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Energy Efficient Motor Market Key Drivers, Segments And Report By 2033
Energy Efficient Motor Market Key Drivers
According to The Business Research Company's, The energy efficient motor market size has grown strongly in recent years. It will grow from $39.17 billion in 2023 to $42.60 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to environmental regulations and sustainability initiatives, increasing the demand for energy-efficient solutions, the increasing price of the electricity, lower life cycle costs than traditional motors, measures to reduce carbon emissions and advance industrialization.
The energy efficient motor market size is expected to see strong growth in the next few years. It will grow to $57.10 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing industrial automation, the rising need to reduce greenhouse gas emissions, growing awareness regarding sustainability and corporate social responsibility, government initiatives encouraging adoption of energy efficient motors, cost savings and return on investment. Major trends in the forecast period include product innovations, strategic partnerships, and technological advancements.
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Market Drivers and Trends:
The increasing demand for industrial automation is expected to propel the growth of the energy efficient motor market going forward. Industrial automation is the use of control systems, computers, robots, and information technologies to handle various processes and machinery in an industry and replace human labor. Energy-efficient motors in industrial automation enhance overall system efficiency, reduce energy consumption, and contribute to sustainable operations by optimizing power usage and minimizing waste. For instance, in December 2023, according to Eurostat, a Luxembourg-based government agency, 8% of EU enterprises utilized artificial intelligence technologies, with 28% of large enterprises using them. AI (artificial intelligence) was most utilized in the information and communication sector, with 53% purchasing ready-to-use commercial software or systems in 2021. Therefore, increasing industrial automation is driving the growth of the energy-efficient motor market.
Major companies operating in the energy efficient motor market are developing innovative solutions, such as gate-driver ICs (Integrated Circuits), to help minimize power dissipation. A gate-driver IC is a power amplifier that accepts a low-power input from a controller IC and produces a high-current drive input for the gate of a high-power switch. For instance, in February 2023, Toshiba Electronic Devices & Storage Corporation, a Japan-based company that develops semiconductor technologies, launched the TB9083FTG gate-driver IC for automotive brushless DC (direct current) motors, which is designed for use in automotive applications such as electric brakes, electric power steering, and shift-by-wire, which aligns with the technology sector's focus on innovation and technological advancements. This product controls and drives external N-channel power MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors) for driving a three-phase brushless DC motor, making it an essential component in the automotive industry's transition towards electric vehicles.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Johnson Controls Inc., Nidec Corporation, Emerson Electric Company, Rockwell Automation Inc., Microchip Technology Inc., Bosch Rexroth AG, WEG Equipamentos Eletricos SA, Wolong Electric Group Co. Ltd., Havells India Ltd., CG Power and Industrial Solutions Ltd., Crompton Greaves Consumer Electricals Limited, Bharat Bijlee Limited, Marathon Electric India Pvt. Ltd., Elin Electronics Limited, Toshiba International Corporation Pty Ltd., Kirloskar Electric Company Ltd., Brook Crompton Greaves Limited, Integrated Electric Co. Pvt. Ltd., Regal Beloit Corporation, Elektrim Motors, Shanghai Top Motor Co.Ltd., Hoyer Motors, Baldor Electric Company
Energy Efficient Motor Market 2024 Key Insights:
• The energy efficient motor market is expected to grow to $57.10 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Industrial Automation's Impact On The Energy-Efficient Motor Market
• Gate-Driver ICs Pioneering Efficiency In Energy Efficient Motors
• North America was the largest region in the energy efficient motor market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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