Energy Efficient Motor Market accounted for USD 29.75 billion in 2017 and is projected to grow at a CAGR of 6.9% the forecast period of 2018 to 2025. Energy efficient motors are high effectiveness engines that give comparative quality by expending lesser measures of energy. These engines are utilized for wide mechanical applications like paper, concrete, materials, cranes, material taking care of, machine devices and blowers and so forth.
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It has numerous advantages like decrease in vitality utilization, run cooler and have longer life. Its forthright cost might be higher however consequences of enhancing energy effectiveness can reimburse the speculation rapidly.
According UNIDO (United Nations Industrial Development Organization), electric motor systems account for about 60 to 70% of industrial electricity consumption depending on the industrial structure. There has been extensive usage of electric motors not only in the industry sectors but also in the commercial, residential, agricultural and transportation sectors. The key players in the global energy efficient motor market are
- Bosch Rexroth, AG
- Regal Beloit Corporation
- General Electric
- Microchip Technology, Inc.
- Johnson Controls Inc.
- ABB Ltd.
- Crompton Greaves
- Marathon Electric
- Schneider Electric SE
- Honeywell International, Inc.
- Baldor Electric Company
- Siemens AG
- Emerson Electric Company
- Kirloskar Electric Company Ltd.
- Magneteck, Inc .
The global energy efficient motor market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run.
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Market Segmentation: Global Energy Efficient Motor Market
The global energy efficient motor market is based on
- Efficiency Level
- Geographical Segments
Based on energy efficiency level, the global energy efficient motor market is segmented into
Based on type, the global energy efficient motor market is segmented into
- AC Motors
- DC Motors
Based on application, the global energy efficient motor market is segmented into
- Material handling
- Material processing
Based on vertical, the global energy efficient motor market is segmented into
- Commercial Building
- Based on geography, the global energy efficient motor report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa.
- Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Market Drivers and Restraints:
- Cost effectiveness- saving of energy and subsequent cost over traditional motors.
- Increasing support from governments worldwide for the adoption of energy efficient motors.
- Rising need to diminish greenhouse effect-environmental sustainability.
- Product portability.
- High initial cost.
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