High-Speed Motor Market 2020 Leading Growth Drivers, Emerging Audience, Segments, Sales Profits and Comprehensive Research till 2023
High-Speed Motor Market Analysis
High-speed motors are capable of providing a rotational speed of over 10,00 rpm and are extensively used in applications that require higher rotational speed. High-speed motors improve efficiency and reduce energy consumption considerably. The global high-speed motor market is expected to expand at a CAGR of 4.25% over the forecast period of 2017-2023, proclaims Market Research Future (MRFR) in its latest report.
The High-speed motor with variable frequency drive will result in lower energy consumption. Many manufacturers are adopting the use of variable frequency drive to optimize the cost of production. If the variable frequency drive is not installed with High-speed motor, then the speed control is quite difficult. To optimize the cost and control the speed of motor, High-speed motor with VFDs is expected to boost the market in future.
The growth of the High-Speed Motor Market stems from its application across various industry verticals. High-speed motors are highly desirable across various industries due to their performance credentials. They not improve process efficiency but also provide significant cost saving on energy consumption. Energy consumption makes up a significant part of process cost and reducing energy consumption can considerably enable cost saving. Moreover, the growing focus of industries on energy conservation is a key factor in enhancing the growth of the market. Additionally, various government regulations are adding fuel to the growth of the market.
High-Speed Motor Industry Segmentation:
The high-speed motor market has been segmented based on product, power range, and application.
By product, the high-speed motor market has been segmented into induction motor, permanent magnet motor, and others. The permanent magnet motor segment is anticipated to showcase rapid growth over the forecast period. They find application in use cases that require grinding and milling owing to their ability to produce high torque which is anticipated to drive the segment over the forecast period.
By power range, the high-speed motor market has been segmented into high voltage and low voltage. The low voltage segment is expected to lead the market over the forecast period. Low voltage high-speed motors are capable of producing high output with low voltage due to which they are highly desirable. They operate at less than 1,000 V and produce an output of 1,000 kW.
By application, the high-speed motor market has been segmented into machine tools, power generation, compressor, bearings, and others. The power generation segment is likely to dominate the market over the forecast period and accounted for the largest share of 32.61% in 2016. They find extensive application in hydropower plants and wind turbines.
Regional Analysis
By region, the high-speed motor market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
The APAC is the dominant high-speed motor market and is spurred by rapid industrialization across the region. The rollout of government policies which favor automotive manufacturers is expected to positively impact the market.
Europe is the second largest market and is spurred by continued demand from the established manufacturing sector in the region. Moreover, the presence of various automotive manufacturing hub in the region also induces a high demand for high-speed motors. The UK, Germany, and France are the key contributors to the Europe high-speed motors market.
North America follows Europe closely and is driven by the presence of leading market players in the region who are investing a substantial amount in R&D activities.
Competitive Landscape
Nidec (Japan), Danfoss Turbocor (U.S.), Mitsubishi (Japan), Toshiba (Japan), ABB (Switzerland), Synchrony (U.S.), Siemens (Germany), Fuji Electric (Japan), GE (U.S.), Regal Beloit (U.S.), Turbo Power Systems (TPS) (U.K.), SKF magnetic mechatronics (Sweden), Emerson (U.S.), LTI Motion (Germany) , Hitachi (Japan), and Miedensha (Japan) are the distinguished players in the high-speed motor market.
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