Top Trends in the Electric Motors Market
Electric motors power nearly every electrical devices in the world, and it would be an incredibly difficult task to get through our day without using one. Electric motors are mechanical devices that convert electrical energy into mechanical energy through the process of electromagnetism in the stator and rotor windings. Recent advancements in technology have even made it possible for motors to be as small as a nanometer consisting of a single molecule. The electric motor finds applications across multiple industries including automobile, energy, manufacturing, HVAC, consumer appliance, and industrial automation. Amongst these, the automotive industry is expected to drastically drive the demand in the global electric motor market due to the increased production of electric vehicles. (SpendEdge – Procurement Market Intelligence Report)
Energy efficient electric motor
The demand for energy-efficient motors from end-user industries such as power and energy, automobile, and others has been strong. However, they are demanding energy-efficient electric motors to reduce their energy costs. Additionally, such engines also reduce the carbon emission, which helps companies to meet their sustainability goals. Also, some governments have imposed strict regulations that will increase the demand for energy-efficient electric motors in the future.
Rise in prices
The increase in global steel prices is expected to increase the price of electric motors by 15%-20% by 2022. Such changes will affect the prices of motors related to efficiency standards such as IE2 and IE3. Though the price of energy-efficient electric motors might increase, buyers can reduce their energy costs.
Customized electric motor
The supply market of electric motors is highly fragmented due to the presence of several regional and global suppliers, which intensifies competition. To increase competitiveness, suppliers are customizing their electric motors to differentiate their products and provide products according to the needs of buyers. Consequently, buyers require customized products to avoid compatibility issues such as load efficiency.
Increased production of high power-to-weight ratio motors
Industrial buyers form the automobile, electronic device, and aircraft sector are focused on reducing the overall weight of their product without compromising on functionality and power. As a result, they demand motors with high power-to-weight ratio. For instance, in aircraft manufacturing, the use of electrical drives in aircraft up to 2.20 ton had a limitation in take-off weight because of the high weight of the electric motor. This issue can be addressed by the use of a high power-to-weight ratio electric motors
Read more about the emerging trends in the electric motors market along with supply market insights, procurement challenges, sourcing insights, and key suppliers in SpendEdge’s upcoming report on the global electric motors market.