Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Energy Efficient Motors - A Global Market Overview" report has been added to ResearchAndMarkets.com's offering.
The global market for Energy Efficient Motors is estimated at US$45.6 billion in 2024 and is anticipated to post a CAGR of 8.6% during the 2024-2030 analysis period and stand at a projected US$74.9 billion by 2030.
The worldwide demand for Energy Efficient Motors is expected to clock a robust growth over the analysis period owing to several reasons, including government policies promoting the use of such motors, frequently increasing energy prices requiring wider use, growing awareness about environmental degradation caused by traditional motors and their greater effectiveness than conventional motors.
These motors enable companies to achieve sustainable goals by reducing carbon footprints. In addition, continuous improvements in motor designs have resulted in enhanced efficiency and a large number of industries are opting for these motors because of their cost-effectiveness, durability and low maintenance.
Energy Efficient Motors Regional Market Analysis
Regionally, North America is anticipated to hold the largest share in the global market for Energy Efficient Motors. The major factors for this include investments being made in key sectors, such as Automotive and Aerospace & Defense. The presence of leading manufacturers in these sectors, along with the obvious benefits offered, play a key role in wider adoption of Energy Efficient Motors, owing to which the region is expected to hold its number one position.
However, the demand for these motors in Asia-Pacific is expected to grow at the fastest rate as a result of various initiatives to encourage industries to transition to higher-efficiency motors (HEMs) that use less power for countering rising energy prices and minimizing growing concerns over energy efficiency.
Energy Efficient Motors Market Analysis by Product Type
AC & DC Motors are the two types of Energy Efficient Motors used, among which the former account for a larger share in the global market for these motor types. The growing acceptance of the same can be attributed to several factors that include advancement in motor designs, resulting in significant energy savings and reducing operating costs for consumers and applicability in sectors ranging from HVAC to industrial machinery.
Technological innovations and developments in motor control drive systems have enhanced overall efficiency by minimizing energy usage and providing accurate speed control. Additionally, growing awareness about sustainability and energy conservation for mitigating carbon footprints and regulations enforced by governments have played a crucial role in promoting the demand for AC motors.
Energy Efficient Motors Market Analysis by Efficiency Level
Efficient Electric Motors are classified into efficiency grades as IE1, IE2, IE3 and IE4 as per their energy consumption and operational competencies. Within these, IE4 Super Premium accounts for the largest global market share for Energy Efficient Motors, owing to growing awareness of environmental sustainability & energy conservation, as well as stringent government laws and industry standards mandating the usage of IE4 motors.
An increasing number of companies are adopting IE4 motors for increased energy efficiency due to rising energy costs and an increasing focus on operational cost savings. Additionally, advancements in design and materials, coupled with other motor technology advancements, have made motors with IE4 efficiency more appealing to end users.
Energy Efficient Motors Market Analysis by Application
The global market for Energy Efficient Motors is assumed to be led by Heating, Ventilation & Air-Conditioning (HVAC) applications. Such systems are usually equipped with a substantial number of motors for carrying out operations in various end-use sectors, prominent among which includes Building & Construction.
The use of Energy Efficient Motors in this area has been found to enhance energy efficiency and result in considerable energy savings. In addition, the rising emphasis on preserving indoor air quality at workplaces and manufacturing facilities and need for energy-efficient appliances contributing to the HVAC industry's expansion. Because of these factors, the market for Energy Efficient Motors in HVAC applications will also likely register the fastest growth over the analysis period.
Energy Efficient Motors Market Analysis by End-Use Sector
By end-use, Building & Construction is estimated to be the largest sector for Energy Efficient Motors worldwide. The key factors for this include extensive use of these motors in HVAC systems that find wide application in this sector, growing environmental awareness, strict energy use regulations, advances in motor technology and cost-effectiveness in terms of lower utility costs and longer motor lifespans.
However, Automotive is expected to be the fastest growing end-use sector for Energy Efficient Motors, the major factor for which is the industry's transition to sustainability and surging demand for electric vehicles (EVs). Some of the types of energy efficient motors typically used in these vehicles include synchronous & permanent magnet synchronous motors (both AC motors) and brushless DC motors. Among these, synchronous AC motors provide the greatest efficiency with up to 99% conversion rate of electrical and mechanical energy.
Key Metrics
- Historical Period: 2021-2023
- Base Year: 2023
- Forecast Period: 2024-2030
- Units: Value market in US$
- Companies Mentioned: 30+
Energy Efficient Motors Market by Geographic Region
- North America (The United States, Canada and Mexico)
- Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
- South America (Argentina, Brazil and Rest of South America)
- Rest of World (Middle East & Africa)
Energy Efficient Motors Market By Product Type
- AC Motors
- DC Motors
Energy Efficient Motors Market By Efficiency Level
- IE1
- IE2
- IE3
- IE4
Energy Efficient Motors Market By Application
- Compressors
- Fans
- HVAC (Heating, Ventilation & Air-Conditioning)
- Pumps
- Others (Incl. Material Handling & Material Processing Equipment)
Energy Efficient Motors Market By End-Use Sector
- Aerospace & Defense
- Agriculture
- Automotive
- Building & Construction
- Chemical
- Pharmaceutical
Key Global Players
- ABB Ltd
- AG Regal
- Baldor Electric Co
- Beloit Corp
- Bharat Bijlee Ltd
- Bosch Rexroth AG
- Brook Crompton Greaves Ltd
- CG Power and Industrial Solutions Ltd
- Crompton Greaves Consumer Electricals Ltd
- Elektrim Motors
- Emerson Electric Co
- General Electric
- Havells India Ltd
- Honeywell International, Inc.
- Hoyer Motors
- Integrated Electric Co Pvt Ltd
- Johnson Controls, Inc.
- Kirloskar Electric Co Ltd
- Magnetek, Inc.
- Marathon Electric India Pvt Ltd
- Maxon Motors AG
- Microchip Technology, Inc.
- Mitsubishi Electric
- Nidec Motor Corp
- NXP Semiconductors
- Regal Beloit Corp
- Regal Rexnord Corp
- Rockwell Automation
- Schneider Electric SE
- Shanghai Top Motor Co Ltd
- Siemens AG
- STMicroelectronics
- Texas Instruments
- Toshiba Corp
- Toshiba Mitsubishi-Electric Industry Systems Corporation (TMEIC)
- United Technologies Corp
- WEG Equipamentos Eletricos SA
- Wolong Electric Group Co Ltd
For more information about this report visit https://www.researchandmarkets.com/r/8ojvvo
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