The global electric motor market size was worth over $120 billion in 2022, according to Ken Research.
Asia-Pacific is the most excellent location for the electric motors industry and is likely to continue its dominance in the next years on account of significant expansion in the industrial sector.
The region is experiencing steady growth in sectors like the automotive, chemical, fertiliser, and petrochemical industries, which is anticipated to present enormous growth opportunities for the global electric motor players.
China's key role
China has played a significant role in advancing the global manufacturing industry. The nation leads the world in the production of steel, chemicals, electricity, and cement. It is also a major participant in the petrochemical and refining sectors. There are a lot of new industrial projects waiting to be added to the nation's portfolio of industries.
In May 2021, MAHLE, the German automotive components maker, released a new magnet-free electric motor for commercial vehicles. The product is very efficient and has numerous other benefits in terms of cost, resource security, and environmental friendliness by eliminating the usage of rare earth elements.
Volkswagen unveiled a fresh plan in March 2022 to build an EV manufacturing facility in Wolfsburg, Germany. The company has taken the investment decision for the plant with the earmarked amount of EUR2 billion ($2.18 billion) for the project. The building of the facility will commence in 2023, and the estimated completion year is 2026.
Oil and gas industry
The oil and gas industry uses electric motors extensively. The demand for electric motors will also increase when the price of crude oil and natural gas rises. For example, the price of a barrel of crude oil increased from $66 in December 2021 to about $107.5 in May 2021.
The invasion of Ukraine by Russia has also altered Europe's energy future because the EU wants to lessen its reliance on Russian energy, which will result in new oil and gas projects around the world that will directly support the demand for electric motors.-- TradeArabia News Service
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