According to Ken Research, the global electric motor market will exceed USD 120 billion in 2022.
Asia Pacific is the most desirable region for the electric motor industry and is likely to continue to dominate in the coming years owing to the significant expansion of the industrial segment.
Industries such as automotive, chemicals, fertilizers, and petrochemicals are growing steadily in the region, which is expected to present enormous growth opportunities for global electric motor manufacturers.
China’s pivotal role
China has played an important role in promoting the development of global manufacturing. The country is a world leader in steel, chemicals, electricity and cement production. It is also a major player in the petrochemical and refining industries. There are many new industrial projects waiting to be added to the country’s industrial portfolio.
In May 2021, the German auto parts manufacturer MAHLE released a new magnetic-free electric motor for commercial vehicles. The product is highly efficient and has many other advantages in terms of cost, resource security and environmental friendliness by eliminating the use of rare earth elements.
Volkswagen unveiled a new plan in March 2022 to build an electric vehicle manufacturing plant in Wolfsburg, Germany. The company has already made an investment decision for the plant, earmarking 2 billion euros ($2.18 billion) for the project. Construction of the facility will start in 2023 with an expected completion year of 2026.
oil and gas industry
Electric motors are widely used in the oil and gas industry. When crude oil and natural gas prices rise, so does the demand for electric motors. For example, the price of a barrel of crude oil rose from $66 in December 2021 to about $107.5 in May 2021.
Russia’s invasion of Ukraine has also changed Europe’s energy future as the EU looks to reduce its dependence on Russian energy, which will lead to new oil and gas projects around the world directly supporting demand for electric motors. — trade arab news agency