Market Trends of NA Electric Motors Industry
Industrial Sector to Hold Significant Market Share
- In the industrial sector, electric motors are used in pumping systems, compressors, and other turbomachinery equipment for the manufacturing and processing products in various industries, such as chemicals, oil, and gas production, refining, mining, and food and beverage.
- The use of electric motors in numerous industrial applications is no longer limited to automobiles. The introduction of electric motors has made it possible to drive electric motorcycles with an increasing number of professional features, motorbikes with extraordinary performances, such as CRP or Harley Davidson, navigate with Riva boats, and compete with electric single-seaters.
- Further, the industrial manufacturing world is also progressively catching up with it. This includes packaging, food processing equipment, machine tools, and all other industries where the internal motion of the machine itself must perform operations.
- Natural gas production has significantly increased due to the application of technologies like horizontal directional drilling and hydraulic fracturing (fracking). Natural gas usage has increased due to its affordability and environmental advantages, and similar trends are anticipated in the near future. This will probably lead to more infrastructure projects using natural gas, raising the demand for electric motors globally.
- Moreover, the chemical injection pump used in the chemical industry is powered by DC motors. Industry insiders believe electric motors to be more economical than prime movers powered by engines. Installation and upkeep costs of DC electric motors are lower compared to other kinds of motors. Additionally, no external expenditures are associated with fuel or emissions compliance when using electric motors. This will probably lead to a rise in chemical injection pump applications in many other industries, including agriculture, oil/gas, and water/wastewater treatment. This will probably lead to increased demand for electric motors globally.
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Adoption of Electric Motors in Automotive Industry is Expected to Grow
- With the growing advancements in electric car technology, the automobile industry is shifting toward electric mobility across the globe, and the North American region is no exception. The aggressive steps taken in the United States to decarbonize society encourage greater uptake of electric vehicles with electric motors.
- The companies in the region are constantly focusing on the advancements in battery technologies that will reduce battery costs and improve their charging speed, as well as increasing government support in various forms, such as tax exemptions and incentives to promote environmentally friendly electric vehicles that use electric motors. These factors are significant drivers for the growth of the electric motor market.
- The demand for AC synchronous motors is now the largest in North America. This motor in this region is utilized nearly solely in automotive and industrial processes due to its durability, simplicity, lifespan, and lack of need for exotic materials.
- The growing penetration rate of electric vehicles in the region also augments the market expansion. According to the Bank of America, the projected all-electric vehicle penetration rate in the region is expected to reach 10% by 2025 and 30% by 2030.
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