By GlobeNewswire – Press Releases
New York, United States , June 27, 2024 (GLOBE NEWSWIRE) — The Global Energy Efficient Motor Market Size is to Grow from USD 42.5 Billion in 2023 to USD 90.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.89% during the projected period.
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The market for certain electric motor types that are designed specifically to operate more effectively than conventional motors is referred to as the global energy efficient motor market. These motors consume less energy and have less of an impact on the environment since they are made to optimize energy conversion and reduce energy losses. Energy-efficient motors are used in many industries and applications, including consumer appliances, HVAC systems, industrial machinery, automotive, and aerospace. Strict energy efficiency regulations and guidelines have been established by governments and organizations worldwide, which they are expected to meet or exceed. As remote work and supply chain disruptions became more frequent, businesses realized the need for efficient motor systems to reduce energy consumption and operating expenses. Governments have the power to require motor manufacturers to design motors that either meet or exceed specific efficiency thresholds by imposing minimum energy efficiency standards. These recommendations might drive the industry toward more widely available and energy-efficient motors. Energy-efficient motors may require improved materials, more advanced production procedures, additional testing, and certification to ensure their performance. This might lead to higher manufacturing costs for manufacturers, which would increase the finished product’s cost to the customer.
Browse key industry insights spread across 255 pages with 110 Market data tables and figures & charts from the report on the “Global Energy Efficient Motor Market Size, Share, and COVID-19 Impact Analysis, By Type (Super Premium-IE4, Premium-IE3, High-IE2, and Standard-IE1), By Product Type (AC Motor and DC Motor), By Application (Pumps, Fans, Compressed Air, Refrigeration, Material Handling, and Material Processing), By End User (Industrial, Commercial, Residential, Agriculture Sector, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The premium-IE3 segment is estimated to grow at the highest pace in the market during the forecast period.
On the basis of type, the global energy efficient motor market is classified into super premium-IE4, premium-IE3, high-IE2, and standard-IE1. Among these, the premium-IE3 segment is estimated to grow at the highest pace in the market during the forecast period. Because of their increased energy efficiency, lower functional costs, and environmentally beneficial features, these motors are more appealing to companies that prioritize cost reduction and sustainability.
The DC motor segment is estimated to hold the greatest market share during the projection period.
On the basis of product type, the global energy efficient motor market is classified into AC motor and DC motor. Among these, the DC motor segment is estimated to hold the greatest market share during the projection period. This is because the quicker reaction times and more consistent torque and speed levels of DC motors make them perfect for use in vacuums, fabrication and manufacturing equipment, elevators, and material handling equipment.
The fans segment is estimated to grow at the highest CAGR in the market during the projected period.
On the basis of application, the global energy efficient motor market is classified into pumps, fans, compressed air, refrigeration, material handling, and material processing. Among these, the fans segment is estimated to grow at the highest CAGR in the market during the projected period. The government’s stringent regulations and growing environmental consciousness have led to a rise in the use of efficient motor technology for fans. These motors reduce greenhouse gas emissions while consuming less power.
The industrial segment is estimated to grow rapidly in the market during the projected period.
On the basis of end user, the global energy efficient motor market is classified into industrial, commercial, residential, agriculture sector, and others. Among these, the industrial segment is estimated to grow rapidly in the market during the projected period. Because of their durability, energy-efficient motors are essential to the industrial sector. Energy-efficient motors lower the amount of power used in production.
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North America is expected to dominate the global energy efficient motor market over the projected period.
North America is expected to dominate the global energy efficient motor market over the projected period. The reason for this region’s market’s explosive expansion is the increased investment in the transportation, commercial, and industrial sectors. Countries in the North American region are attempting to focus on energy efficiency in several ways, including projects, partnerships, and programs.
Asia Pacific region is expected to grow at the fastest pace over the projected period. Several Asia-Pacific countries have established minimum energy performance criteria or labeling programs for electric motors, which has led to an increase in the demand for energy-efficient motors. Asia-Pacific, home to the majority of the world’s population, is predicted to surpass the US as the world’s greatest energy consumer.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Energy Efficient Motor Market include ABB, Siemens, Schneider Electric, Eaton, Honeywell, Nidec, WEG, Toshiba Mitsubishi-Electric Industry Systems Corporation (TMEIC), Emerson, Rockwell Automation, Regal Beloit Corporation, United Technologies Corporation, NXP Semiconductors, STMicroelectronics, Texas Instruments, and Others
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Recent Developments
In March 2022, Siemens made investments in new and existing facilities in Texas and California that provide electrical equipment for data centers, industrial installations, and EV charging, among other important infrastructure systems. The company’s dedication to assisting the next generation of American infrastructure is strengthened by this investment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Energy Efficient Motor Market based on the below-mentioned segments:
Global Energy Efficient Motor Market, By Type
- Super Premium-IE4
- Premium-IE3
- High-IE2
- Standard-IE1
Global Energy Efficient Motor Market, By Product Type
Global Energy Efficient Motor Market, By Application
- Pumps
- Fans
- Compressed Air
- Refrigeration
- Material Handling
- Material Processing
Global Energy Efficient Motor Market, By End User
- Industrial
- Commercial
- Residential
- Agriculture Sector
- Others
Global Energy Efficient Motor Market, Regional Analysis
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Source: GlobeNewswire – Press Releases