Global Electric Motor Market: Overview
The demand within the global electric motor market is treading along an ascending track in recent times. The focus of the energy sector on developing efficient and green technologies has created a plethora of opportunities for growth within the global electric motor market. The increasing concerns related to air and water pollution, coupled with depletion of the earth’s green cover, has brought electric technologies under the spotlight of attention. The use of fuel-powered vehicles is the largest contributor to air pollution. Moreover, the number and carbon footprint of these vehicles is progressively increasing. In this context, the total volume of revenues in the global electric motor market is set to increase.
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In this review by TMR Research, several trends pertaining to the energy sector have been decoded in order to understand the dynamics of growth for the global electric motor market. Moreover, the unparalleled efforts of energy scientists to develop green technologies has also generated fresh growth avenues in the global electric motor market. Over the course of the next decade, electric motors could find their applications in a multitude of revenue-centric industries. The COVID-19 pandemic caused hefty disruptions across leading manufacturing sectors. The global electric motor market is, therefore, expected to witness the introduction of new vendor strategies aimed at recovering from the pandemic shocks.
Global Electric Motor Market: Competitive Landscape
- The need for electric motors can be gauged from the depleting layers of fossil fuels in the earth’s crust. Erosion of natural resources is compelling the technology industry to invest in nascent and innovative technologies that can help in replacing fossil fuels. Therefore, vendors in the global electric motor market are projected to attract fresh revenues from leading investors. Furthermore, the automobile industry could unravel a range of new growth opportunities for market vendors as electric vehicles emerge as the next big thing in the industry.
- Development of solar-powered electric motors has also gained popularity across several regions. The development of zero carbon usage models across several developed economies is driving the development of solar-powered technologies and motors. Conversion of solar and wind energy to electric energy has eased the way forward for the vendors operating in the global electric motor market.
- Nidec Corporation
Global Electric Motor Market: Key Trends
- Popularity of Solar Energy Storage
Investments in solar energy storage technologies also creates a strong case for growth across the global electric motor market. Companies such as Tesla have already invested in solar energy storage technologies, and this is an important dynamic of market expansion. Besides, solar energy farms that store and convert solar energy into electrical energy have also gained popularity. The tremendous value generated by these farms across the energy sector has opened fresh avenues for market expansion.
- Advancements in Agriculture Technologies
The use of electric motors in the electric industry is slated to drive sales across the global market. The agricultural sector has found a long-sought, efficient technology in the form of electric motors, driving demand within the market in question.
Global Electric Motor Market: Regional Segments
- North America
- Asia Pacific
- South America
- Middle East
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