The global Energy Efficient Motor market is projected to reach USD 59.3 billion by 2028 from an estimated USD 41.7 billion in 2023, at a CAGR of 7.3% during the forecast period. The IE3 segment market is anticipated to grow from an estimated USD 29.7 billion in 2023 to USD 41.9 billion in 2028, at a CAGR of 7.1% during the forecast period. Rotor losses in IE3 motors are reduced considerably by using copper as the conductor material in the squirrel cage rather than aluminum, which leads to the reduction of the slip under load conditions. The reduction in air gaps and thinner laminations made of better-quality steel ensure higher efficiency than traditional motors. These technological modifications in the IE3 efficiency level motors is pushing the market.
“Aerospace & Defense: The second fastest-growing segment of the energy efficient motor market, by end user“
The end user segment is categorized as industrial, commercial, residential, automotive, agriculture, and aerospace. energy-efficient motors are used in aircraft propulsion, navigation systems, and environmental control systems. Advantages in these applications include improved fuel efficiency, reduced emissions, and increased system reliability which is pushing the market.
“ North America is expected to account for the second-largest market size during the forecast period.”
North America is expected to be the second largest and fastest-growing market. The use of energy-efficient motors in the region is increasing rapidly due to growing investments in major verticals such as industrial, commercial, and transportation. Countries in North America have been focusing on energy efficiency through programs, partnerships, and initiatives. For instance, the Industrial Efficiency and Decarbonization Office (IEDO) aims to improve the energy and material efficiency, productivity, and competitiveness of manufacturers across the industrial sector.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
- By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
- By Region: Europe- 20%, Asia Pacific- 33%, North America- 27%, the Middle East & Africa- 12%, and South America- 8%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The energy efficient motor market is dominated by a few major players that have a wide regional presence. The leading players in the energy efficient motor market are ABB (Switzerland), Siemens (Germany), Regal Rexnord Corporation (US), Wolong Electric Group Co., Ltd (China), Nidec Corporation (Japan).
The report defines, describes, and forecasts the global energy efficient motor market, by product type, by stage type, by power rating, by pumping capacity, end-user industry, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the energy efficient motor market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for energy efficient motor, which would help equipment manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.