The global induction motor market is expected to reach a value of $15,810.3 Million by 2019, at a CAGR of 12.4% during the forecast period. The application segment, led by the industrial sector in 2014, had a share of more than 50%. It is projected to reach a value of$7,604.9 Million by 2019 at a CAGR of 11.2%. The residential application market is estimated to grow at the highest CAGR of 15.2% from 2014 to 2019. In terms of region, The three phase market, with a major share of nearly 70% in the global market, is estimated to grow at a double-digit CAGR during the forecast period from 2014 to 2019.
On the basis of application, the market is segmented into residential, industrial, and commercial. The market, in terms of geography, has been classified into regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is the major market for induction motors.
Factors such as economical cost and low maintenance cost are driving the growth of the induction motor market. The major players offering various products in the market include Nidec Motor Corporation (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), WEG Electric Corp. (Brazil), and Emerson Electric Co. (U.S.).
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