The driving factor for the growth of induction motor ma […]
The driving factor for the growth of induction motor market is its simple and rugged physical structure. Induction motors are robust and can operate in any environmental condition. Due to the absence of brushes and slip rings (which can cause sparks), they are safe to operate in polluted and explosive working conditions. And, unlike synchronous motors, induction motors do not require starting mechanisms as they have a self-starting torque. This leads to their reliability, cost effective operation, and easy maintenance. Hence, induction motors are preferred over synchronous motors.
However, major restraint for growth of the induction motor market is the difficulty in the speed control of induction motors. For fine speed control applications, DC motors are preferred over induction motors. Due to advanced power electronics, variable frequency drives using induction motors are used in industries for speed control at present.
The induction motor market is expected to exhibit high growth during the forecast period from 2014 to 2019.
The Induction Motor industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Induction Motor market size to maintain the average annual growth rate of 13.28% from 8600 million $ in 2014 to 12500 million $ in 2017. In the next few years, Induction Motor market size will be further expanded, we expect that by 2022, the market size of the Induction Motor will reach 22451 million $. The overall induction motor market shows double-digit growth and is expected to reach $15,810.3 Million by 2019, at a CAGR of 12.4% from 2014 to 2019.