“The energy efficient motor market is expected to grow at a significant rate between 2018 and 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 key factors driving the growth of the energy efficient motor market are saving on energy and subsequent cost over traditional motors, increasing support from governments worldwide for the adoption of energy efficient motor, rising need to diminish greenhouse effect, and increasing adoption of energy efficient motors in the industrial sector. However, the major restraining factor for the growth of this market is the high costs of super premium efficiency (IE4) motors.
“AC motors accounted for a larger share of the energy efficient motor market in 2017”
AC motor is a type of electric motor that is driven by an alternating current (AC). An AC motor comprises an outside stator having coils supplied with alternating current to produce a rotating magnetic field and an inside rotor attached to the output shaft producing a second rotating magnetic field. The expected larger share of AC motors in the energy efficient motor market based on type is attributed to the rising concern about carbon emissions and increasing consumption of power, which has been encouraging the development of more energy efficient AC motors.
“North America accounted for the largest share of the energy efficient motor market in 2017”
The US, Canada, and Mexico are the major contributors to the North American energy efficient motor market. This region is a key market for energy efficient motors as some of the largest corporations, such as General Electric, Honeywell, Rockwell, and Regal Beloit, are based in this region. North America is considered to be an early adopter of energy efficient motors. Further, the increasing number of government regulations to reduce the greenhouse effect on the environment is driving adoption of energy efficient solutions. Additionally, the North American automobile industry is undergoing the technological shift from traditional vehicles to electric vehicles, which leads to the increase in the demand for energy efficient motors.
Following is the break-up of the profiles of primary participants for the report:
- By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
- By Designation: C-Level Executives – 45%, Directors – 30%, and Others – 25%
- By Region: North America – 45%, Europe – 30%, APAC – 20%, and RoW – 5%
The key players operating in the energy efficient motor market are ABB (Switzerland), Siemens (Germany), WEG (Brazil), GE (US), Schneider Electric (France), Nidec (Japan), Rockwell (US), CG (India), Bosch Rexroth (Germany), and Kirloskar Electric (India).
The research report covers the energy efficient motor market segmented on the basis of efficiency level, type, vertical, application, and geography. On the basis of efficiency level, the market has been segmented into IE4, IE3, IE2, and IE1. Based on type, the energy efficient motor market has been classified into AC motors and DC motors. The market has been segmented on the basis of application into HVAC, fans, pumps, compressors, refrigeration, material handling, and material processing. Based on vertical, the energy efficient motor market has been divided into industrial, commercial building, residential, automotive, agriculture, and aerospace and defense. Moreover, the report covers the market based on 4 major regions?North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market based on efficiency level, type, vertical, application, and geography have been conducted to give an overall view of the energy efficient motor market.
- The major drivers, restraints, opportunities, and challenges for the energy efficient motor market have been detailed in this report.
- The details on the competitive landscape and revenue of the key players have been provided in the report.