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The global high speed motor market size was USD 11.43 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a negative growth of -7.3% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 12.27 billion in 2021 to USD 21.64 billion in 2028 at a CAGR of 8.4% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Electric motors are an integral part of residential, commercial, and industrial processes required to transform electrical into mechanical energy. The electromechanical device comprises various components such as rotor, stator, windings, bearings, commutators, etc. The motors are available in numerous configurations segregated based on their uses and application areas to provide desired power ranges, speeds, and efficiency for the operations. Consequently, high speed motors include special systems to deliver high rotational speeds and managed torque powered with low voltage and high voltages to operate fast-paced machinery effectively.
Investment Downturns and Supply Chain Interruptions to Disrupt Demand for High Speed Motor
The sudden spread of the deadly disease Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) has adversely impacted global operations. The contagious virus originated in China and left operations across various countries halted, significantly affecting their financial ecosystems. Numerous governments have introduced stringent actions, including state & national level lockdowns, the shutdown of manufacturing plants, social distancing regulations, and limited global interactions, among many more, to curb the spread of the dangerous virus.
Consequently, the market is projected to be substantially impaired by the pandemic. The market is considerably distributed across different countries & regions, and cash deficits across small and large players have impaired the demand for high speed motor at various levels. However, the industry participants are continuously striving to adopt different measures to abridge their revenue gap attributed to the pandemic and maintain the fast-paced sales of different high-speed motor systems.
For instance, in August 2020, an industry major Nidec Industrial Solutions, announced establishing an advanced facility in Ohio, U.S., with a total investment of up to USD 12 million to extensively provide its product for essential industries during the pandemic. The manufacturing plant is anticipated to deliver output at full potential and fabricate large-scale products and automation systems for several industries.
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Continuous R&D Activities to Launch Advanced Products to Shape Market Trends
Various industry key players operating at different levels have significantly unveiled their plans to introduce new and advanced products to fortify their position across the globe. Additionally, ongoing collaborative efforts to streamline the designing and fabrication of motors with high speeds and balanced torque, and optimum output unveil a new pathway for the global high speed motor market growth. For instance, in May 2021, Integral e-Drive, a leading British motor manufacturer, launched a new series known as CTSM242 for off-the-shelf electric motor systems. The company states that the new high speed motor would provide high power density with compact size & lightweight at a maximum speed rating of 15,000 RPM. This makes them suitable for applications such as traction, propulsion, power generation, and many others.
Increasing Energy Demand Coupled with Boosting Industrial Infrastructure to Favor Growth
A fast-paced increase in the power demand across the world, coupled with the construction of advanced power generation stations to serve the expanding needs, is projected to augment the industry pace. Besides, increasing expenditure for developing medium and large scale industries such as mining, processing, manufacturing, construction, oil & gas, and other applications requiring energy-efficient systems to pave the way for high speed motor. For instance, as per Eurostat, the total sales production of the European manufacturing industry was governed by motor vehicles & transport equipment sales, contributing around 17% in 2019. Furthermore, a statistics division under the European Commission also published that processing industries such as machinery & equipment and food, beverages, & tobacco equaled 10% and 17% of the total regional output.
Paradigm Shift towards Electric Mobility to Propel the Product’s Demand
The increasing adoption of low carbon emission vehicles by the customers, coupled with beneficial government programs to support the transition, is anticipated to favor the key market growth. Electric vehicles have exhibited the substantial potential to draw down the harmful emission from private and public transportation fleets while delivering the required output with higher efficiencies. For example, in January 2020, the U.S. Energy Information Administration (EIA) published its annual energy outlook stating the technologies adopted for various types of vehicles in the country. The government organization anticipated that the sales for long-range battery electric vehicles would reach about 1.9 million by 2050, rising from 280,000 in 2019, observing exponential growth over the period.
Increasing Adoption of Encouraging Policy Framework to Install Energy Efficient Systems
Various governments and organizations across the globe have introduced significant norms to support the deployment of energy-efficient systems. Favorable legislation to keep a check on the harmful greenhouse gas emissions is also set to augment the market's growth as low energy consuming units significantly alters the overall carbon discharges from the establishments. For instance, as per the International Energy Agency 2021, the global CO2 emissions related to energy consumption totaled at about 33.4 gigatons (Gt) by the end of 2019, rising from 32.2 Gt in 2016, observing an over 1 Gt increase in just a few years.
Significant Manufacturing Costs along with Availability of Other Alternatives
The need for substantial capital to buy a new motor unit integrated with high-speed characteristics and considerable operating & maintenance expenses may hinder the growth of the market. Besides, the strong presence of other low-cost motors with low speed/high torque (LSHT) designs applicable in various application verticals may hamper the industry outlook.
Enhanced Operational Characteristics to Favor the AC Motors Segment
Based on product type, the market can be majorly divided into AC motors and DC motors.
The AC motors segment is projected to hold a significant position due to better operational conditions such as low startup power needs, high durability, and longer life spans.
The DC motors segment is also set to observe positive growth during the forecast period due to their easy installations and widespread usage in various industrial processes, including fabrication & production plants and medium & heavy-duty machinery.
Induction Motors Segment to Experience Profound Growth Backed by Cost-Effective Installation and Operations
Based on construction, the high speed motor industry can be primarily bifurcated into an induction motor and permanent magnet motor.
The induction motors segment is projected to generate significant high speed motor market share owing to their rugged & simple designs, low manufacturing and operating costs, better integration in harsh conditions, and optimized speed regulation, among other features.
Compact & lightweight designs, high output performance, high loading capacity, and less eddy current losses are key factors propelling the permanent magnet motors segment size.
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Transforming Industrial Infrastructure to Generate Demand for Various Types of Industrial Machineries
Based on application, the global market can be broadly classified into industrial machinery, aerospace & transportation, automotive, power generation, household applications, and others.
The industrial machinery application is anticipated to hold the dominating share. This is due to the motor systems being an integral part of various sized machines such as pavers, compactors, forklifts, mixers, boom lifts, and many others to boost their electrical efficiency and performance. Besides, the rapid urbanization rate coupled with governments' continuous efforts to transform living standards across remote locations is projected to positively complement the household applications segment growth.
The aerospace & transportation application sector is favored by expanding manufacturing capabilities for different aviation components and continuous deployment of innovative systems, including high-speed railways and unmanned aerial vehicles (UAVs).
Encouraging government objectives to boost e-mobility to counter the carbon emission problems to unveil new opportunities for expanding automotive segment size.
3,000 – 6,000 RPM Segment in Demand Owing to Rapidly Growing Industrial Machinery
On the basis of rotational speed, the industry can be segregated into 3,000 – 6,000 RPM, 6,000 – 10,000 RPM, 10,000 – 15,000 RPM, and above 15,000 RPM.
The 3,000 – 6,000 RPM segment growth is backed by the rapidly developing industrial infrastructure coupled with regular investments to boost the deployment of new projects across various medium and large-scale businesses.
The aerospace & transportation sectors, with new R&D initiatives and favorable government policies, are likely to propel the 6,000 – 10,000 RPM motors demand.
The 10,000 – 15,000 RPM rotational speed motors are augmented by constructing new household establishments with expanding needs for high-speed products such as vacuum cleaners, blenders, lawnmowers, and many more.
Asia Pacific High Speed Motor Market Size, 2020 (USD Billion)
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The regional analysis of the market has been geographically categorized across five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia Pacific stood at USD 4.00 billion in 2020 and is likely to remain dominant in the global high speed motor market during the forecast period. Huge targets by regional administrations to deploy low emission vehicles, rapidly increasing energy demand, the growing rate of urbanization, and transforming industrial infrastructure are some of the key factors augmenting regional growth.
The presence of a stringent policy framework to adopt energy-efficient systems, coupled with significant medium and long-term targets to reduce harmful emissions, is set to favor the European market. Besides, various nations such as Germany, United Kingdom, and France significantly invest in boosting electric vehicle deployment. For instance, in February 2021, the Government of France announced to provide financial assistance worth EUR 100 million or around USD 119 million to propel the integration of fast charging stations of EVs. The funding support is allotted for new stations with a minimum of four fast-charging stations consisting of two 150 kW infrastructures alongside the national road network.
The market in North America is anticipated to observe considerable growth due to regular investments across large-scale industrial operations along with the presence of various heavy-duty industrial machinery manufacturers. Furthermore, different regional organizations have introduced many research & development (R&D) activities to fabricate advanced infrastructure to promote plug-in electric vehicles (PEVs) and battery electric vehicles (BEVs).
The ongoing developments in large-scale industrial infrastructure, new investments in oil & gas sectors, and transforming electric mobility perspectives are among the key catalysts across the Middle East & Africa, and Latin America regions. Besides, different organizations are also investing substantially to boost the electric vehicle infrastructure in the territories generating the demand for high speed motor units. For instance, in February 2020, Audi and the Brazilian utility company Engie Brasil Energia SA announced their plans to establish 200 EV charging stations across Brazil. The organizations aim to cater to the exponentially increasing electric vehicle demand in the country and cut down the emissions from public & private transport vehicles.
Nidec Motor Corporation is Focused to Adopt New Organic & Inorganic Expansion Strategies
The global market is significantly distributed with various industry players operating at the national, regional, and global levels. Various scale manufacturers are continuously striving to enhance their market presence through merger & acquisition initiatives and introducing new products to their portfolio. Furthermore, the companies are also concentrated on obtaining large contracts with multi-year timelines to expand their horizons across the value chain.
Nidec Motor, the Japan-based high-speed motor production company, has also taken key steps to fortify its position across the globe. The organization has launched several new products, especially for the fast-growing EV sector, and has acquired various new brands under its portfolio. For instance, in April 2020, Nidec confirmed to conclude the definitive agreement to develop a new production line called Delta by Secop Austria GmbH. Under the agreement, the company is set to undertake a part of the Secop’s workforce to continue manufacturing household refrigeration compressors and electric motors for household applications such as dishwashers and washing machines from the Delta facility.
An Infographic Representation of High-Speed Motors Market
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The global high speed motor market report analysis includes industry dynamics and competitive landscape. Various key insights provided in the report are the overview, product/services overview, market segments analysis, technological advancements, recent industry developments such as mergers & acquisitions, and others.
Value (USD Billion)
Product Type; Construction; Application; Rotational Speed; and Region
By Product Type
By Rotational Speed
Fortune Business Insights says that the global market size was USD 11.43 billion in 2020 and is projected to reach USD 21.64 billion by 2028.
In 2020, Asia Pacific stood at USD 4.00 billion.
Registering a CAGR of 8.4%, the market is projected to exhibit considerable growth during the forecast period (2021-2028).
The industrial machinery application is anticipated to lead this market during the forecast period.
Increasing efforts to adopt energy-efficient products, rapidly developing industrial infrastructure, and boost global electric vehicle sales are some of the key market drivers propelling the industry growth.
Eaton, Nidec Corporation, Siemens, ABB, Regal Beloit, and Hitachi are among the key players operating across the industry.
Asia Pacific dominated the market in terms of share in 2020.
Electric vehicles predominantly require a battery source that generates the power to rotate a high speed motor and propel the automobile. Vast government targets to adopt low carbon electric vehicles to keep a check on harmful GHG emissions to augment the usage of motors across transportation sectors.
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