Market Updates Medium and High Voltage Motors Market Report 2022 | Page 2

Increasing economic standards and financial position of countries is expected to motivate investors to invest more in
electric motors resulting in efficient performance and reducing costs in the market. Emerging economies such as China,
India, Brazil, and Taiwan are expected to witness significant growth in industrial sector resulting increased demand for
high and medium voltage motors for production. Replacement of outdated electric motors is expected to be a key
trend in the market over the forecast period. Many industries are replacing the old and outdated motors with
advanced and innovative motors to improve their performance and to achieve a competitive edge in the global market.
On the basis of motor type, the high and medium voltage motors can be segmented into AC and DC motors. These
motors are further classified into single phase and three phase motors. Medium voltage motors can measure output
between 0 to 200 KW. Whereas the high voltage motors can measure output greater than 200 KW. Three phase motors
are widely used in many applications majorly by electrical grids to transfer power and other heavy industrial sectors.
Three phase type of motors are expected to have the largest market owing to benefits they provide including high
efficiency with 97% converting power. It is more economical and uses less conductor material to transfer electrical
power. Single phase is expected to witness a moderate growth since many household loads in regions including U.S.
are connected as a single phase. In regions with low population, single phase motors are used for distributing power.
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On the basis of efficiency type the global market has been segmented into IE1 (Standard Efficiency), IE2 (High
Efficiency), IE3 (Premium Efficiency), IE4 (Super Premium Efficiency). IE1 is widely used in common households. IE2
motors are expected to have the largest market in owing to increasing demand for high efficient and environment
friendly products. IE3 is expected to witness significant growth rate over the forecast period since it provides energy
efficiency, and better performance coupled with mandatory regulation in certain regions to use premium motors.
Electric motors need huge amounts of electrical energy and therefore can provide an opportunity for energy saving.
Energy is expected to signify more than 96 percent of total operating costs of motor over its lifetime. The purchase of
a new motor tends to be driven by the price, even a small progress in efficiency can result in substantial cost and
energy savings. By Investing more in a more efficient motor often results in energy savings. Improving energy efficiency
reduces greenhouse gas emissions that contribute to climate change.
On the basis of end use segment, the global market has been segmented into Motor Vehicle Manufacturers, HVAC
Manufacturers, Industrial Machinery, Aerospace and Other Transportation, Commercial and Other Industries. Motor
vehicle manufactures is expected to have the largest market in terms of revenue on account of increasing demand for
electric vehicles and energy efficient motors. Industrial machinery can be further classified into various sectors
including medical equipment, food and beverage industry, pulp and paper, petrochemical oil refining, mining and
construction equipment and others. Commercial end users can be defined as power generation, and water treatment
segments. Power gen