Energy Efficient Motor Market

Energy Efficient Motor Market Size (2023 - 2028)

The Global Energy Efficient Motor Market was valued at USD 38.95 billion in 2022 and is projected to reach USD 57.04 billion by 2028, growing at a CAGR of 6.70% between 2023 to 2028.

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.

Market Drivers:

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.

Market Restraints:

High initial investment costs and intense competition restrict the market for energy-efficient motors in different parts of the world.

Market Recent Developments:

• All new low voltage (LV) motors must meet efficiency levels IE2 or higher according to the latest regulations in India.

• ABB Synchronous Reluctance Motors (SynRM) now comply with the new ultra-premium energy efficiency class IE5 defined by the International Electrotechnical Commission (IEC) by offering up to 50% lower energy losses and energy consumption compared to the IE2 induction motors.

ENERGY EFFICIENT MOTOR MARKET REPORT COVERAGE:

Market Segmentation:

Energy Efficient Motor Market - By Application

• Pumps

• Fans

• Compressed Air

• Refrigeration

• Material Handling

• Material Processing

Energy Efficient Motor Market - By End User:

• Industrial

• Buildings

• Aerospace and Defense

• Agriculture Sector

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.

Energy Efficient Motor Market - By Type:

• Super premium-IE4

• Premium-IE3

• High-IE2

• Standard-IE1 

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.

Energy Efficient Motor Market - By Product Type:

• Synchronous Motor

• Asynchronous motor 

• DC Motor

Market Regional Analysis:

The Energy Efficient Motor Market Includes are

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

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.

Impact Of Covid-19 On Energy Efficient Motor Market:

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.

Key Players of the Market:

1. ABB Ltd
2. Crompton Greaves
3. General Electric
4. Honeywell International, Inc.
5. Kirloskar Electric Company, Ltd
6. Microchip Technology, Inc.
7. Magneteck, Inc.
8. Johnson Controls Inc.
9. Siemens AG, Weg S.A.
10. Leeson Elctric Corporation
11. Emerson Electric