A new report released March 30 by Frost & Sullivan predicts that the electric motor market in North America will grow at a CAGR of 3.5% between 2019 and 2024, bringing sector revenues from $7.2 billion to $8.5 billion.
Demand for electric motors is expected to rise with the transition away from engines, turbines and hydraulics and with the increasing automation of industrial tasks across industries. This research report, “Electric Motors Market in North America, Forecast to 2024”, predicts that traction motors will be the fastest-growing segment in the next five years as demand for electric vehicles grows. Additionally, AC induction motors are expected to stay the largest product segment by revenue and LV IHP motors are forecasted to generate the most earnings, in terms of motor voltage and power rating. IIoT-based connected motors are also expected to increase between 2020 and 2024.
“The United States is prioritizing to significantly increase its LNG exports to serve the growing global demand for natural gas-based energy,” Anand GM, Industry Principal at Frost & Sullivan, said in a statement. “This trend is bound to drive investments into the oil & gas sector in the region, which will consequently create a requirement for new electric motors.”
The report also outlines ways that electric motor manufacturers can explore growth opportunities, like communicating with end-users to upgrade older motors to newer and more efficient ones, building a BLDC motor portfolio to cater to the HVAC, medical devices and building automation segments, developing mobile apps for end-users to track real-time motor data and analyzing motor operational data in partnership with IIoT platform vendors and analytics solution providers.