Medium and High Power Motors Market: Global Trends & Forecast (2024–2030)
The global medium and high power motors market size is expected to reach USD 7.41 billion by 2030 and is projected to grow at a CAGR of 4.5% from 2024 to 2030, according to a new study by Grand View Research, Inc. Positive outcome of the manufacturing industries coupled with the implementation of stringent regulations pertaining to the electricity consumption is expected to escalate industry growth over the forecast period. Additionally, increasing replacement of aging electric motors may also elevate demand over the coming years. Favorable government initiatives and subsidies encouraging the use of these products are also estimated to contribute significantly towards industry growth. However, high purchase cost and the lack of awareness may pose challenges to growth over the next few years. Continual rise in ene Medium And High Power Motors Market Report Highlights The AC motor segment dominated the market in 2023, with a share of 75.6%. The market growth is attribut...