APRIL 20238PANORAMAHOW ELECTRIC MOTORS ARE EVOLVING & BECOMING ENERGY EFFICIENTElectric Motors market in India is anticipated to register a Compound Annual Growth Rate (CAGR) of 5.9 percent till 2026, as per a Research and Market report. Electric motors have created an impact in almost every aspect of today's modern living. A multitude of appliances and devices such as refrigerators, vacuum cleaners, air conditioners, fans, computer hard drives, automatic car windows, and so on, uses electric motors for converting electrical energy into mechanical energy. Also, electric motors play a major and critical role in majority of industrial processes.Electric motors are used in the manufacturing process of almost all imaginable products which are manufactured in modern factories, these days. They are used in various equipment throughout the industry such as compressors, pumps, lathes, HVAC systems, fans, blowers & heavy-duty equipment. Owing to the unlimited number of applications for electric motors, it is easy to imagine that there are around 700 million-plus motors that come in different sizes and are in operation around the globe and these wide ranges of motors and motor drives have made a notable impact on the world, due to the amount of power consumed by them.Rising Demand for Electric MotorsThe increased recognition and acceptance of electric vehicles is bolstering the electric motors market growth
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