Industrial Motors Market Report (2019-2024) Provides key statistics on Market overview, Major Key-players of Industrial Motors Industry, Scope of the report, Key trends in market as well as Regional analysis. We also accept customization requests as per the client’s requirements.
Market Overview of Industrial Motors:
The global industrial motors market is expected to register a Cagr of 6.11%, during the forecast period of 2019-2024, and reach a market value of USD 60.55 billion by 2024. With recent technological advancements and implementation of government policies like Minimum Energy Performance Standards (MEPS) in several countries gave rise to energy efficient motor systems, which increased the market share of the industrial motors.In the modern era, substantial advances in technology have opened up opportunities to develop and manufacture electric motors for a wide range of applications in industries, such as automotive, agriculture, construction, and other industrial sectors.A variety of barriers are hampering the adoption of energy efficient motors. The most significant costs for most of the motors are the energy costs, followed by maintenance, then the initial purchase costs.The growth of industrial automation is expected to be split evenly among all the segments, which are supported by the discrete manufacturing growth and the growth of North American in the oil and gas sector. Hence, the growth of industrial automation leads to an increase in demand for the industrial motors market.The
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Report Includes Major Key-Players of Industrial Motors Market:
The Scope of Industrial Motors Market:
An electric motor is an electrical machine that converts electrical energy into mechanical energy. Most electric motors operate through the interaction between the motor’s magnetic field and winding currents to generate force in the form of rotation.
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