New York, US, June 14, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Energy Efficient Motor Market Analysis by Application (HVAC, Fans, Pumps, Compressors, Others) Efficiency Level, End-Ise Industry (Industrial, Commercial Building, Residential, Automotive, Others) Forecast 2030” valuation is poised to reach USD 62.1 Billion by 2030, registering an 6.2% CAGR throughout the forecast period (2022–2030).
Energy Efficient Motor Market Overview
The energy efficient motor market is growing rapidly, witnessing huge demand. The impact of the energy crisis across the world, alongside the increases in prices of oil, gas and commodities and disruptions in energy supply chains, drives the market growth. Besides, the volatile financial market and the rising global energy demand promote the need for new, innovative solutions to enhance energy production & supply.
Energy Efficient Motor Market Report Scope:
| Report Metric | Details |
| Market Size | USD 62.1 Billion |
| CAGR | 6.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Efficiency Level, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Rockwell, ABB, Siemens, Schneider Electric, Kirloskar Electric Company Ltd., Crompton Greaves, Bosch Rexroth AG, Nidec Motor Corporation, Regal Beloit Corporation, and WEG |
| Key Market Opportunities | Improvement in design methods to reduce carbon emissions |
| Key Market Drivers | A growing need to reduce the greenhouse effect |
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Moreover, the growing automobile industry worldwide, witnessing increasing production and sales of lightweight vehicles, drives the growth of energy efficient motor market. Increasing LED penetration and focusing on increased energy efficiency provide impetus to the market rise. However, the vast demand for energy-efficient motors in HVAC applications, machine tools, domestic appliances, power tools, and automated robots substantiate the market revenues.
The energy efficient motor market outlook appears promising. Besides, the upsurge in environmental awareness increases the energy efficient motor market size, leading to the higher implementation of these motors to provide energy efficiency. Rising uses of energy-efficient motors in agricultural applications also contribute to the growth of the energy efficient motor market revenues. Moreover, the rising demand for energy-efficient motors from numerous industries and household applications propel the market value.
Energy Efficient Motor Market Segments
The energy efficient motor market analysis is segmented into efficiency levels, applications, end-use industries, and regions. The application segment comprises HVAC, fans, pumps, compressors, and others. The efficiency level segment comprises IE1, IE2, IE3, and IE4. The end-use industry segment comprises industrial, commercial, residential buildings, automotive, and others.
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Energy Efficient Motor Market Regional Analysis
North America dominates the global energy efficient motor market. Various initiatives by the Department of Energy (DOE) taken in energy conservation in many countries in the region drive the market growth. Besides, rising energy prices and energy efficiency concerns encourage switching to high-efficiency motors (HEMs) that consume less power.
The high dependability of industrial, automotive, and agricultural sectors on energy-efficient motors for various processes substantiate the region's market shares. The growing needs for highly efficient electrical devices for smooth operational functioning create a huge demand for energy-efficient motors across the region. With its vast adoption of energy efficient motors for various uses, the US holds the largest share in the regional market.
APAC holds the second-best position in terms of the energy efficient motor market value. Market trends observed in the region are the economic upsurge, large-scale industrialization & commercialization, and advances in the agricultural sector. China, Japan, India, and Southeast Asian countries prominently contribute to the regional market growth. The APAC energy efficient motor market is expected to grow at the fastest CAGR during the forecast period.
Europe is rapidly emerging as a promising market for energy efficient motors. The regional market's growth is supported by the spurring growth of the residential sector, per capita GDP increase, and household appliance demand. The rising demand for household appliances drives the energy efficient motor market growth. In Europe, Germany holds the key market share and is expected to grow at the fastest rate during the forecast period.
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Industry Trends
Emerging regions worldwide are expected to present untapped opportunities for energy efficient motor market share. Rapidly developing countries with favorable government policies offer significant opportunities to international players. Industry players strive to increase their production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization.
The energy-efficient motor industry is anticipated to witness huge advances over the review period due to continuous developments in equipment used in industrial, automotive, and agricultural applications. Also, high expansion activities by multinationals and well-established companies, alongside the new product launches, are expected to boost the energy efficient motor market shares.
Despite significant growth prospects, the market witnesses major setbacks such as slow growth of electric vehicle sales in BRIC nations and high costs of these motors. Besides, the high research and development costs are projected to restrict the energy efficient motor market growth. Also, the lack of awareness of the benefits of energy efficient motors could restrain the ongoing market growth, negatively impacting the market sales.
Energy Efficient Motor Market Competitive Analysis
Dominant Key Players on Energy Efficient Motor Market Covered are:
- Rockwell
- ABB
- Siemens
- Schneider Electric
- Kirloskar Electric Company Ltd.
- Crompton Greaves
- Bosch Rexroth AG
- Nidec Motor Corporation
- Regal Beloit Corporation
- WEG
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The energy efficient motor market is experiencing the implementation of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Leading industry players invest strategically in research and development activities and foster their expansion plans.
For instance, recently, on May 30, 2022, Delta, a global leader in power & thermal management solutions, announced that at Hannover Messe 2022, it would demonstrate some of its advanced smart green solutions to develop e-mobility and low-carbon industrial automation for sustainable cities.
The offering includes the fast EV charger - Slim100 series, boasting up to 100kW DC power output with a 55% lower footprint to maximize utility in commercial venues. The latest MPD series inverter is suitable for pump & fan applications. Its highly efficient, energy-saving motor with an integrated fanless inverter supports intelligent water supply processes.
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