The energy-efficient electric motor market for the HVAC application projected to grow at the highest CAGR during the forecast period

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 projected to reach USD 41.6 billion by 2023 from USD 30.3 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 energy savings and the subsequent cost over traditional motors, increasing governmental support worldwide towards the adoption of energy-efficient motors, rising need to reduce the greenhouse effect, and growing adoption of energy-efficient motors in the industrial sector.

Energy-efficient electric motors are implemented for heating, ventilation, and air conditioning (HVAC) solutions, especially in commercial buildings. HVAC systems operate based on the laws of thermodynamics, and principles of fluid mechanics and heat transfer. These motors are equipped in electromechanical products, such as pumps, fans, compressors, and refrigerators. The primary objective of HVAC systems is the maintenance of good indoor air quality, providing sufficient ventilation through air filtration, and thermal comfort. The growth of the HVAC application market is driven by government support, increasing industrialization and urbanization, development of advanced solutions, and growing demand for energy-efficient devices.

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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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