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Energy Efficient Motor Market worth $59.3 Billion by 2028

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Energy Efficient Motor Market worth $59.3 Billion by 2028

March 14
12:28 2023
Energy Efficient Motor Market worth $59.3 Billion by 2028
The global energy efficient motor market is expected to grow from an estimated USD 41.7 billion in 2023 to USD 59.3 billion in 2028, at a CAGR of 7.3% during the forecast period.

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.

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn, and Facebook.

Contact: Mr. Aashish Mehra MarketsandMarkets™ INC.

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Email: [email protected]

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Address:630 Dundee Road Suite 430
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State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/energy-efficient-motor-163.html

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