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Electric Motor Market Size Worth USD 181.89 Billion, Globally, by 2028 at 7.0% CAGR

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India, Pune, Jan. 18, 2023 (GLOBE NEWSWIRE) — The electric motor market size was valued USD 106.45 billion in 2020 and USD 113.14 billion in 2021 respectively. The global market size for electric motor is predicted to grow significantly, reaching USD 181.89 billion by 2028, and is expected to grow at a CAGR of 7.0% over the forecast period of 2022 to 2028. This information is provided by Fortune Business Insights, in its report, titled, “Electric Motor Market, 2022-2028.”

According to analysts, the increased adoption of electric cars, which rely largely on electric motors, is fueling the expansion of the electric motor sector. Increased output of renewable energy sources such as wind and solar power, which require electric motors for power generation, is also driving the growth of electric motor market.

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Report Highlights:

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 7.0%
2028 Value Projection USD 181.89 billion
Base Year 2020
Market Size in 2022 USD 113.14 billion
Historical Data for 2017-2019
No. of Pages 212
Segments covered Fuel Type, By End-User, Application and Region
Growth Drivers Increasing Demand from Commercial & Residential Sector to Promote Growth
Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth

DRIVING FACTORS

Increasing Demand from Commercial & Residential Sector to Promote Growth

According to the International Energy Agency, the energy-related CO2 emissions fell by around 5.8% worldwide in 2020 due the reduced energy demand. The coronavirus led to lockdown measures announced by the government agencies that led to limited mobility and halted industrial applications. However, the problem of vehicular emissions still exists and the growing concerns regarding the depleted air quality has propelled the manufacturers to adopt renewable energy sources.

This has led to the increasing demand for electric motors across the automotive sector to attain emission-free levels. Moreover, rapid-paced urbanization has led to the higher adoption of HVAC applications such as vacuum cleaners, washing machines, and others. This is expected to contribute to the global electric motor market growth during the forecast period.    

Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth

The demand for electric vehicles has abruptly increased since the past few years because of the rising government awareness programs to attain emission-free vehicles. Therefore, several industry giants are investing huge sums in expanding the automobile sector and developing their industries. It would rapidly increase the demand for electric vehicles, which, in turn, would further augment the electric motor market growth during the forecast period. Additionally, the companies are investing persistently in the automotive industry that would propel growth.

Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/electric-motor-market-100752

Rising Development in Industrialization & Commercialization to Favor Growth in Asia Pacific

The market is geographically segregated into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. Amongst these regions, the electric motor market size of Asia Pacific was USD 38.51 billion in 2018. The region is set to experience robust growth throughout the forthcoming years owing to the increasing development in commercialization and industrialization in countries such as Indonesia, Australia, Japan, India, and China. China is expected to upsurge its investment and enhance the electric vehicle deployment plans to curb the emission of greenhouse gases and meet the global target.

The country, for instance, has formulated numerous regulations and policies, namely, next-generation artificial intelligence development plan, Internet plus strategy, made in China 2025, and intelligent manufacturing plan 2016–2020 to allow the growth of the industrial sector. These factors are set to accelerate the growth of the market in this region.

Key Players Focus on Investment & Acquisition to Increase Sales

The market is occupied by various enterprises of all sizes. They are aiming to increase sales and create a robust position in the market by investing huge sums in the development and acquiring other companies. Below are a couple of the latest developments:

April 2019: Nidec, a leading manufacturer of electric motors, headquartered in Japan, announced that it is planning to invest around USD 500 million in a new factory in China. The factory would manufacture electric-vehicle motors and double the high hopes for growth.

February 2017: Nidec declared that it has completed acquiring the motors, drives, and electric power generation businesses of Emerson, an American multinational corporation. This acquisition would help Nidec in reinforcing and broadening its commercial and industrial businesses to fulfill the transforming consumer needs.

December 2020Tata Motors Ltd delivered 26 electric buses to Brihanmumbai Electric Supply and Transport (BEST), which runs a fleet of buses for the commuters in Mumbai, India. The buses were delivered as a part of a huge order consisting of 340 electric buses under the government’s FAME II initiative.

Quick Buy –  Electric Motor Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100752

REGIONAL INSIGHTS

Asia-Pacific – The region stood at USD 37.77 billion in 2020 and is expected to hold the highest position in the market during the forecast period. This is attributable to the increasing demand for electric power due to rapid-paced urbanization in countries such as India and China.

Europe – The market in the region is expected to showcase considerable growth backed by the growing demand for electric vehicles that will propel the adoption of advanced electric motors in the region between 2021 and 2028.

COMPETITIVE LANDSCAPE:

Facility Expansion by Prominent Companies to Brighten Their Market Prospects

The market is consolidated by the presence of major companies such as GE and ABB that are focusing on expanding their electric motor production facilities to cater the growing industrial demand. In addition to this, other key players are striving to maintain their presence by adopting strategies such as collaboration, partnership, and merger and acquisition that will bode well for the market growth.

Market Segmentation:

Based on motor type, the market is divided into AC motor, DC motor, and Hermetic motor.

Based on motor type, the AC motor segment held a global electric motor market share of about 57.9% in 2020 and is anticipated to showcase considerable growth in the forthcoming years. This is ascribable to factors such as the increasing adoption of AC motors for several industrial applications such as irrigation pumps globally.

By Motor Type
  • AC Motors
  • DC Motors
  • Hermetic Motors
By Power Output
  • Fractional Horsepower (Up to 1HP)
  • Integral Horsepower (Above 1HP)
By Voltage
  • Up to 1 kV
  • 1 kV-6.6 kV
  • Above 6.6 kV
By Application
  • Industrial Machinery
  • Motor Vehicles
  • HVAC Equipment
  • Electrical Appliances
  • Others
By End-User
  • Industrial
  • Commercial
  • Residential
  • Agriculture
  • Transportation

What does the Report provide?

The global market for electric motor report provides a detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry’s latest dynamics and opportunities that will impact the market growth between 2021 and 2028.

Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/electric-motor-market-100752

 

Highlights of the Report

  • Extensive analysis of the current and emerging electric motor market trends and dynamics.
  • Key companies are profiled and their strategies are thoroughly analyzed to help our clients in understanding the competitive outlook of the market.
  • In-depth estimations to expound the prominent investment pockets.
  • Elaborate information about all the possible segments present in the market.

List of the Companies Profiled in the Market:

  • ABB (Switzerland)
  • AMETEK (United States)
  • Johnson Electric (China)
  • Siemens (Germany)
  • Rockwell Automation (United States)
  • GE (United States)
  • Nidec Motor Corporation (Japan)
  • WEG (Brazil)
  • Toshiba Corporation (Japan)
  • Hitachi (Japan)
  • Mitsubishi Heavy Industries (Japan)
  • TECO-Westinghouse Motor Company (United States)
  • Arc Systems Inc. (Japan)
  • DENSO (Japan)
  • Regal Beloit Corporation (United States)

Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Electric Motor Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments by Industry Players in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

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Email: [email protected]

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Artificial Intelligence

A Fond Farewell: Memories to Treasure from MWC 2024

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HONG KONG, March 4, 2024 /PRNewswire/ — As IPLOOK reflects on its successful participation in MWC 2024, the company is left with countless memories, insights and opportunities that will continue to inspire its team long after the event has ended.

IPLOOK’s Impressive Showing 
IPLOOK’s booth was a hub of activity throughout the 4-day event, drawing in crowds of attendees eager to learn more about IPLOOK’s innovative core network solutions. Some of the key achievements and gains for IPLOOK at MWC 2024 included:
Strong partnerships forged: IPLOOK nailed several new partnerships with leading telecom companies, expanding its reach and impact in the industry.Positive industry coverage: IPLOOK’s presence at MWC 24 attracted the attention of industry research outlets, resulting in conversations highlighting IPLOOK’s leading position in core network market, ability of innovation and integration capability of space, air and ground communications.Brand awareness increased: The event provided an excellent opportunity for IPLOOK to raise its profile and establish itself as a leader in the core network market. Its booth attracted a number of visitors who were already aware of its role as a core network expert, eager to explore the advancements presented by IPLOOK.Valuable feedback received: IPLOOK took the opportunity to gather feedback from attendees on its products and services, which will be invaluable in driving IPLOOK’s future product development and improvements.Innovations that Stole the Show
This year’s MWC, as per its theme “Future First”, was a testament to the power of technology to transform our future life. Attendees were treated to demonstrations of the latest innovation in AIGC, AI-RAN, Open Gateway, and 6G, showcasing how these technologies can revolutionize industries and improve people’s lives.
What’s Next for IPLOOK?
As IPLOOK sets its sights on the horizon, the company is energized by the prospect of deepening connections within the telecom ecosystem and discovering the groundbreaking advancements that lie ahead at MWC’s next chapter. With a steadfast dedication to product innovation, IPLOOK will also journey to key industry events like MVNOs World Congress and AfricaCom, forging new paths into uncharted markets and showcasing its unwavering commitment to the evolution of the telecom landscape.
Contact: [email protected] IPLOOK on LinkedIn @IPLOOK Networks
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Artificial Intelligence

Mobica Appoints Gary Butters as CEO, Building on Success and Fuelling Continued Growth

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LONDON, March 4, 2024 /PRNewswire/ — Mobica, the global software and engineering provider, has announced Gary Butters as their Chief Executive Officer (CEO).

 
Gary joined Mobica as Chief Revenue Officer (CRO) in November 2020 and as part of outgoing CEO Sam Kingston’s leadership team, delivered significant success, leading to Mobica’s acquisition by Cognizant in March 2023. 
This acquisition will significantly expand Cognizant’s IoT embedded software engineering capabilities as part of their overall strategy to help companies modernise technology, reimagine processes and transform experiences so they stay ahead in a fast-changing world.
 
Gary takes over the role with the remit to complete the integration of Mobica into Cognizant while continuing to deliver double-digit growth.
Mobica, which is headquartered in Manchester UK, with operations in Europe and the US, provides world-class software engineering and development expertise to many of the most recognised global brands. Founded in 2004, it serves a number of sectors, with particular expertise in the automotive, manufacturing, industrial and semiconductor industries.
In his role as CEO, Gary will continue Mobica’s vision of delivering exceptional value and innovation to it’s clients and customers, while spearheading its growth plan as demand for engineering and software expertise continues to rise.
Commenting on his appointment, Gary says:”Over the past few years, Mobica has seen demand for our world-class engineering increase significantly, particularly with the acceleration in AI and machine learning. This has seen some of the once ‘traditional’ industries such as automotive and manufacturing undergo a radical transformation. 
“As a result, companies are increasingly seeking skilled professionals – particularly in areas such as software development, AI, IoT, and data analytics – in order to stay competitive and meet evolving customer expectations. However, they are vying for a limited pool of technology talent, so access to Mobica engineering services has been vital to enable our customers to remain agile in a rapidly evolving landscape.
“Our ongoing growth is a testament to our team of dedicated ‘Mobicans’ and our unwavering dedication to delivering cutting-edge software engineering solutions. We have consistently provided clients with access to top-tier engineering talent, enabling them to drive digital transformation and achieve their business objectives. I am looking forward to working with our talented team as we continue our ambitious growth plans.”
www.mobica.com 
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Core to Cloud Partners with Cybersecurity Innovator SenseOn to Enable Comprehensive NDR and SIEM Security

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New strategic arrangement allows organisations to monitor identity, endpoint, network and cloud-based activity to stop threats immediately.
CIRENCESTER, England, March 1, 2024 /PRNewswire/ — Core to Cloud, a leading provider of cybersecurity services and solutions, is excited to announce a strategic alliance with SenseOn, a renowned threat detection management platform. This collaboration will empower businesses to bolster their advanced NDR and SEIM operations and secure end-to-end platforms.

In today’s integrated digital landscape, businesses rely on various systems and third-party suppliers. The launch of SenseOn’s platform marks a significant leap forward in proactive threat detection and response, offering a comprehensive solution to combat sophisticated cyber threats. Organisations can identify, detect and respond to vulnerabilities in traditional blind spots. Core to Cloud’s partnership with SenseOn aims to address these challenges by offering a comprehensive and efficient solution for managing threat detection and response.
James Cunningham, CEO and co-founder of Core to Cloud, said: “We are excited to announce our partnership with SenseOn, allowing Core to Cloud to bring our clients a more robust and complete threat detection and management solution. With an ever-changing digital landscape, our clients must be able to detect and respond to any threats within their cyber estate. This partnership offers an all-encompassing approach to managing these risks.” 
One of the critical features of this partnership is that the platform is built upon a foundation of Artificial Intelligence (AI) and Machine Learning (ML) technologies, meticulously designed to evolve alongside cyber threats. Leveraging its unique Deep Learning, SenseOn’s platform analyses vast and complex datasets, providing real-time threat detection, investigation, and autonomous response capabilities. This innovative approach and Core to Cloud’s cybersecurity expertise enables organisations to proactively address potential threats before they escalate, ensuring robust protection against evolving cyber-attacks.
SenseOn’s platform and Core to Cloud’s know-how empower security teams to navigate the complicated threat landscape efficiently. Intelligent automation streamlines incident response, allowing cybersecurity professionals to focus on strategic initiatives rather than routine tasks.
David Atkinson, CEO and Founder of SenseOn, added: “We are excited to announce a pivotal moment in SenseOn’s journey with establishing a strategic channel partnership with Core to Cloud. This collaboration is more than a partnership; it’s an alliance that leverages the strengths of both companies to propel us towards growth. By combining SenseOn’s consolidated threat detection platform with Core to Cloud’s technical and service expertise, we are poised to deliver a new standard in cybersecurity solutions.”
Moreover, Core to Cloud and SenseOn are committed to ongoing collaboration and continuous improvement. As cybersecurity threats evolve, so do the strategies and tools to counter them. This collaboration is not just a one-time solution; it represents an ongoing commitment to enhancing the cybersecurity landscape for businesses of all sizes. Core to Cloud and SenseOn will continue to work together to develop new features, refine existing tools, and provide unparalleled support to our clients.
Core to Cloud’s partnership with SenseOn signifies a major step forward in cybersecurity. By combining expertise, technology, and a shared commitment to excellence, the two companies are paving the way for businesses to navigate the complex digital landscape confidently. Together, they empower businesses to protect their NDR, SEIM and end-to-end platforms.
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