Global Energy Efficient Motors Market: Overview
The growing emphasis on the adoption of green technologies is having a prominent impact on the demand for energy efficient motors across the world. The benefits, energy efficient motors offer over standard motors, such as the high-quality lamination, insulation, and low fan losses, are influencing the preferences of consumers towards them.
Apart from this, the enforcement of laws and regulations concerning the environment, such as Environment Protection Act (EP Act), and conservation of nonrenewable energy, such as Minimum Energy Performance Standards (MEPS), is also fueling the demand for these motors substantially across the world.
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Global Energy Efficient Motors Market: Trends and Opportunities
On account of the cost benefits provided by energy efficient motors, this market is likely to gain significant impetus in the coming years. However, the high initial cost incurred in the production of these motors may hamper the growth of this market over the next few years.
An uptick in the demand for IE1 (standard), IE2 (high), IE3 (premium), and IE4 (super premium) motors is likely to boost this market remarkably in the years to come. DC motors are likely to witness a steady rise in their demand in the near future.
These motors are anticipated to find a widespread application in HVAC, refrigerators, pumps, fans, compressed air, material handling, and material processing systems.
The industrial, residential, and the commercial building sectors are projected to surface as the key consumers of energy efficient motors across the world. The transportation and the agricultural sectors will also exhibit a high demand for these motors in the coming years.
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Global Energy Efficient Motors Market: Geographical Analysis
The global market for energy efficient motors is spread across Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. With a large pool of companies involved in the assembly and production of energy efficient motors, Europe has emerged as a front runner among all the regional markets. Researchers expect this regional market to maintain its leadership in the near future due to the technological advancements and the increase in research and development activities.
On the other hand, Asia Pacific is likely to offer lucrative opportunities for the growth of this market in the forthcoming years. The ample availability of raw materials and the presence of a skilled workforce at low wages are expected to stimulate the market for energy efficient motors in Asia Pacific over the next few years.
The markets in Latin America and the Middle East and Africa are also projected to witness a significant rise in their overall valuation in the near future. North America, however, is anticipated to experience moderate growth in the years to come due to maturation.
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Companies mentioned in the research report
The leading participants operating in the global market for energy efficient motors are Siemens AG, Schneider Electric SE, Regal Beloit Corp., Marathon Electric, Kirloskar Electric Co. Ltd., General Electric, Emerson Electric Co., Bosch Rexroth AG, Baldor Electric Co., and ABB Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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