power and energy

  As the production of electric vehicles (EVs) is soaring in the Asia-Pacific (APAC) region, the demand for electric motors is also escalating at a substantial pace. The spike in EV sales is due to the high levels of air pollution in the region, which is why the government of several nations, such as India and China, is offering significant subsidies on EVs to facilitate their adoption. These initiatives will help the APAC electric motor market progress at a CAGR of 6.9% during 2018–2023. According to P&S Intelligence, the value of the market will rise to $77,876.8 million by 2023 from $50,948.1 million in 2017. Moreover, the manufacturing sector in the APAC region is installing a large number of energy-efficient electric motors to reduce the requirement for power, in the face of the increasing pollution levels. Electric motors account for nearly 70% of the total energy consumption in factories, which is why the need to make them energy-efficient is rather strong presently. Com...