Global Energy-Efficient Motor Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- March 18, 2023
- ENERGY & POWER, NEWS
- Energy Efficient Motor Market, Energy Efficient Motor Market share, Energy Efficient Motor Market size, Energy Efficient Motor Market trends, Energy Efficient Motor Marketgrowth
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The energy-efficient motor market refers to the market for motors that are designed to operate at higher energy efficiencies than standard motors. These motors are designed to reduce energy consumption and lower operating costs while still delivering the same level of performance as standard motors. Energy-efficient motors are often used in industrial and commercial applications, such as in HVAC systems, pumps, and manufacturing equipment. The market for energy-efficient motors has been growing rapidly in recent years, driven by increasing energy costs and government regulations aimed at reducing energy consumption and greenhouse gas emissions. The market is expected to continue to grow as more companies look to reduce their energy costs and improve their environmental performance.
The Energy-Efficient Motor Market is expected to grow at a steady rate of around 7% during the forecast period (2022-2028 owing to the increasing energy cost coupled with the stringent government regulation for carbon emissions along with the advancement in technology such as improved material, design, and control systems. Major companies in the market are focusing to provide the energy-efficient motor with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in 2020, WEG a Brazilian company that produces a range of electrical products, including energy-efficient motors launched a new line of energy-efficient motors known as the W22X.
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Based on motor design, the market is segmented into AC motors and DC motors. The DC motor segment is expected to register significant market growth during the forecast period owing to its better efficiency and longer lifespan. Also, DC motors offer superior performance characteristics, such as higher torque, faster acceleration, and smoother operation. This can lead to improved productivity and efficiency in various applications, from manufacturing to transportation. In addition, DC motors also help to lower greenhouse gas emissions and carbon footprint and help to mitigate climate change as well as improve air quality.
Based on the efficiency level, the market is segmented into IE4: super premium efficiency, IE3: premium efficiency, IE2: high efficiency, and IE1: standard efficiency. The IE4: super premium efficiency motor segment is expected to witness significant market growth during the forecast period due to its higher efficiency than its counterpart. Also, IE4 motors are designed with higher-quality materials, more precise manufacturing processes, and advanced control systems that minimize energy losses and improve motor efficiency. The energy savings achieved by using an IE4 motor can be significant, with efficiency gains of up to 15-20% compared to an IE3 motor, and up to 40% compared to a standard IE1 motor. This can lead to significant cost savings for businesses, particularly in high-energy-consumption applications, such as pumps, fans, and compressors.
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For a better understanding of the market adoption of the Energy-Efficient motor industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. The demand for energy-efficient motors in the Asia Pacific region is driven by various factors, including increasing energy costs, growing environmental concerns, and government regulations promoting energy efficiency. Additionally, there is a growing focus on reducing carbon emissions and improving energy security, which is further driving the adoption of energy-efficient motors. China, India, and Japan are the major countries driving the growth of the Asia Pacific energy-efficient motor market. These countries have significant demand for energy-efficient motors, driven by their large populations, growing industrial sectors, and increasing energy consumption. Other key markets in the region include South Korea, Australia, and Indonesia.
Some of the major players operating in the market include ABB, Siemens AG, Kirloskar Electric Company, Rockwell Automation, Inc., Bosch Rexroth AG, Maxon, WEG, Schneider Electric, Havells India Ltd., and General Electric.
Global Energy-Efficient Motor Market Segmentation
Market Insight, by efficiency level
· IE4: Super Premium Efficiency
· IE3: Premium Efficiency
· IE2: High Efficiency
· IE1: Standard Efficiency
Market Insight, by Drive Type
· AC Motors
· DC Motors
Market Insight, by Application
· Fans
· HVAC
· Compressor
· Pumps
· Refrigeration
· Material Handling
Market Insights, by Vertical
· Commercial
· Residential
· Industrial
· Agriculture
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· ABB
· Siemens AG
· Kirloskar Electric Company
· Rockwell Automation, Inc.
· Bosch Rexroth AG
· Maxon
· WEG
· Schneider Electric
· Havells India Ltd.
· General Electric
