Energy Efficient Motor Market Size Projected to Grow $59.3 Billion by 2028 | MarketsandMarkets™
Chicago, March 14, 2024 (GLOBE NEWSWIRE) -- *The global* *Energy Efficient Motor Market* *size* *is expected to grow from USD **41.7 billion in 2023 to USD **59.3 billion by 2028, at a CAGR of 7.3%* *according** to a new report by MarketsandMarkets™. *An energy efficient motor is a type of electric motor that gives greater output compared to a standard motor at lesser power consumption. Energy efficient motors use improved materials, more efficient manufacturing processes, and advanced technologies such as variable speed drives. These motors help in achieving significant energy savings, reducing greenhouse gas emissions, and lowering operating costs over the lifetime of the motor.
Implementation of energy-efficient motors can lower the energy consumption significantly. The operations of devices enabled with energy-efficient motors lead to the lesser production of greenhouse gases. The adoption of these motors in various equipment reduces the operation costs and improves industrial operations in terms of energy efficiency. These factors help reduce the life cycle costs for energy-efficient motors as compared to traditional electric motors, driving their adoption. Major factors that would further drive the adoption of energy efficient motors include stringent government policies with the goal of achieving high efficiencies in appliances, equipment in various sectors so to move towards decarbonization.
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*Energy Efficient Motor Market Scope:*
*Report Coverage* *Details*
Market Size USD 59.3 billion by 2028
Growth Rate 7.3% of CAGR
Largest Market Asia Pacific
Market Dynamics Drivers, Restraints, Opportunities & Challenges
Forecast Period 2023-2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Energy Efficient Motor Market by efficiency Level, type, power output rating, application, end user, and region.
Geographies Covered Asia Pacific, North America, Europe, South America, and Middle East & Africa.
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Rising industrialization and decarbonization initiatives
Key Market Drivers Lower life cycle costs than traditional motors
*HVAC 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.
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*Energy Efficient Motor Market Dynamics:*
*Drivers:*
1. Lower life cycle costs than traditional motors
2. Government initiatives encouraging adoption of energy efficient motors
3. Increasing adoption of energy efficient motors in industrial sector
*Restraints:*
1. High price of energy efficient motors
*Opportunities:*
1. Rising industrialization and decarbonization initiatives
2. Growth of robotics and automation
*Challenges:*
1. Limited awareness about benefits of energy efficient motors
2. Supply chain disruptions
*North America is expected to be the second-largest region in the **Energy Efficient Motor Industry*
North America is expected to be the second largest and fastest-growing market. 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.
*Key Market Players:*
Some of the major players in the *Energy Efficient Motor Companies* are Regal Rexnord Corporation (US), ABB (Switzerland), Siemens (Germany), Wolong Electric Group Co., Ltd (China), and Nidec Corporation (Japan).
*Browse Adjacent Markets: **Energy and Power Market** Research Reports & Consulting*
*Browse Related Reports:*
*Electric Motors Market** - Global Forecast to 2027*
*Servo Motors and Drives Market* *- Global Forecast to 2027*
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