Energy Efficient Motor Market to Reach $59.3 Billion by 2028 | ABB, Siemens, Nidec Corp., Regal Rexnord, Wolong Electric.
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In the industrial sector, energy-efficient motors are used in a variety of applications, such as pumps, compressors, fans, conveyors, and processing equipment for achieving improved energy efficiency, lower operating costs, reduced downtime, enhanced performance, and increased system reliability. Many companies have investing in energy efficient technologies to achieve their targets to minimize their greenhouse gas emissions. This is anticipated to propel the demand for energy efficient motors in the industrial end user segment.
Energy-efficient electric motors are used in heating, ventilation, and air conditioning (HVAC) solutions, especially in commercial buildings, especially for maintaining good indoor air quality and providing thermal comfort. HVAC systems are based on the laws of thermodynamics, and principles of fluid mechanics and heat transfer. The most commonly used motors in HVAC applications are induction motors; three-phase for commercial/industrial premises, and single-phase for certain smaller installations. The growth of the HVAC market is propelled by rapid industrialization and urbanization, which has enhanced the need to maintain air quality in indoor spaces like offices and manufacturing units, and growing demand for energy-efficient devices.
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Asia Pacific is expected to be the largest region in the energy efficient motor market
Asia Pacific is expected to be the largest market region for the global energy efficient motor market between 2021-2028, followed by North America and Europe. Governments of several countries in Asia Pacific, including Australia, China, Japan, and Singapore, have implemented minimum energy performance standards or labeling programs for electric motors, which have boosted demand for energy-efficient motors. Asia Pacific is the most populated region in the world and is expected to become the largest energy-consuming region globally. It comprises several developing nations and requires more energy for its development. According to the Asian Development Bank (ADB), the region's share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010. The industrial sector in China is contributing more than 50% of its GDP, and the growth of this sector has tremendously increased power production and consumption in the country. These factors have made China one of the most lucrative markets for the power industry, consequently resulting in heightened demand for electric motors. Similar trends are also being followed in other countries.
Some of the major players in the Energy Efficient Motor Market are Regal Rexnord Corporation (US), ABB (Switzerland), Siemens (Germany), Wolong Electric Group Co., Ltd (China), and Nidec Corporation (Japan).
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