Energy Efficient Motor Market worth $59.3 Billion by 2028
The global Energy Efficient Motor Marketis projected to reach USD 59.3 billion in 2028 from USD 41.7 billion in 2023 at a CAGR of 7.3% according to a new report by MarketsandMarkets™. 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.
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The industrial market, by end user, is expected to be the most significant end use market during the forecast period.
In the industrial sector, energy-efficient motors 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.
HVAC, by application, is expected to grow at the highest CAGR during the forecast period
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.
Europe segment is expected to be the second fastest-growing region in the Energy Efficient Motor Market
With the massive power usage by electric motors, Europe has been at the forefront of the adoption of energy-efficient motors. Rules on eco-design for electric motors and variable speed drives are mandatory for all manufacturers and suppliers wishing to sell their products in the European Union. The Regulation on Electric Motors and Variable Speed Drives (EU) 2019/1781 was adopted on July 1, 2021, replacing the Regulation on Ecodesign for Electric Motors (EC) No 640/2009. The new regulation has a broader scope and covers single-speed, 50Hz, 60 Hz or 50/60Hz, induction motors with 2 to 8 poles, with single-phase or three-phase input, rated output between 0.12 kW and 1000 kW, rated voltage from 50 V to 1,000 V, and rated on the basis of continuous duty operation and direct on-line operation.
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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). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
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