Global Energy Efficient Motor Market Research Report - Segmentation By Type (Super Premium IE4, Premium IE3, High IE2, Standard IE1), By Product Type (Synchronous Motor, Asynchronous Motor, DC Motor), By Application (PUMPS, FANS, Compressed Air, Refrigeration, Material Handling, Material Processing), By End User (Industrial, Buildings, Aerospace and Defense, Agriculture Sector) and By Region- Industry Analysis, Share, Growth, and Forecast 2024 to 2032..

Updated On: June, 2024
ID: 11246
Pages: 150

Global Energy Efficient Motor Market Size (2024-2032):

The size of the global energy efficient motor market was worth USD 41.56 billion in 2023. The global market is anticipated to grow at a CAGR of 6.70% from 2024 to 2032 and be worth USD 74.50 billion by 2032 from USD 44.34 billion in 2024. 

Current Scenario of the Global Energy Efficient Motor Market

The advantages that energy-efficient motors offer over standard motors, such as high-quality lamination, insulation, and low fan losses, influence consumer preferences for them. Manufacturers are increasingly adopting factory automation to improve production capacity while minimizing errors, process time, and hazardous environmental effects. There are various factors that are expected to prevail throughout the forecast period and at the same time provide their impacts on market growth. Energy efficient motors rely on less energy, and power coolers, and are more reliable than traditional motors. This motor has more copper windings. The motor produces less noise and vibrations and has a low operating temperature.

MARKET DRIVERS

The increase in robotics and automation in the manufacturing sector, the reduction in the cost of energy consumed, and the increase in vehicle sales are the growth drivers of the global energy-efficient motor market. The increasing emphasis on the adoption of green technologies is having a significant impact on the demand for energy-efficient engines around the world. Government support for the adoption of energy-efficient engines is an opportunity for this industry development.

MARKET RESTRAINTS

High initial investment costs and intense competition restrict the market for energy-efficient motors in different parts of the world.

IMPACT OF COVID-19 ON GLOBAL ENERGY EFFICIENT MOTOR MARKET

Since the Coronavirus outbreak in December 2019, the disease has spread to almost every country in the world, and the World Health Organization declared it a public health emergency. Amid the COVID-19 crisis, the global market for energy-efficient motors is expected to reach a revised size of US $ 98.2 thousand million, growing at a CAGR of 10.7% during the projection period. Synchronous, one of the segments analyzed in the report, is foreseen to register a CAGR of 11% and reach US$ 40.7 billion by the end of the analysis period. After an initial analysis of the business implications of the pandemic and its induced economic crisis, the growth of the asynchronous segment is readjusted to a revised CAGR of 10.4% for the next 7 years.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2032

Base Year

2023

Forecast Period

2024 to 2032

CAGR

6.70%

Segments Covered

By Application, End User, Type, Product Type, and Region. 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

ABB Ltd, Crompton Greaves, General Electric, Honeywell International, Inc., Kirloskar Electric Company, Ltd, Microchip Technology, Inc., Magneteck, Inc., Johnson Controls Inc., Siemens AG, Weg S.A., Leeson Electric Corporation and Emerson Electric, and Others.

 

SEGMENTAL ANALYSIS

Global Energy Efficient Motor Market Analysis By End User:

The industrial, residential and commercial construction sectors are expected to emerge as the top consumers of energy-efficient motors worldwide. The transport and agricultural sectors will also present strong demand for these engines in the coming years. Transportation is subdivided into automobile, rail, and sea.

Global Energy Efficient Motor Market Analysis By Type:

Growing demand for IE1 (standard), IE2 (high), IE3 (premium), and IE4 (super premium) motors is likely to drive this market significantly in the coming years. DC motors are expected to see a steady increase in demand in the near future.

REGIONAL ANALYSIS

With a large number of companies involved in the assembly and production of energy-efficient motors, Europe has established itself as a leader among all regional markets. Researchers expect this regional market to maintain its leadership in the near future due to technological advances and increased research and development activity. However, North America is expected to see moderate growth in the coming years due to maturation. On the other hand, Asia-Pacific is likely to offer lucrative opportunities for this market to grow in the coming years. The wide availability of raw materials and the presence of a low-wage and skilled workforce are expected to drive the energy-efficient motors market in the Asia Pacific in the coming years. The Latin American, Middle Eastern, and African markets are also estimated to see a significant increase in their overall valuation in the near future.

KEY PLAYERS IN THE GLOBAL ENERGY EFFICIENT MOTOR MARKET

Companies playing a prominent role in the global energy efficient motor market include ABB Ltd, Crompton Greaves, General Electric, Honeywell International, Inc., Kirloskar Electric Company, Ltd, Microchip Technology, Inc., Magneteck, Inc., Johnson Controls Inc., Siemens AG, Weg S.A., Leeson Electric Corporation and Emerson Electric, and Others.

RECENT HAPPENINGS IN THE GLOBAL ENERGY EFFICIENT MOTOR MARKET

  • All new low voltage (LV) motors must meet efficiency levels IE2 or higher according to the latest regulations in India.
  • ABB Synchronous Reluctance Motors (SynRM) now comply with the new ultra-premium energy efficiency class IE5 defined by the International Electrotechnical Commission (IEC) by offering up to 50% lower energy losses and energy consumption compared to the IE2 induction motors.

DETAILED SEGMENTATION OF THE ENERGY EFFICIENT MOTOR MARKET INCLUDED IN THIS REPORT

This global energy efficient motor market research report has been segmented and sub-segmented based on application, end user, type, product type, and region.

By Application

  • Pumps
  • Fans
  • Compressed Air
  • Refrigeration
  • Material Handling
  • Material Processing

By End User

  • Industrial
  • Buildings
  • Aerospace and Defense
  • Agriculture Sector

By Type

  • Super premium-IE4
  • Premium-IE3
  • High-IE2
  • Standard-IE1 

By Product Type

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa 

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