An induction motor is a mechanical device that converts electrical energy into mechanical energy. It consists of a rotor and a stator that includes windings connected to a poly-phase energy source. The magnetic field present in the stator windings induces a current in the rotor through electromagnetic induction. This results in the development of torque in rotors, which enables the rotating motion. Over 90% of all industrial motors are induction motors that are widely used in products such as electric fans, blowers, centrifugal pumps, conveyors, crushers, compressors, and bulldozers. Increase in sales of electric vehicles across the world is leading to the high demand for electric motors such as induction motors. The low cost, combined with the ability to perform under severe conditions, has made induction motors a preferred choice for key electric car manufacturers such as Tesla. (Source: Global Induction Motors Procurement Market Intelligence Report). This report from SpendEdge gives in-depth insights into the market insights, pricing strategies, procurement best practices, and top suppliers in the market.
APAC is expected to be the largest and fastest-growing market for induction motors during the forecast period due to factors such as increasing demand from the HVAC industry and the electric vehicles industry. Also, rapid industrialization in countries, such as India, China, and Vietnam, is driving the demand for various end-user applications of induction motors, such as drilling, pumping, and mining. North America is the second largest market for induction motors and is expected to experience robust growth in the years to come. The oil and gas industry is experiencing strong growth in MEA, especially in African economies such as Nigeria, Niger, Ethiopia, Sudan, Algeria, Angola, and Ghana, due to the discovery of new reserves and increased inflow of foreign investments.
Though the induction motor market displays a promising growth pattern in the coming years, there are several hindrances facing companies in this market. Factors such as the shortage of low-cost energy-efficient induction motors and long lead times are the major procurement pain points for buyers. Moreover, difficulty in evaluating the real performance of induction motors is a key procurement challenge for category managers, which increases both the cost and complexity of the procurement process.
Procurement best practices
Procurement is a tricky task, especially in a market like that of induction motors. Systematic procurement practices should be adopted by buyers that allow them to exert better control over suppliers, irrespective of the prevailing market conditions. This will help them efficiently manage expenses and procure high-quality products. Furthermore, the high upfront cost of acquiring an induction motor is only 10% of the TLC cost, and therefore, strategic cost-saving levers can help buyers achieve higher costs compared with tactical cost-savings strategies. Request a sample to know more.
Some of the top vendors in the induction motor market include:
- General Electric
- WEG Electric
Get more insights on the market outlook of the induction motor market along with pricing insights, market innovations, supply market insights, and procurement best practices in SpendEdge’s procurement report on the global induction motor market.