NEWARK, Del, Feb. 13, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the energy efficient motor market is expected to reach a valuation of US$ 151.0 Billion by 2034. Energy efficiency has become an increasingly important topic for industries worldwide. Governments are introducing strict regulations to reduce carbon emissions and promote sustainable practices, leading to a growing demand for energy-efficient technologies, including motors.
Industries widely adopt energy-efficient motors to comply with environmental mandates and reduce operational costs. These motors can help companies minimize their carbon footprint, align with sustainability objectives, and meet the energy efficiency standards set by governments. Advancements in motor design have greatly improved the efficiency and performance of energy-efficient motors. Variable frequency drives (VFDs), permanent magnet motors, and advanced control systems are some of the features that enhance the efficiency of these motors. These technologies have significantly improved the efficiency of motors, making them more reliable and cost-effective.
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Companies are now opting for energy-efficient motors as they offer a range of benefits, including reduced energy consumption, lower operational costs, and reduced environmental impact. As more countries recognize the importance of reducing energy consumption and greenhouse gas emissions, the popularity of energy-efficient motors is increasing globally. In Japan, for example, the government has introduced strict energy efficiency standards and incentives to support adopting energy-efficient technologies.
Key Takeaways from the Market Study:
- Super premium-IE4 type dominates the market, and its sales are expected to expand at a 9.5% CAGR through 2034.
- AC motor leads the product type category and is anticipated to register a CAGR of 9.3% over the forecast period.
- The energy efficient motor market in the United Kingdom is predicted to rise at an 11.2% CAGR through 2034.
- The energy efficient motor in Japan is projected to inflate at a CAGR of 11.0% through 2034.
- The energy efficient motor in China is anticipated to develop at a CAGR of 10.7% through 2034.
- The energy efficient motor in the United States is estimated to rise at a whopping 10.2% CAGR through 2034.
- The energy efficient motor market in South Korea has the potential to increase at 7.8% CAGR through 2034.
“The energy efficient motor market offers significant growth opportunities for businesses, provided they focus on innovation, education, and cooperation. Market players must invest in research and development to develop advanced motor technologies that provide superior efficiency, reliability, and performance. Fostering partnerships and collaborations with other industry stakeholders such as governments, regulatory bodies, and end-users can help create a supportive ecosystem for energy-efficient motor deployment and accelerate market growth,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Companies should prioritize innovation, sustainability, and customer education. To boost market adoption, companies should educate customers about the long-term benefits of energy-efficient motors, such as cost savings and reduced carbon emissions.
By aligning product development efforts with sustainability goals and actively promoting the advantages of energy-efficient motors, companies can drive demand and propel the growth of the energy-efficient motor market.
Key Companies Profiled Operating in the Global Market:
- Johnson Controls Inc.
- General Electric
- Marathon Electric
- Honeywell International Inc.
- Schneider Electric SE
- ABB
- Siemens
- Rockwell
- Crompton Greaves
- Kirloskar Electric Company Ltd.
- Bosch Rexroth AG
- Regal Beloit Corporation
- Nidec Motor Corporation
- WEG
Recent Developments:
- ABB launched the high-performance AMI 5800 NEMA modular induction motor in June 2023, with exceptional energy efficiency and reliability for oil and gas applications.
- KEB Automation utilized Yokogawa's WT5000 Precision Power analyzer in February 2023 to develop energy-efficient frequency converters for variable speed drives, complying with the EU's Ecodesign Directive.
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Energy Efficient Motor Market Segmentation Analysis:
By Type:
- Super premium-IE4
- Premium-IE3
- High-IE2
- Standard-IE1
By Product Type:
- AC Motor
- DC Motor
By Application:
- Pumps
- Fans
- Compressed Air
- Refrigeration
- Material Handling
- Material Processing
By End User:
- Industrial
- Commercial
- Residential
- Agriculture Sector
- Others
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
About the Industrial Automation Domain at Future Market Insights:
The industrial automation domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide.
With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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