Covid-19 Impact on High-Speed Motor Market: Size, Share, Developments, Growth and Forecast 2023

Market Research Future has conducted an exhaustive study on the high-speed motor market. According to the study, the market was valued at 11,658.4 in 2016. The market is expected to grow at 4.25% CAGR throughout 2017 to 2023. A detailed analysis report of COVID-19 impact on High-Speed Motor Market is provided with the report.

High speed motors attain a rotational speed of more than 10,000 rpm. The motor’s power density is high owing to the high-power voltage and speed. It is also relatively less to other average speed motors. The key application of high-speed motor is to facilitate transmission at an increased rate with reduced noise generation. Owing to the high speed of the motor the inertia generated is insignificant which gives rise to faster dynamic response. Several government norms have been developed over time to surge the efficacy of motor and lower the energy consumption.

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The development of the high-speed motors market is primarily driven by energy efficient evaluation approaches, surging demand for high speed motor in industries along with growing government initiatives. The Office of Energy Efficiency & Renewable Energy states that there has been increasing outlay of up to USD 25 million in this sector. The investment is significant for building progressive technologies for energy-efficient electric motor. The U.S. General Services Administration (GSA) had conducted a program in 2012 that evaluates the advantages of applying magnetic bearing chiller compressors. The evaluation has resulted in surged energy of high-speed motor by 49%.

The growing advantages provided by magnetic bearing will give rise to growth in demand for installation of magnetic bearing in high speed motor. This has affected the market growth to a substantial extent and is likely to influence the market throughout the review period. However, the complexity associated with the design proves to be a key limiting factor for high speed motor since the making of high-speed motor involves superior quality element. The motor is likely to get damaged with the incorporation of poor-quality elements.

Market Segmentation

The segmentation of the high-speed motor market is based on power range, product, region, and application.

Based on power range, the market is segmented as low voltage and high voltage. Low voltage segment is expected to dominate the market over the forecast period.

According to product, the market is segmented into permanent magnet motor, induction motor, and others. Permanent magnet motor is expected to hold the major market share over the review period.

Based on application, the market is segmented into power generation, machine tools, bearings, compressor, and others. Power generation is likely to lead the market throughout the forecast period.

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Regional Analysis

Based on geography, the global high-speed motor market has been segmented into Europe, Asia Pacific, North America, and the Rest of the World.

Asia Pacific market represents the largest demand for high speed motor owing to the increasing instances of industrialization. The rapidly increasing commercial development along with favorable policies created by the government related to FDI is estimated to surge the demand for high speed motor in the APAC market. Moreover, the various government initiatives based on the ‘Make in India’ program has significantly driven the demand for high speed motor in the APAC market. Europe market holds the second largest position that is estimated to grow owing to considerable contribution from emerged economies such as U.K., France, and Germany. The prevalence of well-established manufacturing sector in this market spurs the demand for high speed motor to a large extent.

Key Players

The global high speed motor market is led by key players such as ABB (Switzerland), GE (U.S.), Siemens (Germany), Mitsubishi (Japan), Miedensha (Japan), Emerson (U.S.), Nidec (Japan), Hitachi (Japan), Synchrony (U.S.), Toshiba (Japan), Danfoss Turbocor (U.S.), Fuji Electric (Japan), Regal Beloit (U.S.), SKF magnetic mechatronics (Sweden), LTI Motion (Germany), and Turbo Power Systems (TPS) (U.K.).

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