The transition from engines, turbines, and hydraulics to electric motors and increasing automation of industrial tasks are expected to sustain the demand for electric motors in the region, despite the slowdown faced by traditional consumers such as the oil & gas and automotive industries
March 31, 2020. By News Bureau
Frost & Sullivan's recent analysis of the market for electric motors in North America forecasts that sector revenues will witness steady growth between 2019 and 2024, increasing at a CAGR of 3.5% from $7.2 billion to $8.5 billion. The transition from engines, turbines, and hydraulics to electric motors and increasing automation of industrial tasks are expected to sustain the demand for electric motors in the region, despite the slowdown faced by traditional consumers such as the oil & gas and automotive industries.
"The United States is prioritizing to significantly increase its LNG exports to serve the growing global demand for natural gas-based energy," said Anand GM, Industry Principal at Frost & Sullivan. "This trend is bound to drive investments into the oil & gas sector in the region, which will consequently create a requirement for new electric motors."
Frost & Sullivan's latest research, Electric Motors Market in North America, Forecast to 2024, explores the trends and factors that will impact the electric motor industry in the United States and Canada and presents detailed market forecasts through 2024.
Traction motors are predicted to be the fastest-growing segment in the next five years, driven by the spurt in demand for electric vehicles. AC induction motors are expected to remain the largest product segment by revenue, while LV IHP motors are forecast to rake in the most earnings, in terms of motor voltage and power rating. Market growth is expected to rise gradually between 2020 and 2024, spurred by possible resolution of trade uncertainties, which is likely to boost investment across end-user segments such as chemicals, metals, machine tools, automotive, and electronics and semiconductors.
"The adoption of IIoT-based connected motors is expected to increase between 2020 and 2024," noted GM. "It is likely to help motor manufacturers gain better control over after-sales service and replacement sales."
Electric Motors Market in North America, forecast to 2024 is a part of Frost & Sullivan's Industrial Automation & Process Control Growth Partnership Service program, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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