The global energy efficient motor market will touch USD 62.1 billion at a 6.2% CAGR by 2030, states the latest Market Research Future report.
Growing Need to Cut Down Greenhouse Effect to Boost Market Growth
The market for energy-efficient motors will grow as a result of the increasing need to cut down greenhouse gas emissions, which is increasing demand for energy-efficient solutions. As energy conservation gains in popularity, businesses are choosing environmentally-friendly solutions for their procedures and technologies. One of the most vital steps in lowering the greenhouse gas emission from fossil fuel-generated electricity is the transition to energy-efficient solutions.
Shift to Energy Efficient Motors from Standard Motors to offer Robust Opportunities
The increasing shift to energy efficient motors from standard motors will offer robust opportunities for the market over the forecast period. This is due to the different benefits that the former offers such as low fan losses, insulation, and high-quality lamination.
Restraints and Challenges
Lack of Raw Materials to act as Market Restraint
The lack of components/raw materials and high initial cost may act as market restraints over the forecast period.
Key players profiled in the global energy efficient motor market report include ABB, Siemens, Rockwell, Schneider Electric, Crompton Greaves, Kirloskar Electric Company Ltd., Bosch Rexroth AG, Regal Beloit Corporation, Nidec Motor Corporation, and WEG.
The energy efficient motor market has been bifurcated based on end-use industry, efficiency level, and application.
By application, HVAC will lead the market over the forecast period.
By efficiency level, IE4 will dominate the market over the forecast period.
By end-use industry, industrial will spearhead the market over the forecast period.
Over the last 2 years, almost every industry in the world have suffered. This can be attributed to the significant disruptions that various precautionary lockdowns and other restrictions that were imposed by governing authorities around the world caused in their respective manufacturing & supply-chain operations. The global market for energy-efficient motors is no different. Additionally, consumer demand has since decreased as people have become keener on cutting out non-essential expenses from their individual budgets as the universal economic status of the majority of people has been severely impacted by this outbreak. These aforementioned factors are anticipated to adversely affect the Energy Efficient Motor market’s revenue trajectory over the forecast period. The global market for energy-efficient motors is anticipated to rebound, with the lifting of the lockdowns.
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North America to Head Energy Efficient Motor Market
The market for energy-efficient motors worldwide is dominated by North America. The market growth is driven by numerous energy conservation initiatives taken by the DOE in many nations in the region. Additionally, switching to high-efficiency motors (HEMs) that use less power is encouraged by rising energy prices & energy efficiency concerns.
The region’s market shares are supported by the high reliance of the industrial, agricultural, and automotive sectors on the energy-efficient motors for different processes. Energy-efficient motors are in high demand throughout the region due to the expanding need for highly efficient electrical equipment for smooth operational functioning. The US grabs the maximum share in the market thanks to its widespread adoption of energy-efficient motors for a variety of uses.
APAC to Have Admirable Growth in Energy Efficient Motor Market
In the years ahead, the APAC region is probably going to present this market with abundant growth prospects. Over the next few years, it is anticipated that the market for energy-efficient motors in Asia Pacific will be stimulated by the plentiful supply of raw materials along with the presence of several skilled labor force at low wages. The market for energy-efficient motors in this region is expanding as a result of several DOE initiatives implemented in various APAC nations that encourage industries to switch over to HEMs that use less power in response to growing concerns about energy efficiency.