A growing adoption of energy-efficient motors in the industrial sector and stringent regulatory standards are anticipated to drive the growth of the global energy efficient motor market during the forecast period. The North America region is projected to hold the majority of the market share by 2032.
PORTLAND, Ore., Nov. 27, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Energy Efficient Motor Market by Type (Super premium-IE4, Premium-IE3, High-IE2, Standard-IE1), by Product Type (AC Motor, DC Motor), by Application (Pumps, Fans, Compressed Air, Refrigeration, Material Handling, Material Processing), by End User (Industrial, Commercial, Residential, Agriculture Sector, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global energy efficient motor market generated $48.5 billion in 2022, and is anticipated to generate $119.1 billion by 2032, witnessing a CAGR of 9.5% from 2023 to 2032.
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Prime Determinants of Growth
The growing need to minimize greenhouse gas emissions is driving up demand for energy-efficient technologies, which is anticipated to boost the growth of the global energy efficient motor market in the forecast period from 2023 to 2032. However, the lack of awareness and knowledge among end-users, especially in smaller firms and residential settings, may hamper the energy efficient motor market growth in the coming future. On the contrary, many existing motors in industry are outdated and consume excessive energy; hence, motor retrofitting and replacement are necessary, which is anticipated to offer remunerative opportunities for the expansion of the energy efficient motor market during the forecast period.
Report Coverage & Details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Product Type, Application, End Users, and Region
Government initiatives encouraging the use of energy-efficient motors
Lower life cycle costs than traditional motors
Rapid development of automation and robots
Increasing industrialization and decarbonization initiatives
The high cost of energy-efficient motors
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global energy efficient motor market. With social distancing and lockdowns necessitating remote work, the importance of these motors increased.
- The pandemic impacted worldwide supply chains, harming component availability. This pushed enterprises to seek reliable and energy-efficient motor solutions to help prevent manufacturing interruptions and assure a consistent supply of products and services.
- Moreover, the pandemic raised awareness of the importance of sustainability. Governments and companies recognized the significance of lowering carbon emissions and energy use. Energy-efficient motors were critical in reaching these environmental targets, making them a popular choice in a variety of industries.
Type: Super premium-IE4 Sub-Segment Grabs Highest Share in 2022
The super premium-IE4 sub-segment of the global energy efficient motor market accounted for the largest share of 34.1% in 2022 and is projected to continue to hold major share by 2032. The prominent growth of the sub-segment is mainly because developments in motor technology, such as improved materials and design, are making IE4 motors more available and appealing to a broader range of sectors.
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Product Type: AC Motor Sub-segment Hold Majority of Market Share in 2022
The AC motor sub-segment of the energy efficient motor market accounted for the highest share of 52.4% in 2022 and is expected to experience widespread growth during the forecast period. The prominent growth of the sub-segment is mainly due to a growing awareness of energy efficiency and sustainability.
Application: Pumps Sub-Segment Grabs Highest Share in 2022
The pumps sub-segment of the global energy efficient motor market accounted for the largest share of 25.6% in 2022 and is anticipated to grab a major share by 2032. The prominent growth of the sub-segment is mainly due to strict law enforcement and environmental regulations. The adoption of energy-efficient motors is being promoted to decrease carbon emissions.
End User: Industrial Sub-segment to Dominate the Market during Forecast Period
The industrial sub-segment of the global energy efficient motor market accounted for the largest share of 37.9% in 2022 and is predicted to grow at the highest CAGR of 10.8% by 2032. The prominent growth of the sub-segment is mainly due to increased environmental consciousness and stringent energy-consumption regulations. Industries have been forced to use energy-efficient motors to reduce carbon footprints and operational expenses.
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Region: North America Market Grabs Highest Share in 2022
The energy efficient motor market in the North America region accounted for the highest share of 40.6% in 2022 and is expected to grow significantly during the forecast period. This growth is mainly due to increased investment in the primary verticals like transportation, industrial, and commercial.
Leading Players in the Energy Efficient Motor Market:
- Microchip Technology, Inc.
- Bosch Rexroth
- Schneider Electric SE
- General Electric
- Honeywell International, Inc.
- AG Regal
- Crompton Greaves
- Johnson Controls, Inc.
- Marathon Electric
- ABB Ltd.
The report provides a detailed analysis of the key players of the global energy efficient motor market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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