Market Size of North America Alternating Current (AC) Motor Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.23 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Alternating Current (AC) Motor Market Analysis
The North America Alternating Current (AC) Motor market is analyzed to grow at a CAGR of 5.23% during the forecast period 2022-2027. In North America, the market for AC motors is primarily driven by the industries' increased focus on industry 4.0. In the region, industrial automation is driving the manufacturing industry toward more efficient products, which is predicted to increase rapidly throughout the forecast period.
- The growing adoption of automation in the region is majorly contributing to the demand for the AC motors market. Manufacturing is moving closer to the customer as a result of trade tensions and COVID-19. Companies are considering nearshoring with automation as a solution to supply-chain concerns.
- One particular statistic from the United States demonstrates how automation is assisting firms in resuming operations. Robot orders in the third quarter of 2021 in the United States were up 35% over the same period in 2020, according to the Association for Advancing Automation (A3). Non-automotive sectors account for more than half of the orders.
- Manufacturers in the food business are increasingly using automation to comply with industry rules and requirements for maintaining product quality. The Food Safety Modernization Act (FSMA) of the Food and Drug Administration, for instance, established laws requiring large food manufacturers to adhere to preventive measures and Current Good Manufacturing Practice (CGMPS) standards.
- The outbreak of COVID-19 has been a harbinger for industrialists, i.e., a manufacturing recession. A significant slowdown in the sales of AC motors from China disrupted the supply chain across applications, such as equipment, packaging materials, ingredients, and other plant supplies.
