High Speed Motor Global Market Report 2024

The global high speed motor market has grown rapidly in recent years. It will grow from $12.83 billion in 2023 to $14.15 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historical period can be attributed to the identification of emerging market opportunities, advancements in global infrastructure development, adherence to energy efficiency regulations, increased utilization of precision machining applications, and the widespread adoption of HVAC and building automation solutions.

The global high speed motor market is expected to see rapid growth in the next few years. It will grow to $20.8 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to factors such as industrial automation and robotics, the increasing demand for electric vehicles (EVs), growth in the renewable energy sector, the adoption of Industrial Internet of Things (IIoT) and Industry 4.0 technologies, and the ongoing trends of miniaturization and power density improvements. Major trends expected in this period include developments in magnetic bearings, the application of high-speed motors in healthcare, the expansion of data centers with increased cooling needs, a heightened focus on energy efficiency, and the electrification initiatives in the aerospace and aviation industries.

The high-speed motor market is poised for growth, propelled by the escalating demand for energy. Energy, crucial for powering various tasks through force application, is witnessing heightened global demand due to industrial development and technological advancements. Both developed and emerging nations contribute to this surge in energy consumption, necessitating the use of high-speed motors for energy generation in industrial applications. A notable example is the United States, where total electricity consumption experienced a 2.6% increase in 2022 compared to the previous year. Additionally, there was a substantial 3.5% rise in retail electricity sales to the residential sector and a 3.4% increase in retail electricity sales to the commercial sector in the same period. This surge in energy demand underscores the pivotal role high-speed motors play in meeting the evolving needs of industrial applications, thereby fueling the growth of the high-speed motor market.

The high-speed motors market is set for significant growth, propelled by the expanding automotive industry. The automotive sector, encompassing various activities from design to modification of motor vehicles, plays a pivotal role in driving the demand for high-speed motors. These motors find essential applications in electric vehicles, advanced robotics, and precision manufacturing equipment within the automotive industry. This integration contributes to heightened efficiency, improved performance, and increased sustainability in modern automotive systems. A noteworthy indicator is the surge in total vehicle production in the United States, reaching 11.77 million units in July 2023 from 10.91 million units in June 2023, as reported by the Board of Governors of the Federal Reserve System. The expanding automotive industry's reliance on high-speed motors underscores their significance in shaping the industry's future and driving market growth.

A key trend gaining prominence in the high-speed motor market is the continuous focus on research and development activities. Major industry players are directing their efforts toward innovation and the creation of cutting-edge technologies to maintain a competitive edge. A recent example is the launch of the nForcer FM 175D by Fairbanks Morse Defense. This high-speed engine, designed for high-speed applications, particularly in unmanned surface vessels (USVs) and naval defense, exemplifies the outcomes of robust research and development. Offering a power output of 175 horsepower, the nForcer FM 175D engine caters to the specific needs of the US Navy's unmanned programs, showcasing the industry's commitment to advancing technology and meeting the evolving demands of high-speed applications. This trend positions research and development activities as a driving force behind the growth and innovation in the high-speed motor market.

In April 2022, Enedym Inc., a Canadian technology company, entered into a strategic partnership with Sona Comstar to collaborate on the production of magnet-less electric vehicle (EV) motors specifically designed for the Indian market. The partnership involves the joint development and manufacturing of Switched Reluctance Motor (SRM) drive platforms tailored for three-wheel electric vehicles (3-WEVs), two-wheel high-performance motorcycles (2-W motorcycles), and four-wheel cargo delivery electric vehicles (4-W cargo EVs) in India. Sona Comstar, an India-based company, specializes in manufacturing high-speed motors for electric vehicles (EVs).

Major companies operating in the high speed motor market report are ABB Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, Meidensha Corporation, Nidec Corporation, Hitachi Ltd., Eaton Corporation PLC, Allied Motion Technologies Inc., General Electric Company, Rockwell Automation Inc., Siemens AG, WEG Electric Corp., Toshiba Corporation, Robert Bosch GmbH, Delta Electronics Inc., Fuji Electric Co. Ltd., Parker-Hannifin Corporation, Yaskawa Electric Corporation, Regal Beloit Corporation, Danaher Motion LLC, Kollmorgen Corporation, Oriental Motor USA Corp., Schneider Electric SE, Johnson Electric Holdings Limited, Maxon Motor AG, Moog Inc., Aerotech Inc., Anaheim Automation Inc., Arc Systems Inc., Crouzet Automatismes SAS, Dunkermotoren GmbH

Asia-Pacific was the largest region in the high-speed motor market in 2023. The regions covered in the high speed motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the high speed motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The high-speed motors market consists of sales of high-speed special motors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

There are two main types of high-speed motors such as AC (alternating current) motors and DC (direct current) motors. AC motors provide a consistent level of power throughout their operation and find applications in pumps, water heaters, and other equipment. AC motors include induction motors and permanent magnet motors. High-speed motors come in different voltage configurations, including high voltage and low voltage. They are utilized in diverse sectors such as industrial machinery, aerospace and transportation, power generation, automotive, household applications, and more.

This report provides high speed motors market statistics, including high speed motors industry global market size, regional shares, competitors with a high speed motors market share, detailed high speed motors market segments, market trends and opportunities, and any further data you may need to thrive in the high speed motors industry. These high-speed motors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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