The induction motors market is expected to display an upward trend in terms of revenue. In addition, it is estimated to grow at a CAGR of 3.72% during the forecasting years 2019 to 2028. The market accounted for $13232 million in 2018 and is expected to reach $20316 million by 2028.
The induction motor is an asynchronous AC electric motor. It was invented by Nikola Tesla and has been around for a hundred years. It is a very popular motor that is being used. Around 30% of the world’s energy consumption is due to induction motors. Hence research is being done to increase its efficiency. Some of the electric vehicle manufacturers are also considering this motor for propulsion.
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