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 and gas and automotive industries.
Traction motors are predicted to be the fastest-growing segment in the next five years, driven by the demand for electric vehicles (EVs). 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 U.S. is prioritizing to significantly increase its LNG exports to serve the growing global demand for natural gas-based energy,” says Anand GM, industry principal at Frost & Sullivan.
“This trend is bound to drive investments into the oil and gas sector in the region, which will consequently create a requirement for new electric motors,” he adds.
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 U.S. and Canada and presents detailed market forecasts through 2024.
For further information on Frost & Sullivan’s recent analysis of electric motors, click here.
