January 03, 2017
Wellesley, Mass., Jan 03, 2017 –Developing technology in motors, controls, and ancillaries for elective vehicle (EV) motors are helping to boost the global market for new materials and components in advanced electric motors. BCC Research reveals in its new report that other key growth factors include lower energy prices, advanced motor technologies, and greater market penetration by recently developed components.
The global market for advanced materials and components in electric motors is expected to increase from $33.8 billion in 2016 to $46 billion in 2021, reflecting a five-year compound annual growth rate (CAGR) of 6.4%. Advanced motor controls, the largest segment by type, should reach $25.1 billion and $33.4 billion in 2016 and 2021, respectively, demonstrating a five-year CAGR of 5.9%. Electronic material, the fastest-growing segment with a five-year CAGR of 8.7%, should grow from $3.1 billion in 2016 to $4.7 billion in 2021.
On a global basis, electric motor-driven systems consume about between 43% and 46% of all electricity purchased. Electric motors generate about 25% of the United States' total energy demand.
Advanced materials and components account for about one-fifth ($16.9 billion) of the total global market for motors. Of this amount, electronic materials account for about 18% ($3 billion). Variable frequency drive assemblies and software account for about half of the advance materials and component market. Other materials such as magnets and rotor materials account for the remaining 32% of the market.
Regulatory structures have spurred improvements in the global average efficiency of the installed base of motors, as seen in the replacement market. New motors purchased to replace failed or aging motors must meet certain (legislated) minimum standards so the efficiency of the installed base improves by continuous replacement. The replacement market and the new technology markets are huge because electric motors are among the largest consumers of energy. Worldwide, at least 40% of all electricity produced is used by motors that drive pumps, fans and compressed air and are used in materials handling and processing.
Three economies dominate the landscape in terms of electricity consumption by motors: China, the United States and the European Union. These economies account 56% of global electricity demand for motors. Japan, Russia, Canada and India account for a combined 18%, which means that seven major economies are responsible for around three-quarters of the total global electricity consumption of motors.
"In the next 10 to 20 years, electrification of the vehicle fleet, along with growing use of electric motors, will be a dominant trend,” says BCC Research analyst Kevin Gainer. "Additionally, the increased focus on so-called 'driverless' cars may strengthen the trend; as such cars will likely be fully electronic, including the propulsion system. If driverless cars become widespread, demand for the types of motors used in EVs will become even greater."
Global Markets for New Components and Materials in Advanced Electric Motors (EGY046A) analyzes manufacturers and developers of components and materials used in advanced motors, as opposed to commodity motors. The report also examines new motor technologies as well as significant component or drive enhancements, while looking at improvements in controllers (adjustable speed drives) and components such as magnetic bearings, rotor materials, and semiconductors. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
Global Markets for New Components and Materials in Advanced Electric Motors( EGY046A )
Publish Date: Dec 2016
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