The energy efficient motor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Energy Efficient Motor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Energy Efficient Motor Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Energy Efficient Motor Market Overview
Market Drivers –
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.
Market Trends –
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.
The energy efficient motor market covered in this report is segmented –
1) By Type: Super Premium-IE4, Premium-IE3, High-IE2, Standard-IE1
2) By Application: Pumps, Fans, Compressed Air, Refrigeration, Material Handling, Material Processing
3) By End User: Industrial, Commercial, Residential, Agriculture, Other End Users
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Regional Insights –
North America was the largest region in the energy efficient motor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy efficient motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the energy efficient motor market are 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
Table of Contents
- Executive Summary
- Energy Efficient Motor Market Report Structure
- Energy Efficient Motor Market Trends And Strategies
- Energy Efficient Motor Market – Macro Economic Scenario
- Energy Efficient Motor Market Size And Growth
…..
- Energy Efficient Motor Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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