High Speed Motor Market Size [2022-2029] Worth USD 18.80 Billion | Exhibiting a CAGR of 5.2%
Fortune Business Insights
6 min read
Fortune Business Insights
High Speed Motor Market to Progress Increasingly; Development of Industrial Infrastructure to Propel Market Growth for High-Speed Motors.
Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- The global High Speed Motor market size was valued at USD 12.57 billion in the year 2021 and is forecast to grow from USD 13.16 billion in 2022 to USD 18.80 billion by the end of the year 2029, and the market is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period 2022-2029. High-speed motors are used to deliver high speed and regulated torque which operates at high and low voltage for operating fast-moving machinery effectively. The rapid development of industrial infrastructure and increasing demand for energy is projected to aid in market development. Fortune Business Insights™ shares this information in its report titled “High Speed Motor Market, 2022-2029.”
Key Industry Development
October 2022: Toshiba Electronic Devices & Storage Corporation has released IC "TB67B001BFTG", a 3-phase brushless type DC motor driver which has a high speed control. The control device is used with motors such as server fans and cleaning robots.
Increasing Rate of Infrastructure to Propel the Demand for Product
AC Motor To Lead Due to Adoption in Various Industries
Drivers and Restraints
Increasing Rate of Infrastructure to Propel the Demand for Product
The increasing rate of infrastructure and rising demand for energy are anticipated to drive the High Speed Motor Market growth. Increase in global electricity demand and transmission & distribution (T&D) facility to meet the growing demand for the product. Increase in the spending across construction, production, mining, refineries, oil & gas, and other industrial sectors has led to an increase in the efforts to meet peak-time energy consumption through energy-efficient alternatives. The new infrastructure is also projected to boost the energy requirements across various verticals, propelling the need for various speed motors to run different systems. However, high initial costs and availability of other motor systems are expected to hamper the market growth.
Competitive Landscape
ABB Group to Lead the Market Share with Its Motors Focusing on Various Applications
The market is highly fragmented with various players which operate on global, national, and regional levels. ABB Group is expected to have a significant market share due to its increasing focus on delivering induction and permanent magnet motors for various applications. In December 2021, ABB invested CA USD 16 million in its Installation Products Division manufacturing facility in Pointe-Claire, Canada. This enables ABB’s production capacity to expand to meet customers' growing needs.
AC Motor To Lead Due to Adoption in Various Industries
On the basis of the type, the market is divided into AC motors and DC motors. AC motor is anticipated to lead due to its adoption in various industries such as pumps, HVAC, and other industrial operations.
3,000 To 6,000 RPM To Lead The Segment Due To Increasing Urbanization
On the basis of the RPM rating, the market is segmented into 3,000 to 6,000 RPM, 6,000 to 10,000 RPM, 10,000 to 15,000 RPM, and above 15,000 RPM. The 3,000 to 6,000 RPM segment is anticipated to lead due to increasing urbanization and the establishment of new commercial and residential organizations.
COVID-19 Impact:
Hindrance on Various Sectors During Pandemic Led to Decline in the Market Progress
The outbreak of the COVID-19 pandemic affected various industries with operating losses as governments restricted the ability of all sectors to function except the essential sectors. Inaccessibility of skilled labor and long-term shutdowns of motors. However, to maintain business operations and counterbalance the losses incurred by the global pandemic, various organizations in the industry have adopted effective plans with a positive outlook.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Industrial Machinery To Lead the Segment Due to Importance of High-Speed Motor in Various Machines
On the basis of the application, the market is segmented into industrial machinery, aerospace & transportation, power generation, automotive, household appliances, medical equipment, and others. Industrial machinery is anticipated to lead as it plays an important role in operating medium and heavy-duty machines.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Asia Pacific To Lead Market Share Due To Increasing Energy Demand
Asia Pacific is expected to have a high part in the High Speed Motor Market share due to high demand for such motors. Various factors such as increasing energy demand, the establishment of new infrastructure, and different high-speed rail networks, and many more factors are responsible for the demand for such motors. North America is to have significant growth due to constant investments in the research & development of electric vehicle systems and infrastructure coupled with regular investments in heavy-duty industrial operations.
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