New York, NY, June 14, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Energy Efficient Motor Market By Efficiency Level (IE1, IE2, IE3, and IE4), By Motor Type (AC and DC), By Application (HVAC, Fans, Pumps, Compressors, Refrigeration, Material Handling, and Material Processing), and By Vertical (Industrial, Commercial Building, Residential, Automotive, Aerospace & Defense, Agriculture, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global energy efficient motor market was around USD 30.13 billion in 2018 and is expected to reach approximately USD 46.71 billion by 2025, at a CAGR of slightly above 6.46% between 2019 and 2025.
Energy-efficient motors are used in various industries like commercial building, residential, and agriculture. The higher performance of these energy efficient motor coupled with low protection prices has resulted in fuelling their demand for numerous applications.
Browse through 95 Tables & 38 Figures spread over 138 Pages and in-depth TOC on “Global Energy Efficient Motor Market: By Type, Applications, Industry Size, Share, Market Trends, Analysis, and Forecast, 2018–2025”.
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The rising cost of electricity is a major problem worldwide. The depletion of energy is the key for good profit margins from business in today’s aggressive world. The electricity consumption can be made efficient either by making the motor extra efficient or controlling the velocity at which they run. The most effective approach of minimizing the environmental effect of motors is by controlling the motor’s rate through motor starters. Moreover, energy-efficient motors are highly effective in saving costs, as it consumes less energy and gives more output. It also makes less noise and can operate under abnormal voltage conditions along with performing better than traditional motors. The low maintenance cost of these energy-efficient motors is a growing trend. These are some factors contributing to the global energy efficient motor market development. Additionally, the price advantages of using energy-efficient motors will further drive the energy efficient motor market in the upcoming years. However, the high initial cost incurred for the production of energy-efficient motors may hinder the energy efficient motor market over the forecast time period. The demand for energy-efficient green motors in numerous industries is lowering electricity consumption and reducing carbon dioxide (CO2) emissions globally.
The global energy efficient motor market is segmented based on efficiency Level, motor type, application, and vertical. The efficiency level segment includes IE1, IE2, IE3, and IE4. By motor type, the market is bifurcated into AC and DC. The AC segment accounted for a major market share in 2018, as AC motors are widely used in irrigation pumps and even robotics of the modern era. Furthermore, they are smaller, inexpensive, and lighter in weight along with being significantly utilized in HVAC equipment. The adoption of electric AC motors in the automobile industry has accelerated exponentially, creating extremely efficient and cheap-priced electronics by certain improvements in the permanent magnetic materials. Additionally, the flourishing popularity of various car features that include adjustable mirrors, motorized seats, and sunroofs are igniting the demand for brushless DC motors. DC motor types are used for variable velocity control applications in industrial equipment/machinery and gadgets, electronic toys, etc. Brushless DC motors are extensively used due to their low maintenance costs.
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Based on the application, the energy efficient motor market is classified into material processing, material handling, refrigeration, compressors, pumps, fans, and HVAC. The vertical segment comprises agriculture, aerospace and defense, automotive, residential, commercial building, industrial, and others. The industrial segment is expected to grow at a substantial rate in the future. Energy-efficient motors are widely utilized in numerous industrial sectors, such as energy and power, oil and gas, marine, mining, water, and wastewater, for optimum energy consumption, thereby consequently decreasing the operational costs.
North America is anticipated to hold a considerable share of the global energy efficient motor market, owing to the presence of major players of the automotive industry like Ford, Daimler Chrysler, etc. in the region. This is expected to contribute to the region’s electric efficient motor market. Moreover, the contributions of developed economies like Canada and the U.S. and various technological advancements witnessed across the region are expected to further boost this regional market.
Browse the full “Energy Efficient Motor Market By Efficiency Level (IE1, IE2, IE3, and IE4), By Motor Type (AC and DC), By Application (HVAC, Fans, Pumps, Compressors, Refrigeration, Material Handling, and Material Processing), and By Vertical (Industrial, Commercial Building, Residential, Automotive, Aerospace & Defense, Agriculture, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/energy-efficient-motor-market
Europe is anticipated to witness remarkable growth in the energy efficient motor market. This can be due to various technological advancements and rigorous research and development activities across the region. Moreover, the European market offers a statistical portrait of light commercial and passenger car fleets within the European Union, which are updated yearly. Furthermore, the energy efficient-motors have a high tolerance and low failure rate for overload conditions. All these features make these motors significantly attractive for the end-user industries, such as automotive, commercial building, etc. This is expected to propel the energy efficient motor market in the upcoming years.
The energy efficient motor market growth in Latin America is likely to be substantial in the future, due to the increasing government funding, rising energy-efficient motors demand from mining and oil and gas industries. Furthermore, due to the availability of IEC motors at low prices in the region, the demand for energy-efficient motors is projected to further increase in the Latin American region.
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In the Middle East and Africa, the rising awareness about the benefits of energy-efficient heating, ventilation, and air conditioning (HVAC) equipment is driving the energy efficient motor market. Additionally, the rising electricity prices and new regulations related to energy set by the government are predicted to create new growth opportunities for the local suppliers of energy-efficient motors.
Major players of the global energy efficient motor market are Bosch Rexroth, Microchip Technology, Johnson Controls, ABB, Regal Beloit Corporation, General Electric, Honeywell International, Baldor Electric, Siemens, Emerson Electric, Kirloskar Electric, Magnetek, Crompton Greaves, Marathon Electric, and Schneider Electric.
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This report segments the global energy efficient motor market into:
Global Energy Efficient Motor Market: Efficiency Level Analysis
- IE1
- IE2
- IE3
- IE4
Global Energy Efficient Motor Market: Motor Type Analysis
- AC
- DC
Global Energy Efficient Motor Market: Application Analysis
- HVAC
- Fans
- Pumps
- Compressors
- Refrigeration
- Material Handling
- Material Processing
Global Energy Efficient Motor Market: Vertical Analysis
- Industrial
- Commercial Building
- Residential
- Automotive
- Aerospace and Defense
- Agriculture
- Others
Global Energy Efficient Motor Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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