Dublin, July 30, 2020 (GLOBE NEWSWIRE) — The “High Voltage Induction Motor Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com’s offering.
The high voltage induction motors market is estimated to grow at CAGR of 3.83% in order to reach a market size of US$25.198 billion by 2025, from US$20.111 billion in 2019.
Increasing demand for advanced and efficient high voltage induction motors across end-use industries such as oil and gas and the chemical is driving the growth of high voltage induction motors market. The high voltage induction motor is utilized in heavy industries for applications such as pumps, compressors, conveyor belts, hoists, crushers, and many more. Rising offshore drilling activities worldwide is fuelling the demand for high voltage induction motors. Growing automobile demand, especially in developing economies, further boost the demand for high voltage induction motors. Growing focus on sustainable use of resources is leading to high investments in hydropower plants which, in turn, is strengthening the growth of the global high voltage induction motors market.
With the growing demand for energy, high voltage induction motors find immense application in the energy and power industries at the global level.
As per the United Nations estimates, the global population is expected to rise from a population size of 7.7 billion in 2019 to attain a population size of 9.7 billion by 2050. The demand for energy will continue to soar with the rising population. Hence, the utilization of high voltage induction motors holds strong growth prospects in the industrial operations during the forecast period and in the upcoming years. Also, the demand for petroleum derivates contributing to holding a significant market share in meeting the global energy demand is further projected to surge the growth of the high voltage induction motors market. The examples of petroleum derivates include gasoline, diesel, and kerosene, these are used at a wide-scale worldwide. According to the US Energy Information Administration, the industrial sector is accounted for holding the largest share regarding energy consumption according to the end-use consumption. This comprises refining, mining, manufacturing, and other activities. The industrial sector utilization at the global level is estimated to grow by more than 30% during the period 2018 to 2050. By 2050, the global consumption of energy is expected to achieve approximately 315 quadrillions Btu.
The increasing consumption of energy, especially in the emerging economies of the world coupled with the evolving living conditions with growing urbanization is driving the market demand in the forecast period.
The growing transportation industry leading to the manufacturing of light and heavy vehicles is surging the market demand in the forecast period.
The growth of the global transportation industry is mostly driven by the developing economies of the world with the burgeoning vehicle sales, hence, contributing to the growth of the automotive industry. China, among the emerging economies of the world, is leading in automotive sales at the international level. Additionally, the economic growth is further providing an impetus to the growth of the automotive industry with a surge in automotive manufacturing here. Furthermore, the augmenting logistics industry with the growing e-commerce activities is increasing the demand for efficient fleet management, propagating the demand for high voltage induction motors in material handling and other operations in the forecast period. For example, Japan from the APAC region, the logistics industry holds importance for the citizens of the country, also, this is known to support the economic activities of the companies. According to the Japan Association for Logistics and Transport, the market size for the logistics industry in 2017 was estimated to be around 25 trillion yen. The industry is undergoing a structural change for the fulfillment of the growing consumer demands with the e-commerce industry growing at a steady pace.
The burgeoning steel industry is propagating the market demand in the forecast period.
As per the World Steel Association (WSA) forecast estimates, the steel industry worldwide will continue to surge with China as the pioneer. It is followed by India, Japan, and the United States. In the year 2019, the steel demand in China expected to grow by around 7.8% for achieving a production of around 900.1 Mt. On the other hand, steel demand in the other parts of the world was projected to grow by more than 2.0%, majorly driven by over 4.0% growth from the developing economies of the world, excluding China.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. High Voltage Induction Motors Market Analysis, by Industrial Application
5.2. Oil & Gas
6. High Voltage Induction Motors Market Analysis, by Geography
6.2. North America
6.3. South America
6.5. Middle East and Africa
6.6. Asia Pacific
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.3. ATB Group
8.4. Kirloskar Electric Company
8.5. CG Power and Industrial Solutions Limited
8.6. Nidec ASI S.p.A.
8.7. TECO Electric Europe Ltd.
8.8. VYBO Electric Company
For more information about this report visit https://www.researchandmarkets.com/r/s8xmqc
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