In this research report, the energy efficient motor market has been segmented on the basis of efficiency level, type, vertical, application, and geography. The energy efficient motor market is expected to witness significant growth during the forecast period. The market is expected to be valued at USD 41.57 billion by 2023, growing at a CAGR of 6.5% between 2018 and 2023.
Major factors driving the growth of the energy efficient motor market include saving of energy and subsequent cost over traditional motors, increasing support from governments worldwide for the adoption of energy efficient motors, and rising need to diminish greenhouse effect. Energy efficient motors have been widely used in various industries such as oil and gas, marine, power and energy, mining, and water and wastewater. These motors benefit the end users by ensuring high-quality lamination, insulation, and low fan losses, among others. This has led to the increase in the adoption of these motors in the industrial sector.
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Energy efficient motors are used in various application areas in the agriculture vertical; these applications include irrigation, ventilation, grain handling, material handling, aeration, and conditioning. Motors are among the largest energy consuming devices on farms. Motors used in the agriculture sector account for 18% of the on-farm energy consumption worldwide. Also, the energy saving solutions are applicable to all segments of the agriculture sector including dairies and livestock producers, nurseries, crop farmers, and food processing companies. In addition, emerging greenfield projects in developing nations, in turn, would boost the growth of the energy efficient motor market in the coming years.
In terms of efficiency level, the energy efficient motor market for IE2 is expected to grow at the highest CAGR during the forecast period. IE2 has become mandatory minimum energy performance standard (MEPS) in all the regions, which would positively impact the growth rate of the market for these motors. In addition, IE2 motors have greater efficiency than EFF2 motors and produce less residual heat.
Among the verticals considered in this report, the energy efficient motor market for automotive is likely to grow at the highest CAGR during the forecast period. This sector is experiencing rapid changes in terms of manufacturing technology, innovation, and technical advancement. Countries such as China, Japan, the US, Brazil, Germany, South Korea, and India lead the global vehicle production. There is a high demand for energy efficient motors in electric vehicles all over the world as the motors serve the purpose of energy conversion. The use of energy efficient motors helps reduce the energy consumed by vehicle and improve the performance ranges of cars with the given initial resources.
In terms of the regional markets, the market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. The rising energy prices, which have increased the concern about the efficient use of energy, and several measures taken by the Department of Energy (DOE) from various countries are encouraging the industries to switch to high-efficiency motors (HEMs) that consume less power, resulting in the growth of the energy efficient motors market in this region.
Rising need to diminish greenhouse effect
The growing need for diminishing the greenhouse effect is fueling the demand for the energy-efficient solutions, which would drive the growth of the energy efficient motor market. With the growing awareness about energy conservation, the companies are opting for eco-friendly solutions for their technologies and processes. Switching to energy-efficient solutions is one of the important factors which help reduce the greenhouse gas emissions arising from the electricity generated from fossil fuel.
High purchasing price of super premium efficiency (IE4) motors
The initial or the purchase prices of the energy efficient motors are higher than the ordinary motors. The higher price of the IE4 motors is due to the use of high-quality materials and optimization of assembly and design of these motors to achieve higher efficiencies. Large-diameter copper wires and more quantity of aluminum are used in rotors of these motors to reduce the resistance losses. An optimized cooling fan is also used to reduce the winding losses. The use of the high-quality, expensive materials increases the overall cost of this type of motors.
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