Machines that go on to transform electrical energy into mechanical energy happen to be known as electric motors. Apparently, an electric generator is a device that goes on to transform mechanical energy into an electric form of energy. The main kinds of electric motors and generators happen to be motor manufacturing and generator manufacturing, wherein the former refers to the manufacturing of motors and generators for vehicles. The motors and generators happen to be applicable within the gamut of maritime, automobile, power generation, as well as industrial uses. It is well to be noted that motors and generators are used across commercial, industrial, as well as residential sectors. The various kinds of power generation are thermal, nuclear, hydro, wind, etc.
The electric motor as well as generator market size has gone on to grow steadily in the years that have gone by. Apparently, in all likelihood, it is going to grow from $132.9bn in 2023 to around $138.72bn this year at a CAGR of 4.4%. This growth can be attributed to robust economic growth seen within emerging markets, a surge in demand when it comes to household appliances, progress in the industrial sector, and an increase in disposable income.
It is worth noting that the electric motor and generator market is anticipated to witness steady progress in the coming few years. In all likelihood, it is anticipated to touch $161.02bn by 2028, growing at a CAGR of 3.8%. This growth can be attributed to a rise in demand when it comes to EVs, energy, infra development, as well as urbanization. Some of the major trends in the forecast period include the development of high-power density electricity motors, power generation hybridization, IoT integration, smart tech product innovations, and strategic partnerships and collaborations.
Demand in terms of household appliances, along with other factors in the electric motor & generator market
The rise in the use of household appliances is anticipated to contribute to the growth of the motor as well as generator manufacturing markets within the forecast period. Growing electrification, a rise in disposable incomes, quick urbanization, and a lot many other elements have all boosted the demand for household appliances, which, by the way may as well drive the motor market as well. For example, the worldwide household appliance manufacturing market is all set to touch $396.8bn in 2022 at a CAGR of 8.7%. The rising demand for household appliances that function along with a motor is in all likelihood going to drive the market when it comes to motors and generators within the forecast period.
Growing mining activities in the electric motor and generator market
It is well to be noted that rising mining activities are anticipated to push the progress of the electric motor and generator market in the times to come. Mining activities happen to be the process of eliminating profitable minerals, ores, and even other geological elements from the earth’s crust and also extracting rich minerals from there. Notably, an electric generator and motor happen to be used for mining as well as mineral processing when it comes to driving equipment like mills, crushers, etc.
Raw Materials Tarriff Impact on the Electric Motor and Generator Market
Rising tariffs when it comes to raw materials like steel and aluminium restrained the motor and generator manufacturing market. Significantly, steel and aluminium are majorly used when it comes to manufacturing the components for motors. Rising import tariffs on raw materials like steel have gone on to hinder the market for household fans. For example, in 2021, the Aluminium Association of India urged for an increase when it comes to the tariff rate concerning basic customs duty for aluminium as well as articles to 15% from 10%. It is well to be noted that the increase in tariffs will result in a surge in operating costs, hence restraining the growth of the markets of electric motor and generator.
Portable generator demand rise in the electric motor and generator market
Notably, generator manufacturing companies happen to be increasingly manufacturing portable generators. A portable generator goes on to offer electricity by way of running a gas-powered or diesel-powered engine that goes on to turn an onboard alternator in order to generate power from electricity. The fact is that the rising when it comes to uninterrupted as well as reliable power supply happens to be increasing the demand when it comes to portable generators, as they go on to offer benefits such as ease of usage as well as flexibility.
Asia-Pacific happened to be the largest region in the electric motor and generator market last year. The regions that happen to be covered under the electric motor and generator market report happen to be Asia-Pacific, Western and Eastern Europe, North and South America, as well as the Middle East & Africa.