PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485714
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485714
Energy Efficient Motor Market size was valued at USD 40,345 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
An energy-efficient motor exhibits superior performance characteristics compared to conventional models, boasting reduced electricity consumption, lower operating temperatures, and extended operational lifespans. This motor features augmented copper windings, contributing to a heightened efficiency of 2-6% beyond standard counterparts. Furthermore, it mitigates noise and vibration levels while maintaining optimal operational temperatures, thereby enhancing durability and minimizing maintenance expenditures. Its versatility renders it suitable for a diverse array of industrial applications, spanning sectors such as paper production, cement manufacturing, textile processing, machine tooling, and air handling systems.
Energy Efficient Motor Market- Market Dynamics
Need to mitigate greenhouse gas emissions to propel market demand
The growing need to mitigate greenhouse gas emissions is propelling the demand for energy-efficient solutions, poised to catalyze the expansion of the energy-efficient motor market. With energy conservation gaining traction, enterprises are increasingly opting for eco-friendly technologies and practices. Embracing energy-efficient solutions emerges as a pivotal strategy in curbing emissions stemming from fossil fuel-based electricity generation. This imperative impels industrial end-users to transition from conventional to energy-efficient motors, promising significant reductions in greenhouse gas emissions and hazardous pollutants while preserving natural energy reservoirs. The superior features of energy-efficient motors, including enhanced lamination quality, superior insulation, and reduced fan losses, are pivotal in shaping consumer preferences. Additionally, the enforcement of environmental statutes such as the Environment Protection Act (EP Act) and initiatives like Minimum Energy Performance Standards (MEPS) aimed at conserving non-renewable energy sources further amplify the worldwide demand for these advanced motors.
Energy Efficient Motor Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on application segmentation, pumps was predicted to show maximum market share in the year 2023
Based on Product Type segmentation, premium-IE4 was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Energy Efficient Motor Market is segmented on the basis of Product Type, Application, Motor Type, End User, and Region.
The market is divided into four categories based on Product Type: Super premium-IE4, High-IE2, Standard-IE1, and Premium-IE3. In 2023, the super premium-IE4 segment emerged as the dominant segment in the market landscape. This dominance is attributed to the escalating global consciousness surrounding environmental sustainability and energy preservation, catalyzing a surge in demand for high-efficiency motors. Moreover, stringent regulatory frameworks and industry standards mandating the adoption of IE4 motors further fuel market expansion. Additionally, the upward trajectory is propelled by mounting energy expenses and a heightened focus on operational cost optimization, compelling industries to embrace these motors for superior energy efficiency. Furthermore, ongoing advancements in motor technology, encompassing enhanced materials and design, are democratizing access to IE4 motors, rendering them increasingly appealing across diverse industrial sectors. Collectively, these factors are poised to underpin the continued growth of the energy-efficient motor market throughout the forecast period.
The market is divided into six categories based on Application: Pumps, Compressed Air, Refrigeration, Material Handling, Material Processing and Fans. In 2023, the pumps segment emerged as the dominating segment in the global energy-efficient motor market. This dominance is attributed to the heightened industry focus on sustainability and energy preservation, compelling the adoption of more efficient motor systems to curtail power consumption in pump applications. Additionally, stringent regulatory enforcement and environmental standards are incentivizing the deployment of energy-efficient motors as a means to mitigate carbon emissions. Technological advancements in motor engineering, notably the integration of variable frequency drives (VFDs) and permanent magnet motors, are facilitating greater accessibility and cost-effectiveness of energy-efficient pump solutions. Collectively, these dynamics are anticipated to propel sustained growth in the energy-efficient motor market throughout the forecast period.
Energy Efficient Motor Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies in the energy-efficient motors sector employ various strategies to maintain their market position. Partnerships with technology providers and research institutions facilitate access to cutting-edge innovations and expertise. Collaborations with industry players enable market expansion and diversification of product offerings. Additionally, strategic alliances with government agencies and regulatory bodies ensure compliance with evolving standards and regulations, enhancing credibility and trust among customers. Investments in research and development drive continuous improvement and differentiation of products, reinforcing competitiveness. Moreover, initiatives to raise awareness about the benefits of energy-efficient motors through marketing campaigns and educational programs foster customer loyalty and market penetration.
In April 2024, ABB India expanded its product lineup by introducing two new ranges of energy-efficient motors, aiming to foster sustainable industrial development. The launch includes small frame cast iron IE4 super premium efficiency motors and IE3 Aluminum motors, both built on a proven global platform, ensuring reliability and consistent performance. The addition of small frame cast iron IE4 super premium efficiency motors completes the IE4 portfolio, providing improved energy efficiency, cost savings, and emission reduction advantages.
GLOBAL ENERGY EFFICIENT MOTOR MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Honeywell International
Johnson Controls
AG Regal
ABB
Marathon Electric
Microchip Technology
Schneider Electric
General Electric
Bosch Rexroth
Crompton Greaves
Others