Energy-efficient Motor Market is Set for Double-Digit Growth Driven by Increasing Adoption of Energy-efficient Technologies
The global energy-efficient motor market is estimated to be valued at US$ 60.63 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024-2031. With growing concerns regarding energy consumption and carbon emissions, industries are increasingly adopting energy-efficient motor technologies to reduce operational costs and meet sustainability goals. Energy-efficient motors consume 10-30% less energy compared to standard motors. Motors account for approximately 60-70% of industrial electricity consumption, providing significant potential for energy savings through use of newer energy-efficient alternatives.
Key Takeaways
Key players operating in the energy-efficient motor market are Johnson Controls Inc.,AG Regal,General Electric Company,Bosch Rexroth,Schneider Electric SE. These companies are focusing on new product launches and expansions to increase market share.
Regarding key opportunities, growing industrialization in Asia Pacific and Latin America will drive demand for energy-efficient motors from various end-use industries like oil & gas, mining, automotive, and others. Stringent government regulations mandating use of higher efficiency motors will further propel the market growth.
With regards to global expansion, major players are investing in developing economies to tap the increasing opportunities. For instance, Johnson Controls recently set up a new manufacturing plant in India to cater to domestic demand and strengthen presence in South Asia. GE has also expanded its services network across Middle East and Africa.
Market Drivers: Stringent energy efficiency regulations being introduced worldwide are a major market driver. Countries like the US, China, UK have implemented new policies and standards to promote adoption of high-efficiency motors. This is expected to significantly boost demand. Growing industrialization and infrastructure development activities will also augment the energy-efficient motor market.
Market Restrains: High initial costs of energy-efficient motors compared to conventional equivalents can restrain market growth. Lack of awareness about benefits of these motors, especially in underdeveloped regions, also poses a challenge. Technical difficulties involved in retrofitting existing systems with newer technology adoption is another concern.
Segment Analysis
The energy-efficient motor market is segmented based on motor type into standard motors and premium motors. The standard motor segment dominates the market as they are widely used in industrial applications and account for over 60% of market share. Their cost effectiveness and general purpose usage contributed to its high demand.
The market is also segmented based on end user into industrial, commercial building, and residential. The industrial segment dominates the market as energy efficient motors are majorly used in industries for various applications like fans, pumps, compressors etc. The industrial segment holds over 55% of the market share globally due to need for enhanced productivity at lower costs.
Global Analysis
The Asia Pacific region is the fastest growing as well as the dominating regional market for energy-efficient motors. The region accounts for around 35% of the global market share. Factors such as increasing industrial activities, rapid urbanization and supportive government policies and initiatives towards energy conservation are driving the APAC market.
North America holds the second position in the global energy-efficient motor market backed by rising environmental concerns. Strict regulations regarding energy efficiency and consumer awareness also contributed to the growth of the regional market. Europe is another major region owing to presence of many automobile giants and implementation of energy efficiency programs.
Get more insights on this topic : https://justpaste.it/2ssnz
What Are The Key Data Covered In This Energy-efficient Motor Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Energy-efficient Motor 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Energy-efficient Motor and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Energy-efficient Motor Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Energy-efficient Motor vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian