Energy Efficient Motor Market worth $59.3 Billion by 2028 | ABB, Siemens, Nidec, Regal Rexnord, Wolong Electric.

The global Energy Efficient Motor Market size is expected to grow from USD 41.7 billion in 2023 to USD 59.3 billion by 2028, at a CAGR of 7.3% during the forecast period. An energy efficient motor is a type of electric motor that gives greater output compared to a standard motor at lesser power consumption. Energy efficient motors use improved materials, more efficient manufacturing processes, and advanced technologies such as variable speed drives. These motors help in achieving significant energy savings, reducing greenhouse gas emissions, and lowering operating costs over the lifetime of the motor.

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Key Market Players:

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).

Implementation of energy-efficient motors can lower the energy consumption significantly. The operations of devices enabled with energy-efficient motors lead to the lesser production of greenhouse gases. The adoption of these motors in various equipment reduces the operation costs and improves industrial operations in terms of energy efficiency. These factors help reduce the life cycle costs for energy-efficient motors as compared to traditional electric motors, driving their adoption. Major factors that would further drive the adoption of energy efficient motors include stringent government policies with the goal of achieving high efficiencies in appliances, equipment in various sectors so to move towards decarbonization.

HVAC application is expected to grow at the highest CAGR during the forecast period.

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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North America is expected to be the second-largest region in the Energy Efficient Motor Industry

North America is expected to be the second largest and fastest-growing market. The use of energy-efficient motors in the region is increasing rapidly due to growing investments in major verticals such as industrial, commercial, and transportation. Countries in North America have been focusing on energy efficiency through programs, partnerships, and initiatives. For instance, the Industrial Efficiency and Decarbonization Office (IEDO) aims to improve the energy and material efficiency, productivity, and competitiveness of manufacturers across the industrial sector.

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