The global high speed motors market growth is attributed to renewable energy integration and energy transition goals, technological advancements and cost benefits, and the growing market for electric vehicles, automation in aviation, and precision manufacturing.
Wilmington, Del., Oct. 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "High Speed Motors Market by Product (Induction Motor, Permanent Magnet Motor, and Others), by Power Range (High Voltage and Low Voltage), and by Application (Machine Tools, Power Generation, Compressor, Bearings, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global high speed motors industry generated $12.6 billion in 2022 and is estimated to reach $21.7 billion by 2032, exhibiting a CAGR of 5.7% from 2023 to 2032.
A high speed motor is an electrical machine that operates at a rotational speed that is significantly higher than that of a standard motor. It is designed to provide a high rate of mechanical power output that is both rapid and durable.
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Prime Determinants of Growth:
The global high speed motors market growth is attributed to renewable energy integration and energy transition goals, technological advancements and cost benefits, and a growing market for electric vehicles, automation in aviation, and precision manufacturing. However, the high initial cost and relatively lower life span due to degradation, technical and maintenance challenges, and regulatory challenges coupled with environmental concerns restrict the market growth to some extent. Moreover, the increase in adoption of automation and robotics in industries such as manufacturing, automotive, and electronics requires high speed motors to drive various components, such as robot arms and automated machinery. The development of emerging technologies such as 3D printing, electric propulsion systems for drones, and automated electronics manufacturing relies on high speed motors to create prolific opportunities for market growth.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $12.6 Billion |
Market Size in 2032 | $21.7 Billion |
CAGR | 5.7 % |
No. of Pages in Report | 273 |
Segments covered | Product, Power Range, Application, and Region |
Drivers | Renewable energy integration and energy transition goals |
Technological advancements and cost benefits | |
The growing market for electric vehicles, automation in aviation, and precision manufacturing | |
Opportunities | Automation in several sectors |
Emerging technologies and miniaturization | |
Restraints | High initial cost and relatively lower life span due to degradation |
Technical and maintenance challenges | |
Regulatory challenges coupled with environmental concerns |
The induction motor segment to maintain its leadership status throughout the forecast period-
By product, the induction motor segment held the highest market share in 2022, accounting for more than two-fifths of the global high speed motors market revenue, and is expected to maintain its leadership status throughout the forecast period. Machine tools require high-speed induction motors because of the demand for very precise machining in sectors like aerospace and automotive. High-speed induction motors equipped with VFDs are sought after for their energy-efficient operation. However, the permanent magnet motor segment would display the fastest CAGR of 6.0% from 2023 to 2032. The rapid growth of the electric vehicle market drives the demand for high-speed permanent magnet motors for propulsion. As the renewable energy sector expands, high speed permanent magnet generators play a vital role in wind and hydropower applications leading to the growth of the high-speed motors market.
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The high voltage segment to maintain its lead position during the forecast period-
By power range, the high voltage segment held the highest market share in 2022, contributing to nearly three-fifths of the global high speed motors market revenue, and is estimated to maintain its lead position during the forecast period. This is due to high voltage high speed motors are electric motors designed to operate at elevated voltages while delivering fast rotational speeds. They are used in a range of specialized applications where high power and speed are essential. Furthermore, the low voltage segment would showcase the fastest CAGR of 6.0% from 2023 to 2032. As electronic devices continue to shrink in size, the demand for compact, low-voltage high speed motors grow. The growth of medical technology and precision instruments drives the demand for low voltage high speed motors.
The machine tools segment to rule the roost by 2032-
By application, the machine tools segment held the highest market share in 2022, holding nearly one-third of the global high speed motors market revenue, and is projected to rule the roost by 2032. High-speed motor demand is fueled by the need for high-precision machining in sectors including aerospace, automotive, and electronics. The integration of machine tools with automation and robotics demands high speed spindles for increased productivity. However, the compressor segment would cite the fastest CAGR of 6.3% from 2023 to 2032. The trend toward industrial automation and pneumatic systems drives demand for high-speed air compressors. The oil and gas industry's need for gas compression in various processes contributes to the demand for high-speed motors.
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Asia-Pacific region to maintain its dominance throughout the forecast period-
By region, the Asia-Pacific region held the major share in 2022, garnering more than one-third of the global high speed motors market revenue, and is expected to maintain its dominance throughout the forecast period. The Asia-Pacific region has experienced substantial growth in the market for high speed motors as a result of the region's thriving manufacturing sector, industrial automation, and the usage of renewable energy sources. The Asia-Pacific area is regarded as a center for global manufacturing because countries like China and Japan dominate the production of industrial machinery and automation systems. On the other hand, the North America region would portray the fastest CAGR of 6.0% from 2023 to 2032. This is due to the use of high-speed motors in manufacturing, industrial automation, and renewable energy applications in this region.
Leading Market Players: -
- ABB Ltd.
- Emerson
- GE Company
- Meidensha Corporation
- Mitsubishi Electric Corporation
- Nidec Industrial Solutions
- Siemens AG
- Hitachi Ltd.
- Toshiba Corporation
- Turbo Power Systems (TPS).
The report provides a detailed analysis of these key players in the global high speed motors market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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