Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Energy Efficient Motor Market by Efficiency Level (IE1, IE2, IE3, IE4, and IE5), Type(AC, DC), Power Output Rating (< 1 kW, 1 - 2.2 kW, 2.2 - 375 kW, and > 375 kW), Application (HVAC, Fans, Pumps, Compressors), End User Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Energy Efficient Motor market is projected to reach USD 59.3 billion by 2028 from an estimated USD 41.7 billion in 2023, at a CAGR of 7.3% during the forecast period.
The IE3 segment market is anticipated to grow from an estimated USD 29.7 billion in 2023 to USD 41.9 billion in 2028, at a CAGR of 7.1% during the forecast period.
Rotor losses in IE3 motors are reduced considerably by using copper as the conductor material in the squirrel cage rather than aluminum, which leads to the reduction of the slip under load conditions.
The reduction in air gaps and thinner laminations made of better-quality steel ensure higher efficiency than traditional motors. These technological modifications in the IE3 efficiency level motors is pushing the market.
Aerospace & Defense: The second fastest-growing segment of the energy-efficient motor market, by end-user
The end user segment is categorized as industrial, commercial, residential, automotive, agriculture, and aerospace. energy-efficient motors are used in aircraft propulsion, navigation systems, and environmental control systems.
Advantages of these applications include improved fuel efficiency, reduced emissions, and increased system reliability which is pushing the market.
North America is expected to account for the second-largest market size during the forecast period
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 Attributes:
| Report Attribute | Details |
| No. of Pages | 215 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $41.7 Billion |
| Forecasted Market Value (USD) by 2028 | $59.3 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Lower Life Cycle Costs Than Traditional Motors
- Government Initiatives Encouraging Adoption of Energy-Efficient Motors
- Increasing Adoption of Energy-Efficient Motors in Industrial Sector
Restraints
- High Price of Energy-Efficient Motors
Opportunities
- Rising Industrialization and Decarbonization Initiatives
- Growth of Robotics and Automation
Challenges
- Limited Awareness About Benefits of Energy-Efficient Motors
- Supply Chain Disruptions
Case Study Analysis
- Orquidea Improved Food Production Efficiency with Bonus Motor Program
- Emory University Upgraded Motors to Cut Down HVAC Energy Costs
Companies Mentioned
- ABB
- Bharat Bijlee
- Cg Power and Industrial Solutions Ltd.
- Ec Fans and Drives
- Elektrim Motors
- Havells
- Hoyer Motors
- Integrated Electric Co. Pvt. Ltd.
- Kirloskar Electric
- Menzel Elektromotoren GmbH
- Mitsubishi Electric
- Nidec Corporation
- Ome Motors
- Regal Rexnord Corporation
- Rockwell Automation
- Shanghai Top Motor Co. Ltd.
- Siemens
- Toshiba Corporation
- Weg
- Wolong Electric Group Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/374io6
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