The high voltage induction motors market is estimated to grow aa CAGR of 3.83% in order to reach a market size of US$25.198 billion by 2025, from US$20.111 billion in 2019.
Increasing demand for advanced and efficient high voltage induction motors across end-use industries such as oil and gas and the chemical is driving the growth of high voltage induction motors market. The high voltage induction motor is utilized in heavy industries for applications such as pumps, compressors, conveyor belts, hoists, crushers, and many more. Rising offshore drilling activities worldwide is fuelling the demand for high voltage induction motors. Growing automobile demand, especially in developing economies, further boost the demand for high voltage induction motors. Growing focus on sustainable use of resources is leading to high investments in hydropower plants which, in turn, is strengthening the growth of the global high voltage induction motors market.
With the growing demand for energy, high voltage induction motors find immense application in the energy and power industries at the global level.
As per the United Nations estimates, the global population is expected to rise from a population size of 7.7 billion in 2019 to attain a population size of 9.7 billion by 2050. The demand for energy will continue to soar with the rising population. Hence, the utilization of high voltage induction motors holds strong growth prospects in the industrial operations during the forecast period and in the upcoming years. Also, the demand for petroleum derivates contributing to holding a significant market share in meeting the global energy demand is further projected to surge the growth of the high voltage induction motors market. The examples of petroleum derivates include gasoline, diesel, and kerosene, these are used at a wide-scale worldwide. According to the US Energy Information Administration, the industrial sector is accounted for holding the largest share regarding energy consumption according to the end-use consumption. This comprises refining, mining, manufacturing, and other activities. The industrial sector utilization at the global level is estimated to grow by more than 30% during the period 2018 to 2050. By 2050, the global consumption of energy is expected to achieve approximately 315 quadrillions Btu.
The increasing consumption of energy, especially in the emerging economies of the world coupled with the evolving living conditions with growing urbanization is driving the market demand in the forecast period.
The growing transportation industry leading to the manufacturing of light and heavy vehicles is surging the market demand in the forecast period.
The growth of the global transportation industry is mostly driven by the developing economies of the world with the burgeoning vehicle sales, hence, contributing to the growth of the automotive industry. China, among the emerging economies of the world, is leading in automotive sales at the international level. Additionally, the economic growth is further providing an impetus to the growth of the automotive industry with a surge in automotive manufacturing here. Furthermore, the augmenting logistics industry with the growing e-commerce activities is increasing the demand for efficient fleet management, propagating the demand for high voltage induction motors in material handling and other operations in the forecast period. For example, Japan from the APAC region, the logistics industry holds importance for the citizens of the country, also, this is known to support the economic activities of the companies. According to the Japan Association for Logistics and Transport, the market size for the logistics industry in 2017 was estimated to be around 25 trillion yen. The industry is undergoing a structural change for the fulfillment of the growing consumer demands with the e-commerce industry growing at a steady pace.
The burgeoning steel industry is propagating the market demand in the forecast period.
As per the World Steel Association (WSA) forecast estimates, the steel industry worldwide will continue to surge with China as the pioneer. It is followed by India, Japan, and the United States. In the year 2019, the steel demand in China expected to grow by around 7.8% for achieving a production of around 900.1 Mt. On the other hand, steel demand in the other parts of the world was projected to grow by more than 2.0%, majorly driven by over 4.0% growth from the developing economies of the world, excluding China.
The global steel demand was estimated to increase by 3.9% to 1,775 million tonnes in 2019 to reach 1,805.7 million tonnes by 2020, an increase of 1.7% (y-o-y growth rate). Hence, the rise in demand is offering strong prospects for the growth of the high voltage induction motors market to propagate in the forecast period. The global crude steel produced in 2018 was around 1,789 million tonnes, this grew by4.94% over 2017. China was recorded as the largest producer in 2018 producing 928 million tonnes of steel. India produced 106 million tonnes, while Japan and the United States of America produced 104 million tonnes and 87 million tonnes respectively in the same year. In the other parts of the world, the finished steel demand for 2019 and 2020 is given below:
For the European region, EU-28, the steel demand for the year 2019 accounted as 166.8 Mt and in 2020 it is expected to be 168.6 Mt. For other parts of Europe, the steel demand for 2019 is estimated to be 32.9 Mt and for the year 2020, it is expected to be 34.5 Mt. For the Middle East region, the demand for finished steel in 2019 was 47.9 Mt and this is projected to grow to 48.0 Mt in 2020. For Asia and Oceania, the demand for finished steel grew from 1,248.1 Mt in 2019 to 1,270.0 Mt in 2020. While for Africa and Central and South American regions, the finished steel demand was accounted to grow from 36.0 Mt in 2019 to 37.2 Mt in 2020 and 43.8 Mt in 2019 to 45.5 Mt in 2020.
Furthermore, with innovations in steel products continuing to soar, this will further provide favourable growth prospects for the market to grow at a significant pace in the forecast period and in the upcoming years. As per the World Steel Association statistics, in 2017, an investment of 5.9% of the total revenue by the steel industry in projects, research, and process improvement were made, fueling the growth of the global steel industry. Furthermore, other factors such as the growing construction sector including the infrastructure and real-estate sectors are further driving the iron and steel industry. In addition, the steel consumption is done on a large scale in shipbuilding, automotive, consumer electronics, and industrial goods production, further augmenting the industrial growth, which, in turn, is propelling the market demand.
Segmentation:
By Industrial Application
By Geography
Increasing demand for advanced and efficient high voltage induction motors across end-use industries such as oil and gas and the chemical is driving the growth of high voltage induction motors market. The high voltage induction motor is utilized in heavy industries for applications such as pumps, compressors, conveyor belts, hoists, crushers, and many more. Rising offshore drilling activities worldwide is fuelling the demand for high voltage induction motors. Growing automobile demand, especially in developing economies, further boost the demand for high voltage induction motors. Growing focus on sustainable use of resources is leading to high investments in hydropower plants which, in turn, is strengthening the growth of the global high voltage induction motors market.
With the growing demand for energy, high voltage induction motors find immense application in the energy and power industries at the global level.
As per the United Nations estimates, the global population is expected to rise from a population size of 7.7 billion in 2019 to attain a population size of 9.7 billion by 2050. The demand for energy will continue to soar with the rising population. Hence, the utilization of high voltage induction motors holds strong growth prospects in the industrial operations during the forecast period and in the upcoming years. Also, the demand for petroleum derivates contributing to holding a significant market share in meeting the global energy demand is further projected to surge the growth of the high voltage induction motors market. The examples of petroleum derivates include gasoline, diesel, and kerosene, these are used at a wide-scale worldwide. According to the US Energy Information Administration, the industrial sector is accounted for holding the largest share regarding energy consumption according to the end-use consumption. This comprises refining, mining, manufacturing, and other activities. The industrial sector utilization at the global level is estimated to grow by more than 30% during the period 2018 to 2050. By 2050, the global consumption of energy is expected to achieve approximately 315 quadrillions Btu.
The increasing consumption of energy, especially in the emerging economies of the world coupled with the evolving living conditions with growing urbanization is driving the market demand in the forecast period.
The growing transportation industry leading to the manufacturing of light and heavy vehicles is surging the market demand in the forecast period.
The growth of the global transportation industry is mostly driven by the developing economies of the world with the burgeoning vehicle sales, hence, contributing to the growth of the automotive industry. China, among the emerging economies of the world, is leading in automotive sales at the international level. Additionally, the economic growth is further providing an impetus to the growth of the automotive industry with a surge in automotive manufacturing here. Furthermore, the augmenting logistics industry with the growing e-commerce activities is increasing the demand for efficient fleet management, propagating the demand for high voltage induction motors in material handling and other operations in the forecast period. For example, Japan from the APAC region, the logistics industry holds importance for the citizens of the country, also, this is known to support the economic activities of the companies. According to the Japan Association for Logistics and Transport, the market size for the logistics industry in 2017 was estimated to be around 25 trillion yen. The industry is undergoing a structural change for the fulfillment of the growing consumer demands with the e-commerce industry growing at a steady pace.
The burgeoning steel industry is propagating the market demand in the forecast period.
As per the World Steel Association (WSA) forecast estimates, the steel industry worldwide will continue to surge with China as the pioneer. It is followed by India, Japan, and the United States. In the year 2019, the steel demand in China expected to grow by around 7.8% for achieving a production of around 900.1 Mt. On the other hand, steel demand in the other parts of the world was projected to grow by more than 2.0%, majorly driven by over 4.0% growth from the developing economies of the world, excluding China.
The global steel demand was estimated to increase by 3.9% to 1,775 million tonnes in 2019 to reach 1,805.7 million tonnes by 2020, an increase of 1.7% (y-o-y growth rate). Hence, the rise in demand is offering strong prospects for the growth of the high voltage induction motors market to propagate in the forecast period. The global crude steel produced in 2018 was around 1,789 million tonnes, this grew by4.94% over 2017. China was recorded as the largest producer in 2018 producing 928 million tonnes of steel. India produced 106 million tonnes, while Japan and the United States of America produced 104 million tonnes and 87 million tonnes respectively in the same year. In the other parts of the world, the finished steel demand for 2019 and 2020 is given below:
For the European region, EU-28, the steel demand for the year 2019 accounted as 166.8 Mt and in 2020 it is expected to be 168.6 Mt. For other parts of Europe, the steel demand for 2019 is estimated to be 32.9 Mt and for the year 2020, it is expected to be 34.5 Mt. For the Middle East region, the demand for finished steel in 2019 was 47.9 Mt and this is projected to grow to 48.0 Mt in 2020. For Asia and Oceania, the demand for finished steel grew from 1,248.1 Mt in 2019 to 1,270.0 Mt in 2020. While for Africa and Central and South American regions, the finished steel demand was accounted to grow from 36.0 Mt in 2019 to 37.2 Mt in 2020 and 43.8 Mt in 2019 to 45.5 Mt in 2020.
Furthermore, with innovations in steel products continuing to soar, this will further provide favourable growth prospects for the market to grow at a significant pace in the forecast period and in the upcoming years. As per the World Steel Association statistics, in 2017, an investment of 5.9% of the total revenue by the steel industry in projects, research, and process improvement were made, fueling the growth of the global steel industry. Furthermore, other factors such as the growing construction sector including the infrastructure and real-estate sectors are further driving the iron and steel industry. In addition, the steel consumption is done on a large scale in shipbuilding, automotive, consumer electronics, and industrial goods production, further augmenting the industrial growth, which, in turn, is propelling the market demand.
Segmentation:
By Industrial Application
- Oil & Gas
- Cement
- Chemical
- Mining
- Power
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Others
- Middle East and Africa
- UAE
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- Japan
- China
- India
- Australia
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. High Voltage Induction Motors Market Analysis, by Industrial Application
6. High Voltage Induction Motors Market Analysis, by Geography
7. Competitive Environment and Analysis
8. Company Profiles
Companies Mentioned
- ABB
- Siemens
- ATB Group
- Kirloskar Electric Company
- CG Power and Industrial Solutions Limited
- Nidec ASI S.p.A.
- TECO Electric Europe Ltd.
- VYBO Electric Company
Methodology
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