Press Release
Press Release
The global electric motors industry is being driven by the heightened demand for high-efficiency vehicles and machinery. In addition, the growing population and the rising disposable incomes are leading to a rise in demand for passenger vehicles. At the same time, the increased construction activities due to rapid urbanisation have elevated the requirements for high-performance industrial vehicles and equipment. Moreover, the growing implementation of HVAC systems is also expected to aid the market growth. Furthermore, in the pursuit of reducing carbon emissions, the leading automobile manufacturers are developing electric cars, which is expected to spearhead the demand for electric motors.
The growing focus of the leading players, such as General Electric (NYSE: GE), Ametek Inc (NYSE: AME), and others, to develop electric motors by incorporating advanced technological solutions is expected to positively stimulate the industry growth in the forecast period. According to a press release issued by General Electric, dated September 2020, the company announced its plans to research and develop a hybrid-electric propulsion system that runs on carbon-neutral biofuels under two projects ARPA-E’s Aviation-class Synergistically Cooled Electric-motors with iNtegrated Drives (ASCEND) and Range Extenders for Electric Aviation with Low Carbon and High Efficiency (REEACH) programs, which awarded the company with a sum of $4.8 million. This is expected to tap deep research capabilities across associated areas, including electric motors, thermal management, power conversion, and others. Such developments are expected to drive the growth of the electric motors industry in the forecast period.
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The major players in the global electric motors market are ABB Ltd., Allied Motion Technologies Inc, Ametek Inc, General Electric, Johnson Electric Holdings Limited, Rockwell Automation, Inc., Siemens AG, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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