Market Size of Europe Induction Motor Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 3.70 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Europe Induction Motor Market Analysis
The Europe Induction Motor Market is expected to register a CAGR of 3.7% over the forecast period 2022 to 2027. Induction Motors are under evaluation as alternative solutions for mass production in automotive applications, as the motors show good performance based on low-cost materials and eliminate the supply risks associated with critical rare earth materials. Since induction motors typically work for many hours and have relatively long lifetimes, the greatest share of its environmental impact is in the use phase. Hence, reducing motors' energy consumption by increasing their efficiency reduces its environmental effects and operational costs.
- According to the European Commission analysis, it has been estimated that the induction motor efficiency requirements (defined by the new Regulation) would lead to a limitation of annual electric energy consumption by approximately 10TWh and a decrease of yearly greenhouse gases emission by 3 Mt equivalent of carbon dioxide to the year 2030. The AC induction motor is the dominant motor technology today, representing more than 90% of installed motor capacity. They are available in single-phase and polyphase (three-phase) configurations, in sizes ranging from less than one to more than ten thousand horsepower (hp).
- Electric vehicles (EVs) are expected to boost the market's growth over the forecast period. The intensifying focus aimed at reducing greenhouse gas emissions and the demand for products that consume less energy are the major factors for market growth. For instance, the projected electric vehicle sales in Europe by 2025 are expected to reach 6.33 million units, followed by China with 4.84 million units, according to UBS. Machines driven by electrical motors consume around 2/3 of all the electrical energy used in industry, which also greatly impacts the environment.
- For example, approximately 50% of electric energy produced in Poland is consumed by driving systems with induction motors. In Europe, the division of induction motors from the efficiency perspective is performed employing IE classification (International Efficiency). The European Commission Regulation introduces several changes and challenges for induction motor manufacturers and the users. The increasing manufacturing activities, mainly in European Countries like Germany, contribute to the growth of the induction motors market in the region.
- The COVID-19 outbreak in European countries has affected the automobile industry in the region. Industrial manufacturing companies are grappling with the immediate effect of the pandemic, as both the supply chain operations and manufacturing units were disrupted, and the customers' operations faced similar threats. This exponentially affected the whole supply and distribution network, hitting industrial equipment companies with a lag. This will act as a significant challenge for the European market for a considerable period.
Europe Induction Motor Industry Segmentation
The Europe Induction Motor Market is Segmented by Type (Single-phase Induction Motor, Three-phase Induction Motor), by Application (Residential, Commercial, and Industrial), and by Country
By Type | |
Single-phase Induction Motor | |
Three-phase Induction Motor |
By End-user Industry | |
Oil & Gas | |
Chemical & Petrochemical | |
Power Generation | |
Water & Wastewater | |
Metal & Mining | |
Food & Beverage | |
Discrete Industries | |
Other End-user Industries |
By Country | |||||||
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Europe Induction Motor Market Size Summary
The Europe Induction Motor Market is poised for growth, driven by the increasing demand for energy-efficient solutions and the rising adoption of electric vehicles. Induction motors, particularly AC induction motors, dominate the market due to their efficiency and longevity, making them ideal for various industrial applications. The European Commission's regulations on motor efficiency are expected to significantly reduce energy consumption and greenhouse gas emissions, further propelling market expansion. The market is characterized by rapid industrialization and technological advancements, with countries like Germany and the United Kingdom leading in the adoption of high-efficiency motors. The COVID-19 pandemic posed challenges, disrupting supply chains and manufacturing, but the market is expected to recover as industries adapt to new regulations and focus on sustainability.
The competitive landscape of the Europe Induction Motor Market features key players such as WEG, ABB, and Regal Rexnord Corporation, who are actively expanding their market presence through strategic partnerships and innovative product launches. These companies are investing in energy-efficient technologies to meet the stringent IE classification standards set by the European region. The market's growth is further supported by the increasing demand for induction motors in sectors like oil and gas, where they account for a significant portion of electricity consumption. As the region continues to prioritize energy efficiency and sustainability, the induction motor market is expected to witness substantial growth, driven by both regulatory mandates and technological advancements.
Europe Induction Motor Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the Induction Motor Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Single-phase Induction Motor
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2.1.2 Three-phase Induction Motor
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2.2 By End-user Industry
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2.2.1 Oil & Gas
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2.2.2 Chemical & Petrochemical
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2.2.3 Power Generation
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2.2.4 Water & Wastewater
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2.2.5 Metal & Mining
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2.2.6 Food & Beverage
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2.2.7 Discrete Industries
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2.2.8 Other End-user Industries
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2.3 By Country
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2.3.1 Europe
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2.3.1.1 Germany
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2.3.1.2 France
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2.3.1.3 United Kingdom
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2.3.1.4 Italy
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2.3.1.5 Rest of Europe
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Europe Induction Motor Market Size FAQs
What is the current Europe Induction Motor Market size?
The Europe Induction Motor Market is projected to register a CAGR of 3.70% during the forecast period (2024-2029)
Who are the key players in Europe Induction Motor Market?
WEG, Regal Rexnord Corporation, AC-Motoren GmbH, ABB and CG Power & Industrial Solutions Ltd are the major companies operating in the Europe Induction Motor Market.