Submitted by: Submitted by swatimahajan8
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Words: 859
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Category: Business and Industry
Date Submitted: 01/19/2016 12:32 AM
Electric motors are generally used as a mechanical power source in a wide range of residential, business and industrial applications like refrigerators, fans, compressors, pumps and many other systems. The universal electric motors market is predicted to experience a steady growth during the forecasted period. The demand for power effective electric motors is predicted to be worth 1, 44,960 million US dollars at the end of the estimated period. The global electric motors market is expected to grow at a CAGR rate of 6.44% during the forecasted period.
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Strict rules related to the use of electricity, growing requirement to minimize green house effects and favorable overview of manufacturing firms are predicted to fuel the growth of the worldwide electric motors market. Electric motor is the most important part utilized in the manufacture of motor vehicles, HVAC equipment and in many home based appliances. Increasing levels of incomes and growing standards of living are predicted to spur the manufacture of motor vehicles and electronic equipments universally. This is predicted to be key aspect to boost the demand for electric motors universally. Further, utilization of energy efficient electric motors reduces monetary burden on customers and governments by maximizing consumption of electricity. Owing to the above mentioned aspects, electric motors are predicted to witness a heavy demand in the replacement industry specifically from the industrial consumers.
There are different kinds of electric motors that includes AC motors, hermetic motors and DC motors. AC motors are relatively small, cheap and light and usually used in HVAC device, home equipments, industrial appliances and production. In year 2012, AC motors contributed largest market revenue share of the global electric motors market. It led the market by contributing eighty percentage of the total market...