Growing demand for efficient energy, reducing carbon dioxide emissions and increasing government support to drive global energy efficient motor market during forecast period
According to TechSci Research report, “Global Energy Efficient Motor Market By Installation Type, By Efficiency Level, By Motor Type, By Application, By End-User, By Region, Competition, Forecast & Opportunities, 2024”, global energy efficient motor market was valued at USD29 billion in 2018 and is estimated to witness a significant CAGR during the forecast period on account of increasing automation and robotics in the manufacturing sector, urgent need to diminish greenhouse effect and rising demand from HVAC and household applications. Moreover, increasing electric vehicle sales worldwide is expected to bolster the growth of global energy efficient motor market over the coming years. However, some of impending challenges confronting the market during the forecast period are high initial investment and rising competition among local and international companies.
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In terms of application, the market is segmented into fans, pumps, compressors, mechanical movement & others. Among them, the pumps application segment dominated the market in terms of largest share of the market until 2018 and is anticipated to maintain its dominance over the next 5 years as well on account of its application in different end-user industries such as oil and gas, water and wastewater, commercial and agriculture. Furthermore, pumps are the major consumer of electricity in the industrial sector which is projected to further drive the growth of this segment.
ABB Ltd., WEG, Crompton Greaves, General Electric, Kirloskar Electric Company Ltd., Regal Beloit Corporation, Schneider Electric SE, Siemens AG, Bosch Rexroth, Brook Crompton among others are the leading players operating in global energy efficient motor market.
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“Asia-Pacific is anticipated to witness highest growth in global energy efficient motor market during the forecast period which can be attributed to the increasing energy prices, which is ultimately raising the concern about the efficient use of energy, coupled with several initiatives taken by the department of energy (DOE) in various developing economies in APAC by encouraging the industries to switch to high-efficiency motors (HEMs) that consume less power.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Energy Efficient Motor Market By Installation Type, By Efficiency Level, By Motor Type, By Application, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global energy efficient motor market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global energy efficient motor market.
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