial, commercial, and residential applications to power machinery, appliances, and other equipment. The integration of advanced materials and technologies to enhance motor performance and efficiency is also gaining traction with the adoption of smart motors with built-in sensors and IoT connectivity is on the rise, enabling real-time monitoring and predictive maintenance, thereby reducing downtime and operational costs. Particularly in Asia-Pacific, Latin America, and Africa, offer significant potential due to ongoing industrialization and infrastructure projects. The transition to electric vehicles and the expansion of the EV market creates a demand for specialized induction motors. Smart factories and Industry 4.0 initiatives provide opportunities for the development of advanced, connected motors that enhance operational efficiency. Additionally, investments in renewable energy infrastructure and the need for motors in applications like wind turbines and solar power systems further expand market opportunities.
Type
Application
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 7.4% from 2020-2034 |
| Segmentation |
|
Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 7.4%.
Key companies in the market include Ward Leonard, WEG, ABB, AC – Motoren, ATB, CAG Electric Machinery s.r.o., Cantoni Motor, CG Power Systems, Changzhou Duowei Electric Co., Ltd, Chinabase Machinery (Hangzhou), CRRC Zhuzhou Electric Co., Ltd, Elprom Harmanli, FIMET Motori & Riduttori S.p.a., Fujian Mindong Electric Co., Ltd., GE, and Bosch Rexroth..
The market segments include Type, Application.
The market size is estimated to be USD 21.36 USD Billion as of 2022.
Growing Focus on Safety and Organization to Fuel Market Growth.
Solar Energy to Play a Significant Role in Achieving Green Energy Targets.
Complex Planning and Delay in Authorization Procedures Can Hamper the Market Growth.
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The market size is provided in terms of value, measured in USD Billion and volume, measured in K units.
Yes, the market keyword associated with the report is "Induction Motor Market," which aids in identifying and referencing the specific market segment covered.
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