Market Forecast By Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, Hermetic Motor), By Output Power, By Voltage Range (9 V & Below, 10-20 V, 21-60 V, 60 V & Above), By Application (Industrial machinery, Motor vehicles, Heating, ventilating, and cooling (HVAC) equipment, Aerospace & transportation, Household appliances, Other), By Speed (RPM) (Low-Speed Electric Motors (Less Than 1,000 RPM), Medium-Speed Electric Motors (1,001-25,000 RPM), High-Speed Electric Motors (25,001-75,000 RPM), Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM)) And Competitive Landscape
Product Code: ETC041087 | Publication Date: Jan 2021 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Peru Electric Motor market currently, in 2023, has witnessed an HHI of 1642, Which has decreased slightly as compared to the HHI of 1668 in 2017. The market is moving towards moderately competitive. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
In the year 2021, Brazil was the largest exporter in terms of value, followed by China. It has registered a growth of 0.36% over the previous year. While China registered a growth of 43.71% as compare to the previous year. In the year 2017 USA was the largest exporter followed by Brazil. In term of Herfindahl Index, which measures the competitiveness of countries exporting, Peru has the Herfindahl index of 1668 in 2017 which signifies moderately concentrated also in 2021 it registered a Herfindahl index of 1506 which signifies moderately concentrated in the market.
Peru Electric Motor Market report thoroughly covers the market by motor type, by voltage range, by application, and by speed. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Peru Electric Motor Market Electric motors are essential components of a diverse range of industrial machinery, appliances, and vehicles. These devices form a crucial part of the conversion of electrical energy into mechanical energy, enabling the seamless operation of numerous equipment types across various industries. The Peru Electric Motor Market Growth has been on an upward trajectory due to significant growth in the country's manufacturing and construction sectors and a growing demand for energy efficiency and power quality.
According to 6Wresearch, the Peru Electric Motor Market size is witnessing growth with expected CAGR of 9.7% during the forecast period of 2024-2030. Several factors drive the growth of the electric motor market in Peru, including a rise in foreign investments in the country's manufacturing sector, the increasing adoption of automation in the industrial sector, and the need for energy-efficient motors. The country has experienced a surge in construction activities due to a growing urban population, which has resulted in a high demand for motors in the construction sector. Additionally, there has been an increasing need for reliable and efficient motor applications in the mining sector, which is one of the primary revenue sources in the country. However, the lack of skilled labor in the country's manufacturing sector makes it challenging for motor manufacturers to meet the growing demand of the market. The electric motor market in Peru is witnessing an increasing trend towards the implementation of energy-efficient motors, which promise increased durability and reliability with low energy consumption. There are numerous opportunities for innovation and technological advancements to improve the motors' overall efficiency and performance. The Peru electric motor industry is witnessing significant growth due to a variety of factors. The estimated growth of the industry and increased investment in innovative and energy-efficient motor technology presents an exciting opportunity sought by many manufacturers worldwide.
Government policies and schemes introduced in the Peru Electric Motor Market
The government of Peru has taken several measures to encourage the adoption of electric motors in various industries. One such initiative is the creation of the National Program for the Promotion of Electric Mobility, which aims to promote the use of electric vehicles in the country. The program offers incentives such as tax benefits and subsidies to individuals and businesses that invest in electric vehicles. Additionally, the government offers tax exemptions for the import of electric vehicles and electric motor components, making it more affordable for businesses to invest in electric equipment. The government has also introduced various policies and initiatives to promote energy efficiency in industries. One such initiative is the implementation of Minimum Energy Performance Standards (MEPS) regulations that set minimum energy efficiency standards for various equipment, including electric motors. The MEPS regulations have incentivized businesses to invest in energy-efficient electric motors and reduce their energy consumption.
The electric motor market in Peru is highly competitive, with many regional and international players operating in the market. Some of the leading players in the market include WEG, ABB, Siemens, TECO, and Dutchi Motors. These companies offer a wide range of electric motors for various industries, including mining, manufacturing, and oil and gas.
By Motor Type, AC motors account for the highest market share in the region, attributed to their efficient operation in several industrial applications, including heating, ventilation, and cooling (HVAC) systems, cement mills, and oil and gas processes. On the other hand, DC Motors are more commonly used in electric vehicles and in applications that require variable speed control, including fans, conveyors, and ball mills.
In terms of Application, the industrial machinery segment accounts for the largest market share, as electric motors are critical in most manufacturing processes. HVAC systems, including compressors, condensers, and fans, also contribute significantly to the Peru Electric Motor Market Share. Other sectors such as household appliances, motor vehicles, and aerospace and transportation are also expected to witness significant growth in the coming years, attributed to the rising adoption of electric power systems.
According to Shubhamdeep, Senior Research Analyst, 6Wresearch, the 60 volts and above voltage range is expected to see a significant growth rate in the electric motor market, owing to increasing demand for automation systems in the manufacturing industry.
The report offers a comprehensive study of the subsequent market segments:
1. Executive Summary |
2. Introduction |
2.1. Report Description |
2.2. Key Highlights of The Report |
2.3. Market Scope & Segmentation |
2.4. Research Methodology |
2.5. Assumptions |
3. Peru Electric Motor Market Overview |
3.1. Peru Country Indicators |
3.2. Peru Electric Motor Market Revenues, 2020-2030F |
3.3. Peru Electric Motor Market Revenue Share, By Voltage, 2020 & 2030F |
3.4. Peru Electric Motor Market Revenue Share, By Types, 2020 & 2030F |
3.5. Peru Electric Motor Market Revenue Share, By Applications, 2020 & 2030F |
3.6. Peru Electric Motor Market Revenue Share, By End-Users, 2020 & 2030F |
3.7. Peru Electric Motor Market - Industry Life Cycle |
3.8. Peru Electric Motor Market - Porter’s Five Forces |
4. Peru Electric Motor Market Dynamics |
4.1. Impact Analysis |
4.2. Market Drivers |
4.3. Market Restraints |
5. Peru Electric Motor Market Trends |
6. Peru Electric Motor Market Overview, By Voltage |
6.1. Peru Low Voltage Electric Motor Market Revenues, 2020-2030F |
6.2. Peru Medium Voltage Electric Motor Market Revenues, 2020-2030F |
6.3. Peru High Voltage Electric Motor Market Revenues, 2020-2030F |
7. Peru Electric Motor Market Overview, By Types |
7.1. Peru Electric Motor Market Revenues, By AC Type, 2020-2030F |
7.2. Peru Electric Motor Market Revenues, By DC Type, 2020-2030F |
8. Peru Electric Motor Market Overview, By Applications |
8.1. Peru Electric Motor Market Revenues, By Pump Application, 2020-2030F |
8.2. Peru Electric Motor Market Revenues, By Fan Application, 2020-2030F |
8.3. Peru Electric Motor Market Revenues, By Conveyor Application, 2020-2030F |
8.4. Peru Electric Motor Market Revenues, By Compressors Application, 2020-2030F |
8.5. Peru Electric Motor Market Revenues, By Other Applications, 2020-2030F |
9. Peru Electric Motor Market Overview, By End-Users |
9.1. Peru Electric Motor Market Revenues, By Industrial Processing, 2020-2030F |
9.2. Peru Electric Motor Market Revenues, By Commercial HVAC, 2020-2030F |
9.3. Peru Electric Motor Market Revenues, By Automotive, 2020-2030F |
9.4. Peru Electric Motor Market Revenues, By Consumer Appliances, 2020-2030F |
9.5. Peru Electric Motor Market Revenues, By Power Generation, 2020-2030F |
9.6. Peru Electric Motor Market Revenues, By Others, 2020-2030F |
10. Peru Electric Motor Market - Key Performance Indicators |
11. Peru Electric Motor Market - Opportunity Assessment |
11.1. Peru Electric Motor Market Opportunity Assessment, By Types, 2030F |
11.2. Peru Electric Motor Market Opportunity Assessment, By Applications, 2030F |
12. Peru Electric Motor Market Competitive Landscape |
12.1. Peru Electric Motor Market Revenue Share, By Companies, 2023 |
12.2. Peru Electric Motor Market Competitive Benchmarking, By Operating & Technical Parameters |
13. Company Profiles |
14. Key Recommendations |
15. Disclaimer |