What Will Energy Efficient Motor Market Look Like In The Future?
Energy Efficient Motor Market is projected to exceed US$ 119.1 billion by 2032
WILMINGTON, DELAWARE, UNITED STATES, June 14, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the energy efficient motor market size was valued at $48.5 billion in 2022, and is estimated to reach $119.1 billion by 2032, growing at a CAGR of 9.5% from 2023 to 2032.
Energy efficient motors have improved manufacturing procedures and superior materials, as well as longer bearing lifetimes, greater service factors, reduced waste heat output, and less vibration, all of which promote dependability.
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Top Companies
ABB Ltd, Crompton Greaves, General Electric, Honeywell International, Inc., Kirlosakar Electric Company, Ltd, Microchip Technology, Inc., Magneteck, Inc., Johnson Controls Inc., Simens AG, and Weg S.A.
North America registered the highest market share in 2022 and Asia-Pacific is predicted to show the fastest growth in the upcoming years.
Efficient electric motors gain higher efficiency by minimizing losses, which account for just 3-6% of the energy flowing through the motor. Efficient electric motors have the ability to minimize emissions related with energy savings through variable speed drive (VSD).
The primary function of a VSD is to regulate the speed of a motor based on the load. The addition of the VSD assists in the optimization of the overall system's efficiency. Efficient energy motors are slightly more expensive than ordinary motors.
Energy-efficient motors are used in a variety of industries, including the industrial, commercial, residential, and agricultural sectors, among others.
Higher efficiency of these motors, along with reduced maintenance costs, has resulted in an increase in demand for a variety of applications. This technology has been constantly improved with the goal to minimize power usage. It has immediately extended its uses in material handling, material processing, and HVAC, pumps, among others.
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Government regulations also offer additional incentives for manufacturers to follow standards like Minimum Energy Performance Standards and Environment Protection Act in motor production.
Growing environmental concern is also encouraging the use of energy-saving technologies in a variety of applications.
Based on type, the super premium-IE4 sub-segment emerged as the global leader in 2022 and the premium-IE3 sub-segment is anticipated to be the fastest growing during the forecast period.
Based on product type, the AC motor sub-segment emerged as the global leader in 2022 and the DC motor sub-segment is predicted to show the fastest growth in the upcoming years.
Based on application, the pumps sub-segment emerged as the global leader in 2022 and the fans sub-segment is predicted to show the fastest growth in the upcoming years.
Based on end user, the industrial pumps sub-segment emerged as the global leader in 2022 and it is predicted to show the fastest growth in the upcoming years.
The high cost of extremely premium efficiency (IE4) motors is expected to hinder industry expansion. When compared to normal motors, the initial cost of energy-efficient motors is higher.
IE4 motors are more costly due to the use of premium materials and enhanced manufacturing and design procedures to improve efficiency.
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The rotors of these motors use larger-diameter copper wires and more aluminum to reduce resistance losses. A better cooling fan is used as well to reduce winding losses. The use of high-end, costly materials increases the overall cost of these various types of motors. All these factors are anticipated to restrict the growth of the energy efficient motor market forecast period.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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