DUBLIN, Oct. 4, 2024 (Globe Newswire) — The “Energy Efficient Motors – Global Market Overview” report has been added to ResearchAndMarkets.com’s offering.
The global market for energy efficient motors is estimated to be USD 45.6 billion in 2024 and is expected to reach USD 74.9 billion by 2030, registering a CAGR of 8.6% during the analysis period 2024-2030. It is predicted.
The global demand for energy-efficient motors is driven by factors such as government policies promoting the use of such motors, frequent energy price hikes that require widespread use, and growing awareness of the environmental degradation caused by conventional motors. Due to this, it is expected to witness a steady growth during the analysis period. Achieves greater efficiency than traditional motors.
These motors allow companies to reduce their carbon footprint and achieve sustainability goals. Additionally, continuous improvements in motor design increase efficiency, and many industries choose these motors due to their cost-effectiveness, durability, and low maintenance.
Regional market analysis for energy efficient motors
Regionally, North America is expected to hold the largest share of the global market for energy efficient motors. Key drivers of this include investments being made in key sectors such as automotive and aerospace and defense. The presence of leading manufacturers in these sectors, with obvious advantages, plays an important role in the widespread adoption of energy-efficient motors, thanks to which the region is expected to maintain its number one position.
However, as a result of various initiatives to encourage the industry to transition to lower power consumption high-efficiency motors (HEMs) to counter rising energy prices and minimize energy price increases, the Asia-Pacific region The demand for these motors is expected to grow at the fastest pace. Concerns about energy efficiency.
Energy Efficient Motors Market Analysis by Product Type
AC motors and DC motors are two types of energy-efficient motors used, with the former accounting for a larger share of the global market for these motor types. This increased acceptance can be attributed to several factors, including advances in motor design. The result is significant energy savings and lower operating costs for consumers, and applications in areas ranging from HVAC to industrial machinery.
Innovations and developments in motor-controlled drive systems have minimized energy usage and increased overall efficiency by providing precise speed control. Additionally, increasing awareness and government regulations on sustainability and energy conservation to reduce carbon emissions are playing a key role in driving the demand for AC motors.
Energy Efficient Motor Market Analysis by Efficiency Level
High-efficiency electric motors are classified into IE1, IE2, IE3, and IE4 efficiency grades depending on their energy consumption and operating capabilities. Among these, IE4 Super Premium accounts for the largest market share of energy efficient motors in the world due to increasing awareness of environmental sustainability and energy saving, strict government laws and industry standards mandating the use of IE4 motors. .
Rising energy costs and increased interest in reducing operating costs have led more companies to adopt IE4 motors to increase energy efficiency. Additionally, advances in design and materials, as well as advances in other motor technologies, have made IE4 efficiency motors more attractive to end users.
Energy Efficient Motor Market Analysis by Application
The global market for energy efficient motors is envisioned to be driven by heating, ventilation, and air conditioning (HVAC) applications. Such systems are typically equipped with a significant number of motors to perform tasks in a variety of end-use areas, some of which include architecture and construction.
The use of energy efficient motors in this sector has been shown to improve energy efficiency and provide significant energy savings. Additionally, the increasing importance of maintaining indoor air quality in workplaces and manufacturing facilities and the need for energy-efficient equipment are contributing to the expansion of the HVAC industry. Due to these factors, the market for energy efficient motors in HVAC applications is also likely to register the fastest growth during the analyzed period.
Energy Efficient Motors Market Analysis by End-Use Sector
By end use, building and construction is estimated to be the largest sector for energy efficient motors worldwide. The main factors for this are the widespread use of these motors in HVAC systems, which are widely applied in this field, increasing environmental awareness, stricter energy use regulations, advances in motor technology, lower utility bills and longer lifespan of motors. It is cost-effective in terms of extending the period.
However, automotive is expected to grow the fastest as the end-use area for energy-efficient motors, driven primarily by the industry’s shift towards sustainability and the surge in demand for electric vehicles (EVs). Energy-efficient motor types typically used in these vehicles include synchronous and permanent magnet synchronous motors (both AC motors) and brushless DC motors. Among these, synchronous AC motors offer the highest efficiency with up to 99% electrical to mechanical energy conversion rate.
Key indicators
Historical period: 2021-2023 Base year: 2023 Forecast period: 2024-2030 Unit: Value market in USD Companies mentioned: 30+
Energy Efficient Motor Market by Region
North America (United States, Canada, Mexico) Europe (France, Germany, Italy, Russia, Spain, United Kingdom, Rest of Europe) Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific) South America (Argentina, Brazil and Rest of Europe) (South America) Rest of the World (Middle East and Africa)
Energy Efficient Motor Market by Product Type
Energy Efficient Motor Market by Efficiency Level
Energy Efficient Motor Market by Application
Compressors Fans HVAC (Heating, Ventilation, Air Conditioning) Pumps Others (Including Material Handling and Material Processing Equipment)
Energy Efficient Motor Market by End-Use Sector
Aerospace and Defense Agriculture Automotive Building and Construction Chemicals Pharmaceuticals
major global players
ABB LtdAG RegalBaldor Electric CoBeloit CorpBharat Bijlee LtdBosch Rexroth AGBrook Crompton Greaves LtdCG Power and Industrial Solutions LtdCrompton Greaves Consumer Electricals LtdElektrim MotorsEmerson Electric CoGeneral Electric Havells India LtdHoneywell International, Inc.Hoyer MotorsIntegrated Electric Co Pvt LtdJohnson Controls, Inc.Kirloskar Electric Co LtdMagnetek, Inc.Marathon Electric India Pvt LtdMaxon Motors AGMicrochip Technology, Inc.Mitsubishi Electric Nidec Motor Co., Ltd.NXP SemiconductorsRegal Beloit CorpRegal Rexnord CorpRockwell AutomationSchneider Electric SEShanghai Top Motor Co LtdSiemens AGSTMicroelectronicsTexas InstrumentsToshiba CorporationToshiba Mitsubishi Electric Industrial Systems Corporation (TMEIC)United Technologies CorpWEG Equipamentos Eletricos SAWolong Electric Group Co., Ltd.
For more information on this report, please visit https://www.researchandmarkets.com/r/8ojvvo.
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Energy efficient motor market
