The Global Energy Efficient Motor Market was valued at USD 41.56 billion in 2023 and is projected to reach USD 61.33 billion by 2029, growing at a CAGR of 6.70% between 2024 and 2029.
The advantages that energy-efficient motors offer over standard motors, such as high-quality lamination, insulation, and low fan losses, influence consumer preferences for them. Manufacturers are increasingly adopting factory automation to improve production capacity while minimizing errors, process time, and hazardous environmental effects. There are various factors that are expected to prevail throughout the forecast period and at the same time provide their impacts on market growth. Energy efficient motors rely on less energy, and power coolers, and are more reliable than traditional motors. This motor has more copper windings. The motor produces less noise and vibrations and has a low operating temperature.
The increase in robotics and automation in the manufacturing sector, the reduction in the cost of energy consumed, and the increase in vehicle sales are the growth drivers of the global energy-efficient motor market. The increasing emphasis on the adoption of green technologies is having a significant impact on the demand for energy-efficient engines around the world. Government support for the adoption of energy-efficient engines is an opportunity for this industry development.
High initial investment costs and intense competition restrict the market for energy-efficient motors in different parts of the world.
Since the Coronavirus outbreak in December 2019, the disease has spread to almost every country in the world, and the World Health Organization declared it a public health emergency. Amid the COVID-19 crisis, the global market for energy-efficient motors is expected to reach a revised size of US $ 98.2 thousand million, growing at a CAGR of 10.7% during the projection period. Synchronous, one of the segments analyzed in the report, is foreseen to register a CAGR of 11% and reach US$ 40.7 billion by the end of the analysis period. After an initial analysis of the business implications of the pandemic and its induced economic crisis, the growth of the asynchronous segment is readjusted to a revised CAGR of 10.4% for the next 7 years.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
6.70% |
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Segments Covered |
By Application, End User, Type, Product Type, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB Ltd, Crompton Greaves, General Electric, Honeywell International, Inc., Kirloskar Electric Company, Ltd, Microchip Technology, Inc., Magneteck, Inc., Johnson Controls Inc., Siemens AG, Weg S.A., Leeson Electric Corporation and Emerson Electric, and Others. |
The industrial, residential and commercial construction sectors are expected to emerge as the top consumers of energy-efficient motors worldwide. The transport and agricultural sectors will also present strong demand for these engines in the coming years. Transportation is subdivided into automobile, rail, and sea.
Growing demand for IE1 (standard), IE2 (high), IE3 (premium), and IE4 (super premium) motors is likely to drive this market significantly in the coming years. DC motors are expected to see a steady increase in demand in the near future.
With a large number of companies involved in the assembly and production of energy-efficient motors, Europe has established itself as a leader among all regional markets. Researchers expect this regional market to maintain its leadership in the near future due to technological advances and increased research and development activity. However, North America is expected to see moderate growth in the coming years due to maturation. On the other hand, Asia-Pacific is likely to offer lucrative opportunities for this market to grow in the coming years. The wide availability of raw materials and the presence of a low-wage and skilled workforce are expected to drive the energy-efficient motors market in the Asia Pacific in the coming years. The Latin American, Middle Eastern, and African markets are also estimated to see a significant increase in their overall valuation in the near future.
Companies playing a prominent role in the global energy efficient motor market include ABB Ltd, Crompton Greaves, General Electric, Honeywell International, Inc., Kirloskar Electric Company, Ltd, Microchip Technology, Inc., Magneteck, Inc., Johnson Controls Inc., Siemens AG, Weg S.A., Leeson Electric Corporation and Emerson Electric, and Others.
By Application
By End User
By Type
By Region
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