The Ultimate Guide to Understanding Energy Efficient Motor Market

The global Energy Efficient Motor Market will grow to USD 59.3 Billion by 2028 from USD 41.7 Billion in 2023, at a CAGR of 7.3% during 2023-2028. An energy efficient motor is a type of electric motor that is designed to consume less electrical energy while providing the same level of output as a standard motor. Energy-efficient motors help achieve significant energy savings, reduce greenhouse gas emissions, and lower operating costs due to the longer lifespan of these motors. The lower life cycle costs over traditional motors, government initiatives encouraging the adoption of energy efficient motors, and increasing adoption of energy-efficient motors in the industrial sector are a few of the major drivers for the energy efficient motor market growth.

 

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=163

 

In the industrial sector, energy efficient motor are used in a variety of applications, such as pumps, compressors, fans, conveyors, and processing equipment for achieving improved energy efficiency, lower operating costs, reduced downtime, enhanced performance, and increased system reliability. Many companies have investing in energy efficient technologies to achieve their targets to minimize their greenhouse gas emissions. This is anticipated to propel the demand for energy efficient motors in the industrial end user segment.

Energy-efficient electric motors are used in heating, ventilation, and air conditioning (HVAC) solutions, especially in commercial buildings, especially for maintaining good indoor air quality and providing thermal comfort. HVAC systems are based on the laws of thermodynamics, and principles of fluid mechanics and heat transfer. The most commonly used motors in HVAC applications are induction motors; three-phase for commercial/industrial premises, and single-phase for certain smaller installations. The growth of the HVAC market is propelled by rapid industrialization and urbanization, which has enhanced the need to maintain air quality in indoor spaces like offices and manufacturing units, and growing demand for energy-efficient devices.

 

North America region is expected to hold the second largest and fastest-growing energy efficient motor market share. The use of energy efficient motors in the region is increasing rapidly due to growing investments in major verticals such as industrial, commercial, and transportation. Countries in North America have been focusing on energy efficiency through programs, partnerships, and initiatives. For instance, the Industrial Efficiency and Decarbonization Office (IEDO) aims to improve the energy and material efficiency, productivity, and competitiveness of manufacturers across the industrial sector. Asia Pacific accounted for largest energy efficient motor market share.

 

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=163

 

Key Market Players:

 

Some of the major players in the Energy Efficient Motor Market are Regal Rexnord Corporation (US), ABB (Switzerland), Siemens (Germany), Wolong Electric Group Co., Ltd (China), and Nidec Corporation (Japan).

 

Regal Rexnord

 

Regal Rexnord Corporation is a company that provides energy efficient motors, with efficiency levels ranging from IE1 to IE5 for a wide range of sectors, such as industrial, residential, commercial, and automotive. In recent years, the company has been focusing on expanding its portfolio of energy-efficient motors. The company has been investing in research and development to design and manufacture high-performance motors that meet the energy efficiency standards set by various regulatory bodies around across the world.

 

ABB

 

ABB is a company that provides a range of International Electrotechnical Commission (IEC) standard motors that are designed to meet the high-performance and efficiency requirements of a wide range of applications. ABB invests heavily in research and development in a bid to continuously improve and innovate its energy-efficient motion control offerings to meet the changing needs of its customers. Its latest launch, M3BP motors, are a series of premium efficiency motors for use in the food and beverage, pulp and paper, and water and wastewater industries.

Energy Efficient Motor Market May Set New Growth Story

 The global Energy Efficient Motor Market is projected to reach USD 41.6 billion by 2023 from USD 30.3 billion in 2018, at a CAGR of 6.5% between 2018 and 2023. The major factors driving the growth of the energy efficient motor market are energy savings and the subsequent cost over traditional motors, increasing governmental support worldwide towards the adoption of energy efficient motors, rising need to reduce the greenhouse effect, and growing adoption of energy efficient motors in the industrial sector.

Energy efficient motors are used in various application areas in the agriculture industry; these applications include irrigation, ventilation, grain handling, material handling, aeration, and conditioning. Motors are among the largest energy consuming devices on farms. Motors used in the agriculture sector account for 18% of the on-farm energy consumption worldwide. Also, the energy saving solutions are applicable to all segments of the agriculture sector including dairies and livestock producers, nurseries, crop farmers, and food processing companies. This would further propel the growth of the energy efficient motor market

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=163  

The energy-efficient electric motor market for the HVAC application projected to grow at the highest Growth Rate.

Energy-efficient electric motors are implemented for heating, ventilation, and air conditioning (HVAC) solutions, especially in commercial buildings. HVAC systems operate based on the laws of thermodynamics, and principles of fluid mechanics and heat transfer. These motors are equipped in electromechanical products, such as pumps, fans, compressors, and refrigerators. The primary objective of HVAC systems is the maintenance of good indoor air quality, providing sufficient ventilation through air filtration, and thermal comfort. The growth of the HVAC application market is driven by government support, increasing industrialization and urbanization, development of advanced solutions, and growing demand for energy-efficient devices.

The industrial vertical accounted for the largest share of the overall energy efficient motor market.

Energy efficient motors are extensively used in various industries, including oil & gas, marine, power & energy, mining, and water & wastewater, to help reduce energy consumption as well as operational costs. Electric motors account for 60–70% of the total electricity consumed in the industrial sector. Hence, manufacturers of electric motors have undertaken efforts to improve the efficiency of motors. Energy consumption is one of the major economic and environmental issues of concern, leading to the growing need for, and an increase in the adoption of energy efficient motors. The demand for energy efficient motors in various industries is increasing to enable a reduction in electricity consumption and lower carbon dioxide (CO2) emissions.

Request FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=163  

The Asia Pacific is expected to be the fastest-growing market of energy efficient motor.

The Asia Pacific is projected to be the fastest-growing regions in the energy efficient motor market by 2018, and grow at the highest CAGR during the forecast period. According to the Asian Development Bank (ADB), the share of the region to global energy consumption is expected to increase from 34% in 2010 to 56% by 2035. ADB has undertaken investments worth USD 970 million in energy efficiency projects, which are expected to help the Asia Pacific countries meet their national targets for energy efficiency and the reduction of greenhouse gas emissions by 2020.

Some of the key players in the Energy Efficient Motor Market, such as ABB (Switzerland), Siemens (Germany), WEG (Brazil), GE (US), Schneider Electric (France), Nidec (Japan), Rockwell (US), CG (India), Bosch Rexroth (Germany), and Kirloskar Electric (India).

Electric Motor Sales Market: Business Growth Strategies by Industry Giants ABB, Siemens, General Electric, Nidec Corporation, Denso Corporation, Bosch, Emerson Electric, and WEG.

The global Electric Motor Sales Market is expected to grow from an estimated USD 94.23 Billion in 2016 to USD 127.63 Billion by 2021, at a CAGR of 6.26% from 2016 to 2021. Factors driving the market include growing motorized automation across major industries, increasing motor-driven household appliances, continuously growing agricultural sector, strong automobile production, and transition toward energy-efficient motors.

Electric motors are widely used in all the sectors and the global production of electric motors are drastically increased in recent years due to increase in the utilization of motors for maximum output from the major sectors such as industrial, agriculture, residential, commercial, and transportation.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=717

The market is classified by type into AC and DC motors. AC motors are the fastest growing segment in the market. With increasing applications in end-user industries such as, transportation, chemicals, and many others, the AC motors segment is expected to dominate the market till 2021.

Asia-Pacific is the leading market for electric motor sales

In this report, the electric motor sales market has been analyzed with respect to the following regions, namely, Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. Asia-Pacific is currently the largest market for electric motors, and it is projected to grow at the highest CAGR during the forecast period. China accounted for the majority share in Asia-Pacific in 2016. In Asia-Pacific, the growth of the market can be attributed to factors such as buoyant growth in the agriculture sectors, massive investments in industrialization, and upgrading and replacing aging infrastructure. These factors are driving the market in this region. The figure given below shows the regional scenario of the market from 2016 to 2021.

Heavy electric motors are majorly used in electric vehicles, elevator & hoists, steel rolling mills, machine tools, and all other heavy industrial activities; however, these are not easily portable. This has proved to be a restraining factor for heavy motors. But this factor can be overcome by improving the standards of transportation of heavy motors which in turn can improve the revenue sales of these electric motors.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=717

Some of the leading players in the Electric Motor Sales Market include ABB Ltd. (Switzerland), Siemens AG (Germany), Nidec Corporation (Japan), Denso Corporation (Japan), General Electric Company (U.S.), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Arc System, Inc. (U.S.), Baldor Electric Company (U.S.), Bosch Group (Germany), Emerson Electric Co. (U.S.), Hitachi Ltd. (Japan), Johnson Electric Holdings Ltd. (Hong Kong), Regal Beloit Corporation (U.S.), Rockwell Automation (U.S.), Toshiba International Corporation (U.S.), and WEG (Brazil).