Market Trends of Asia-Pacific Induction Motor Industry
This section covers the major market trends shaping the APAC Induction Motor Market according to our research experts:
Industrial Applications to Register Significant Growth Rate
- Three-phase induction motors are used in over 70% of industrial machinery for different applications owing to their several benefits, such as being cost-effective, durable, maintenance-free, and can work in any environmental condition. These motors are used in mining, automotive, oil and gas, healthcare, and manufacturing industries and are part of pumps, lifts, cranes, crushers, conveyors, etc.
- The Japanese government has adopted a plan, 'Rebirth of Japan,' which aims to further boost the manufacturing sector by investing USD 1.3 trillion. This is also expected to be a significant catalyst in the country's transition from traditional manufacturing to advanced manufacturing processes using advanced machinery and a driving force for sustainable growth in the Japanese manufacturing sectors, consequently driving the market studied.
- India has been experiencing steady demand for induction motors in industrial applications. The country has been planning to reach around 175 GW of installed renewable capacity, which includes solar and wind power, by 2022. The country has also planned to derive about 40% of the energy from renewable sources by 2030, which is currently at around 15%. Hence, the demand for an induction motor is expected to grow significantly.
- Moreover, other countries in the region, such as Australia, Singapore, and Australia, are focusing on taking initiatives like industry 4.0 in the region, driving the demand for induction motors by implementing energy-efficient systems in the manufacturing of food and beverage industry, textile and clothing, automotive industry.
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China is Expected to Hold Major Share
- The industrial production of China has been showing continuous growth over the past few years, and it is expected to result in new projects and industrial expansions, which, in turn, may drive the demand for induction motors.
- Moreover, with China setting a target to combat climate change by speeding up the reductions in emissions to reach carbon neutrality before 2060, several measures to improve energy efficiency are expected to play a vital role in helping the industry and infrastructure to reduce their emissions.
- The country has recognized the importance of efficient electric motors as a matter of policy, with the launch of a new national standard that requires the motors to have a minimum efficiency level of IE3 coming into effect on June 1, 2021.
- Automakers have been expanding their manufacturing plants in China which is expected to drive the demand for induction motors in the forecast period. For instance, in February 2022, Tesla announced that it is planning to start work on a new plant in Shanghai as a part of a plan to more than double production capacity in China to meet the growing demand for its cars in the country's export markets.
- In addition, China's internal population migration to cities is causing growth in the number of waste water treatment plants to meet the demand. At the beginning of the millennium, China had around 500 municipal wastewater treatment plants, reaching above 4,000.
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