Energy-efficient motor market to grow at the highest CAGR in the Asia Pacific

The energy efficient motor market was valued at USD 28.46 Billion in 2017 and is expected to reach USD 41.57 Billion by 2023, at a CAGR of 6.5% between 2018 and 2023. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the market based on efficiency level, type, vertical, application, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. Driven by the saving on energy and subsequent cost over traditional motors, increasing support from governments worldwide for the adoption of energy efficient motors, rising need to diminish greenhouse effect, and increasing adoption of energy efficient motors in the industrial sector, the market is likely to witness high growth in the coming years.

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Energy-efficient motor market to grow at the highest CAGR in the Asia Pacific during the forecast period

The Asia Pacific is projected to be the fastest-growing regions in the energy-efficient motor market by 2018, and grow at the highest CAGR during the forecast period. According to the Asian Development Bank (ADB), the share of the region to global energy consumption is expected to increase from 34% in 2010 to 56% by 2035. ADB has undertaken investments worth USD 970 million in energy efficiency projects, which are expected to help the Asia Pacific countries meet their national targets for energy efficiency and the reduction of greenhouse gas emissions by 2020.

The report profiles the key players in this market, such as ABB (Switzerland), Siemens (Germany), WEG (Brazil), GE (US), Schneider Electric (France), Nidec (Japan), Rockwell (US), CG (India), Bosch Rexroth (Germany), and Kirloskar Electric (India).

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