Electric motors market expected to exceed £72 billion by 2019

The global market for electric motors is set to be worth over £72 billion in just five years according to US market research company Transparency. 

So what’s this projected growth of 6.3% down to? Here are five reasons:

1. Global demand for energy efficient electric motors is rising partly because
    of the introduction of rigorous electricity usage standards and the
    increasing cost of energy.

2. In an age when we’re dependent on vehicles there’s a continued demand
    for electric motors to power not only cars, lorries and buses but all the
    gadgets they contain. In fact, vehicles account for just under a third of the
    electric motor market and are expected to remain the dominant user due to
    the increase in electric and hybrid cars in the near future.

3. Homes are dominated by appliances to make our lives easier, and
    everything from dishwashers and microwave ovens to computers and toys
    require electric motors. As technology advances, these items will become
    more affordable and demand will increase.

4. As more manufacturing processes become automated, motors of all sizes
    will be required to keep the wheels of industry turning.

5. International energy efficiency legislation is becoming more stringent, and
    manufacturers must meet strict targets, such as the introduction of IE3
    efficiency motors from January 1^st 2015 by the International
    Electrotechnical Commission (IEC). In many cases, businesses will be
    required to replace a large number of their electric motors in order to
    comply.

Gibbons will of course be helping to meet this global electric motor demand as we continue to export our range of high-performance, energy-efficient motors across the globe. 

If you’d like to find out more about how our electric motors could help you meet energy-efficiency targets, give us a call on 01621 868138 or email info@gibbonsgroup.co.uk.