According to the new market research report on the "Energy Efficient Motor Market
by Efficiency Level (IE1, IE2, IE3, and IE4), Type, Application (HVAC,
Fans, Pumps, Compressors, Refrigeration, Material Handling, and Material
Processing), Vertical and Geography - Global Forecast to 2023",
the energy efficient motor market is expected to reach USD 41.57
Billion by 2023 from USD 30.34 Billion in 2018, at a CAGR of 6.5%
between 2018 and 2023. The major factors driving the growth of the
energy efficient motor market are saving of 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.
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IE2 (high efficiency) expected to hold
largest share of energy efficient motor market for efficiency level, in
terms of value, during forecast period
IE2 motors have efficiency levels equivalent to the
CEMEP EFF1 class and EPAct level. IE2 motors can be used with inverters
as an alternative to the IE3 motors. Moreover, the market has witnessed a
significant shift from IE1 motors to IE2 motors as IE2 motors have
greater efficiency than EFF2 motors and produce less residual heat.
Further, IE2 has become mandatory minimum energy performance standard
(MEPS) in all the regions, which would positively impact the growth rate
of the market for IE2 motors. These factors would continue to assist
the growth of the energy efficient motor market for the IE2 efficiency
in the coming years too.
Energy efficient motor market for HVAC application would grow at highest CAGR during forecast period
Energy efficient electric motors are used in heating,
ventilation, and air conditioning (HVAC) solutions, especially used in
commercial buildings. HVAC systems are based on the laws of
thermodynamics, and principles of fluid mechanics and heat transfer.
These motors are equipped in the electromechanical products such as
pumps, fans, compressors, and refrigerators. The main objectives of the
HVAC systems are to maintain good indoor air quality through sufficient
ventilation through the filtered air and provide thermal comfort. The
growth of the market for the HVAC application is propelled by the
government support, increasing industrialization and urbanization,
development of advanced solutions, and growing demand for
energy-efficient devices.
Industrial vertical held largest share of the overall energy efficient motor market, in terms of value, in 2017
Energy efficient motors are extensively used in
various industries, including oil and gas, marine, power and energy,
mining, and water and wastewater to bring down energy consumption along
with, consequently, reducing the operational cost. Electric motors
account for ~60–70% of the total electricity consumed in the industrial
sector, which is encouraging the electric motor manufacturers to improve
the motor efficiencies. The growing need for the energy efficient
motors has resulted into increase in adoption of these motors. Energy
consumption is one of the major economic and environmental issues
associated with the electric motor systems. The demand for energy
efficient motors in various industries is increasing to reduce the
electricity consumption and lower carbon dioxide (CO2) emissions.
Energy efficient motor market in Asia Pacific to grow at highest CAGR during forecast period
APAC is likely to be one of the fastest-growing
regions in the energy efficient motor market by 2018, and the market in
this region is expected to grow at the highest CAGR during the forecast
period. According to Asian Development Bank (ADB), the share of the
region to the global energy consumption is expected to increase from 34%
in 2010 to 56% by 2035. ADB has made investments worth USD 970 million
in energy efficiency projects, which would help APAC countries to meet
their national target for energy efficiency and greenhouse gas emission
reduction by 2020.
The report profiles the most promising players in
this market. The key players in this market are ABB (Switzerland),
Siemens (Germany), WEG (Brazil), GE (US), Schneider Electric (France),
Nidec (Japan), Rockwell (US), CG (India), Bosch Rexroth (Germany),
Kirloskar Electric (India).
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