Governments across the world are concerned about increasing energy costs. As a result, they are on the quest of energy efficient solutions to cut the rising costs. Growing demand for energy efficient motors is also gaining momentum across developed and developing nations. As a result, the low horsepower motor market is witnessing sharp growth in the terms of introduction of innovative technologies and requirement from various industrial verticals. According to the experts, rising energy costs is the strongest factor for the increase in market size of these energy efficient motors in different parts of the world. With the energy prices poised to peak with each passing day, energy efficient industry is also expected to maintain moving in upward manner.
Drivers for Low Horsepower AC Motors Industry
As mentioned earlier, energy prices are sky-high. Increasing technological advancements across different parts of the world is a strong reason for increasing demand for energy, which in turn is affecting the costs in energy sector. Growing demand for consumer goods in developed as well as developing countries is also a strong reason for this hike. Especially, developing regions like countries belonging to the emerging markets of the world are influencing growth in low horsepower AC motors market. Along with consumer goods like air conditioners, refrigerators and washing machines, the region is also showing sharp rise in demand for other products like small pumps, robots and compressors. All these products use energy efficient AC motors. Environment is another factor concerning global governments that want to reduce carbon footprints and protect the nature.
Chunky investments from major industrial players from worldwide, is another strong reason for the growth in this industry. Rising demand for energy efficient products is attracting many small as well as large investors to such industries, which is working in favor for the industry. Basic segmentation in low horsepower AC motors market is based on the types of products, their applications and geography. Applications of these motors range from the industries like consumer goods, refrigeration, industrial medical and other similar business areas. As a result, expert claim the market to be ideal for short term and long term business opportunities for existing as well as new players. As far as the future of industry is concerned, researchers expect it to be steady with constant evolution in technology and spreading range of application.
Various latest market research reports suggest that low horsepower AC motors market is expected to maintain a steady compound annual growth rate of over 11% until 2018. Going by these estimates, the market is expected to make vital progress during the next four to five years. As far as revenue is concerned, the industry is anticipated to cross $44.32billion by the end of 2018. Asia Pacific region is expected to record impressive growth during the forecasting period.
