Energy Efficient Motor Market Forecasts to 2028 – Global Analysis By Product Types (Synchronous Motor, Asynchronous Motor, AC Motor, DC Motor and Other Product Types), Efficiency Level, Application, End User and By Geography

Energy Efficient Motor Market Forecasts to 2028 – Global Analysis By Product Types (Synchronous Motor, Asynchronous Motor, AC Motor, DC Motor and Other Product Types), Efficiency Level, Application, End User and By Geography

According to Stratistics MRC, the Global Energy Efficient Motor Market is accounted for $35.2 billion in 2022 and is expected to reach $58.8 billion by 2028 growing at a CAGR of 8.9% during the forecast period. Energy-efficient motors are used in a variety of industries, including the agricultural, commercial, residential, and industrial sectors. These motors' higher efficiency and reduced maintenance costs have led to an increase in demand for a variety of applications. This technique has undergone constant innovation to cut down on electricity usage. Energy-efficient applications are being adopted in a variety of applications as environmental awareness increases.

According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.

Market Dynamics:

Driver:

Growing need to reduce the greenhouse effect

As energy saving becomes more fashionable, businesses are choosing eco-friendly solutions for their systems and procedures. One of the most important steps in lowering greenhouse gas emissions from fossil fuel-generated electricity is making the switch to energy-efficient alternatives. Furthermore, by consuming less energy, the adoption of energy-efficient motors helps end users save money. The growing need to reduce greenhouse gas emissions is boosting the market growth.

Restraint:

Lack of awareness

Various end consumers are not knowledgeable about energy-efficient motors. End users are not sufficiently informed about the energy savings potential of these motors and the costs associated with excessive energy use. The availability of many types of energy-efficient motors and their advantages may not be well known by consumers and enterprises, which is impeding the market's expansion.

Opportunity:

Rising industrialization

The demand for energy-efficient motors has increased as industrialization continues to grow. The demand for motors that can lower energy consumption and operating costs has grown as more industries are founded and old ones expand. Higher efficiency and less energy loss are features of energy-efficient motors, which over the course of the motor's lifetime results in significant cost savings. Due to this, demand for energy-efficient motors has increased across a number of industries.

Threat:

High price of energy efficient motors

To assure their effectiveness, energy efficient motors frequently need better materials, more sophisticated production techniques, and further testing and certification. Because of this, producers may incur a greater production cost, which in turn raises the cost to consumers. It's possible that some purchasers are unaware of the advantages of energy-efficient motors. This is the main element impeding the market's expansion.

Covid-19 Impact

Significantly more of the decline was caused by lower sales of petroleum and coal products as well as transportation equipment. Sales increased the greatest in the industrial machinery sector, next in the wood products and chemical sectors. Such incidents represented a fall in the use of industrial motors in the sector as oil and gas producing facilities were shut down. Thus, the pandemic's erratic demand and supply sides hindered the expansion of the industrial motors industry.

The pumps segment is expected to be the largest during the forecast period

The pumps segment is estimated to have a lucrative growth, due to its utilization. Induction motors with three phases of alternating current are frequently employed in commercial and industrial settings. The usage of energy-efficient motors in pumps is projected to expand due to rigorous energy efficiency regulations in industrialised nations' focus on smart water and wastewater systems and rising power generation capacity worldwide.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the usage of motors in the segment. In factories and other production facilities, motors are frequently used in one way or another. Motors are utilised in virtually all household appliances, including food processors, washing machines, and more. By lowering expenses, switching to energy-efficient motors could therefore result in significant energy and financial savings.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to availability of raw materials and the presence of a skilled workforce at low wages. The demand for energy-efficient motors has increased as a result of some governments implementing minimum energy performance criteria or branding programmes for electric motors. It is made up of various developing countries and needs more energy to develop.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increase in demand for robotics and automation. The region is using more energy-efficient motors than ever before as a result of rising investments in important industries including transportation, commerce, and industry. The region's nations have been putting an emphasis on energy efficiency through initiatives, collaborations, and programmes.

Key players in the market

Some of the key players profiled in the Energy Efficient Motor Market include Siemens, Schneider Electric, Crompton Greaves, ABB, Kirloskar Electric Company Ltd., Rockwell Automation, Toshiba Corporation, Nidec Motor Corporation, Mitsubishi Electric, Regal Rexnord Corporation, WEG, Integrated Electric Co. Pvt. Ltd., Havells, Shanghai Top Motor Co. Ltd., Elektrim Motors and Hoyer Motors.

Key Developments:

In August 2022, ABB announced that it will purchase Siemens low voltage NEMA motor business. With manufacturing operations in Guadalajara, Mexico, this acquisition provides a well-regarded product portfolio, a longstanding North American customer base, and experienced operations, sales, and management team.

In March 2022, Siemens invested in existing and new sites in Texas and California that develop electrical equipment for critical infrastructure systems, including EV charging, data centers, and industrial installations. This investment advances the company's commitment to supporting the next generation of American infrastructure.

Product Types Covered:
• Synchronous Motor
• Asynchronous Motor
• AC Motor
• DC Motor
• Other Product Types

Efficiency Levels Covered:
• IE1 (Standard Efficiency)
• IE2 (High Efficiency)
• IE3 (Premium Efficiency)
• IE4 (Super Premium Efficiency)
• Other Efficiency Levels

Applications Covered:
• Pumps
• Compressors
• Material Handling
• Fans
• Material Processing
• Refrigeration
• Heating, Ventilation, and Air Conditioning (HVAC)
• Other Applications

End Users Covered:
• Residential
• Automotive
• Industrial
• Commercial
• Agriculture
• Aerospace
• Transportation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements