Energy Efficient Motor Market Key Players ABB, Siemens, Regal Rexnord Corporation, Wolong Electric Group Co., Ltd, Nidec Corporation

The global Energy Efficient Motor market is projected to reach USD 59.3 billion by 2028 from an estimated USD 41.7 billion in 2023, at a CAGR of 7.3% during the forecast period. The IE3 segment market is anticipated to grow from an estimated USD 29.7 billion in 2023 to USD 41.9billion in 2028, at a CAGR of 7.1% during the forecast period. Rotor losses in IE3 motors are reduced considerably by using copper as the conductor material in the squirrel cage rather than aluminum, which leads to the reduction of the slip under load conditions. The reduction in air gaps and thinner laminations made of better-quality steel ensure higher efficiency than traditional motors. These technological modifications in the IE3 efficiency level motors are pushing the market.

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The energy efficient motor market refers to the market for electric motors that are designed to consume less energy than traditional electric motors. These motors are designed to reduce energy consumption and operating costs, while also reducing greenhouse gas emissions.

The market for energy efficient motors is driven by a growing need for energy conservation, as well as increasing demand for green technologies. This is particularly true in the industrial sector, where electric motors are widely used in various applications such as pumps, compressors, and fans.

The market for energy efficient motors is segmented based on motor type, application, end-user, and region. By motor type, the market is segmented into AC motors and DC motors. By application, the market is segmented into HVAC systems, fans, pumps, compressors, material handling, and others. By end-user, the market is segmented into industrial, commercial, and residential. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

The energy efficient motor market is dominated by a few major players that have a wide regional presence. The leading players in the energy efficient motor market are ABB (Switzerland), Siemens (Germany), Regal Rexnord Corporation (US), Wolong Electric Group Co., Ltd (China), Nidec Corporation (Japan). These companies offer a wide range of energy efficient motors and related products and services.

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Overall, the energy efficient motor market is expected to grow as industries and governments seek to reduce energy consumption and greenhouse gas emissions. The adoption of energy efficient motors is expected to increase in the coming years, particularly in the industrial sector, as companies seek to reduce operating costs and comply with increasingly stringent environmental regulations.

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This release was published on openPR.