Energy-Efficient Motor Market Is Expected To Reach USD 41.57 Billion by 2023
The Energy Efficient Motor Market was valued at USD 28.46 Billion in 2017 and is expected to reach USD 41.57 Billion by 2023, at a CAGR of 6.5% between 2018 and 2023. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. Driven by the saving on 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, the energy efficient motor market is likely to witness high growth in the coming years. The objective of the report is to provide a detailed analysis of the energy efficient motor market based on efficiency level, type, vertical, application, and geography. The report provides detailed information regarding the major factors influencing the growth of the energy efficient motor market.
The research methodology used to estimate and forecast the energy efficient motor market begins with obtaining data through secondary research such as newsletters and whitepapers published by key associations (IEA, EEC, and IEEE) and leading players in this market. The bottom-up procedure has been employed to arrive at the overall size of the energy efficient motor market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments, which has been verified through primary research by conducting extensive interviews with officials holding key positions in the industry, such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure.
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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.
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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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