In recent years, it has been observed that several industry verticals are adopting industrial automation components. In order to compete in the fast-paced business environment, industries are transforming their business processes. These factors are expected to contribute to the growth of the global electric DC motor market during the forecast period.
An electric DC motor is a rotary electric machine that converts electric energy into mechanical energy. It runs on direct current and is used to produce mechanical power.
The transition towards advanced and energy-efficient electric DC motors is a key trend observed in the market. The demand for energy-efficient electric DC motors from mining, manufacturing, power generation and utility sectors has been positively supporting the growth of the electric DC motor market worldwide.
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The electric DC motor market has witnessed significant growth over the last couple of years and the market is expected to register a double-digit growth rate during the forecast period. The global electric DC motor market is significantly driven by the rising adoption of industrial automation components in several industries and household appliances.
In addition, government initiatives towards green vehicles are positively supporting the growth of the global electric DC motor market. It has been observed that the government in various countries such as China, the U.S., India, the U.K., France, Germany and Italy are supporting and promoting the adoption of green vehicles with an aim to decrease their carbon footprint.
Additionally, the ongoing trend of industry revolution 4.0 technologies such as robotics and industrial internet of things (IIoT) is expected to propel the growth of the global electric DC motor market during the forecast period.
Challenges
Among the prominent challenges in the electric DC motor market, which many hinder the market growth, include the excessive cost of installation and maintenance. In parallel, worldwide financial uncertainty and macroeconomic situations such as currency exchange rates and economic difficulties are some of the significant factors that may hinder the growth of the electric DC motor market.
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Electric DC Motor Market: Segmentation
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Moreover, due to rapid technological advancements in the U.S. and Canada and presence of various established and growing players, the North America region is estimated to hold a significant share of the electric DC switches market.
The region has been witnessing a surge in the adoption of advanced and next-generation industrial technologies, which is another key factor driving the growth of the electric DC motor market in the region.
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