The global high-speed motor market is anticipated to grow at a CAGR of 5.7 % during the forecast period (2022-2028). The increased government initiative, energy-efficient evaluation programs, and high demand for high-speed motors in industries are driving the growth of the high-speed motors market. However, design complexity is a major constraint for high-speed motors due to its high-speed motor construction necessitates the use of high-quality elements. A high-speed motor may be damaged if less expensive alternative products are used in its construction.
The increasing government initiatives to improve the efficiency of high-speed motors further supporting the growth of the market during the forecast period. According to the Office of Energy Efficiency and Renewable Energy, investment has increased by up to USD 25 million. The investment is significant in order to develop advanced technologies for energy-efficient electric motors. The Department of Energy intends to pursue eight to twelve projects involving Next Generation Electric Machines in order to create funding opportunities. Several programs have been developed to improve the energy efficiency of the motor. Moreover, the US General Services Administration (GSA) conducted a program to assess the benefits of using magnetic bearing chiller compressors. The evaluation resulted in a 49% increase in the energy of the high-speed motor. The increased benefits of magnetic bearings will drive up demand for magnetic bearing installation in high-speed motors.
The Asia Pacific region is expected to hold the remarkable share in the market due to the expanding industrial sector. The government is promoting infrastructure development, which will provide enormous opportunities for the growth of high-speed motors. The government has undertaken a number of investment initiatives to improve motor efficiency. The rapid rise in commercial development, combined with the government’s favorable FDI policies, is expected to drive up demand for high-speed motors. Furthermore, with the government initiative of “Make in India,” the scope of growth and development for the Asia-Pacific high-speed motor market is enormous during the forecast period. Additionally, Europe is expected to provide a lucrative growth to the market due to the presence of a well-established manufacturing sector in the region.
Some major players in the market include General Electric, ABB Group, Mitsubishi Motors Corp., Siemens AG, Bosch Rexroth AG, Emerson Electric Co., Meidensha Corp., Hitachi Ltd., Jing-Jin Electric Technologies, and others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in May 2022, TVS Motor launched electric scooter with three variants under iQube brand. Vehicles will have a higher range of 140 km on a single charge and intelligent features such as 7-inch TFT touchscreen and clean UI, Alexa skill set, among others.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product
- By Power Range
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- General Electric, ABB Group, Mitsubishi Motors Corp., Siemens AG, Bosch Rexroth AG, Emerson Electric Co., Meidensha Corp., Hitachi Ltd., Jing-Jin Electric Technologies, and
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global High Speed Motor Market Report by Segment
By Product
- Induction Motor
- Permanent Magnet Motor
- Other Motors
By Power Range
- High Voltage
- Low Voltage
By Application
- Industrial Machinery
- Aerospace & Transportation
- Power Generation
- Automotive
- Household Applications
- Others
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