Singapore Electric Motor Market (2024-2030) | Analysis, Outlook, Growth, Size, Industry, Companies, Trends, Share, Revenue, Value & Forecast

Singapore Electric Motor Market | Country-Wise Share and Competition Analysis

In the year 2021, China  was the largest exporter in terms of value, followed by Japan. It has registered a growth of 14.49% over the previous year. While Japan registered a growth of 26.87% as compare to the previous year. In the year 2017 China was the largest exporter followed by Japan. In term of Herfindahl Index, which measures the competitiveness of countries exporting, Singapore has the Herfindahl index of 1182 in 2017 which signifies high competitiveness also in 2021 it registered a Herfindahl index of  1305 which signifies high competitiveness in the market.

Singapore Electric Motor Market - Export Market Opportunities

Topics Covered in the Singapore Electric Motor Market

Singapore 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.

Singapore Electric Motor Market Synopsis

Singapore Electric Motor Market has been rapidly growing over the years due to the increase in demand for energy-efficient systems. Electric motors are widely used in various industries such as automotive, power generation, and processing. Despite challenges such as lack of domestic electric motor manufacturing and high raw material costs, the market presents several opportunities for both investors and businesses. As the country continues to cement its position as a leading economic hub globally, the electric motor market is expected to grow exponentially, creating a ripple effect in the industry, and contributing to overall development.

According to 6Wresearch, the Singapore Electric Motor Market Size is expected to grow at a CAGR of 5% during the forecast period of 2024-2030. The market is driven by several key factors such as technological advancements, the push towards sustainable energy, and the need for energy-efficient products. Singapore, being one of the world's leading economic hubs, offers a fertile ground for the growth of the electric motor market. One of the most critical drivers of the electric motor market in Singapore is the continuous advancement in technology. Singapore is known to be one of the most technologically advanced countries worldwide, with a booming electronics industry. The implementation of the Internet of Things (IoT), Industry 4.0, and Artificial Intelligence (AI) has drastically changed the manufacturing processes, thus creating opportunities for electric motors' growth. The global climate crisis has pushed governments globally to adopt sustainable practices, and Singapore is no exception. The government has initiated measures to achieve sustainable goals by reducing greenhouse gas emissions, promoting renewable energy sources, and committing funds toward research and development of alternate energy sources. The adoption of electric motors, propelled by these initiatives, is expected to be a game-changer in Singapore. Despite promising growth opportunities, the Singaporean electric motor market faces some challenges, such as the lack of a domestic electric motor manufacturing industry and the high cost of raw materials. These challenges may lead to the country's dependence on imported products, making it challenging to control quality and prices. The Singapore electric motor industry presents significant opportunities for businesses involved in electric motors' manufacturing, distribution, and servicing. The push by the government to adopt sustainable energy and the rapid development in technology has opened doors for innovators and investors interested in energy-efficient products.

Government policies and schemes introduced in the Singapore Electric Motor Market

The Singapore government has introduced several initiatives and policies to promote the use and production of electric motors. One of the most significant policy initiatives is the Carbon Pricing Scheme, which puts a price on carbon emissions. The scheme incentivizes the adoption of electric motors as they emit less carbon, which reduces carbon emissions, and helps companies avoid carbon tax liability. The Energy Efficiency Programme for Motor Systems (E2M) promotes energy-efficient motor systems for industrial and commercial applications. The Singapore government has also launched several schemes to promote electric motor adoption. One of the major schemes is the Electrification of Taxi/Taxi Operator Support Scheme (ETOS). The ETOS offers a grant to taxi operators to assist in the purchase of new electric taxis. Additionally, the Early Adoption Incentive (EAI) provides rebates on the purchase of electric cars and motorcycles. Another scheme, the Green Energy Workers Training Scheme, subsidizes training modules for employees in companies deploying green energy solutions.

Leading players in the Singapore Electric Motor Market

The electric motor market in Singapore has several leading players. One such player is the ABB Group, which is a leading provider of electric motors, drives, and generators globally. The company's state-of-the-art technology in electric motors produces energy-efficient motors that reduce energy consumption costs for industrial and commercial purposes. Another major player in the Singapore electric market is Siemens AG. Siemens produces electric motors for various applications like industrial control, water and wastewater management, and chemical industries.

Market Analysis by Motor Type

According to Ravi Bhandari, Research Head, 6Wresearch, the AC motor segment is expected to experience the highest growth rate in the coming years due to its lower cost, high efficiency, and low maintenance. Furthermore, the surge in infrastructure development for industries such as construction, food and beverage, and mining is set to drive the Singapore Electric Motor Market Growth.

Market Analysis by Application

By Application, the industrial machinery segment dominates the Singapore Electric Motor Market Share due to the increased use of motors in the manufacturing and production process. Furthermore, the growing demand for smart home appliances and the development of electric vehicles in Singapore are also driving the growth of this market segment.

Market Analysis by Speed

By Speed, the low-speed electric motor segment has been experiencing significant growth in the Singapore market due to its increased use in air conditioning units and refrigeration systems. Additionally, the growing demand for energy-efficient electric motors in the electric vehicle industry is further boosting the growth of this segment.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Singapore Electric Motor Market Outlook
• Market Size of Singapore Electric Motor Market, 2023
• Forecast of Singapore Electric Motor Market, 2030
• Historical Data and Forecast of Singapore Electric Motor Revenues & Volume for the Period 2020 - 2030
• Singapore Electric Motor Market Trend Evolution
• Singapore Electric Motor Market Drivers and Challenges
• Singapore Electric Motor Price Trends
• Singapore Electric Motor Porter's Five Forces
• Singapore Electric Motor Industry Life Cycle
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Motor Type for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Alternate Current (AC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Direct Current (DC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Hermetic Motor for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Voltage Range for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By 9 V & Below for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By 10-20 V for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By 21-60 V for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By 60 V & Above for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Industrial Machinery for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Motor Vehicles for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Heating, ventilating, and cooling (HVAC) equipment for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Aerospace & transportation for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Household Appliances for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Other for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Speed (RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Low-Speed Electric Motors (Less Than 1,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Medium-Speed Electric Motors (1,001-25,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By High-Speed Electric Motors (25,001-75,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Singapore Electric Motor Market Revenues & Volume By Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM) for the Period 2020 - 2030
• Singapore Electric Motor Import Export Trade Statistics
• Market Opportunity Assessment By Motor Type
• Market Opportunity Assessment By Voltage Range
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Speed (RPM)
• Singapore Electric Motor Top Companies Market Share
• Singapore Electric Motor Competitive Benchmarking By Technical and Operational Parameters
• Singapore Electric Motor Company Profiles
• Singapore Electric Motor Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Motor Type

• Alternate Current (AC) Motor
• Direct Current (DC) Motor
• Hermetic Motor

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)

Frequently Asked Questions About the Market Study (FAQs):