The energy-efficient motor market comprises electric motors that consume less energy compared to standard motors, leading to reduced operating costs. These motors are designed to operate at higher efficiencies across all load points, including during partial loads. They utilize improved magnet designs, better cooling, and sophisticated control strategies to maximize output while minimizing energy use. The Global Energy-efficient Motor Market is estimated to be valued at US$60.63 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the energy-efficient motor market are Johnson Controls Inc., AG Regal, General Electric Company, Bosch Rexroth, and Schneider Electric SE. These leading manufacturers are focusing on new product launches and mergers and acquisitions to expand their product portfolios and global footprints. Secondly, the growing demand for energy-efficient motors from industrial users is a major factor driving market growth. Industries are increasingly adopting these motors to lower energy costs. Lastly, expanding global sales networks of motor manufacturers and increasing export activities are expected to support the global expansion of the energy-efficient motor market over the coming years.
Market Key Trends
One of the key trends in the energy-efficient motor market is the shift towards permanent magnet motors. Permanent magnet synchronous motors are gaining popularity due to their superior efficiency compared to traditional induction motors. Their efficiency can be as high as 95-97% making them an attractive proposition. Another trend gaining ground is the integration of IoT technologies in motors. IoT-enabled intelligent motors can communicate operational parameters to users, detect anomalies, enable remote monitoring and predictive maintenance. This allows improved process control and energy optimization. Advanced control systems and use of new magnetic materials are also expandingchoices for customers.
Porter's Analysis
Threat of new entrants: High capital requirements and competitive pressure limit entrants in this market.
Bargaining power of buyers: Large buyers can negotiate lower prices while smaller buyers have less influence.
Bargaining power of suppliers: The availability of substitute components keeps supplier bargaining power in check.
Threat of new substitutes: Rapid technological advances open possibilities for new substitutions over time.
Competitive rivalry: Well-established players compete aggressively on price and performance.
Geographical regions play a key role in the Energy-efficient Motor Market. By value, the market is highly concentrated in Asia Pacific due to strong infrastructure growth and rising industrialization, particularly in China, India, and Southeast Asian nations. North America holds the second largest share and is transitioning toward cleaner energy-efficient technologies. Meanwhile, Europe is also a major regional market driven by stringent environmental regulations.
In terms of growth, the Middle East and Africa region offers the most potential for the Energy-efficient Motor Market over the forecast period. This is attributed to ongoing industrialization initiatives in the GCC countries coupled with investments in utilities, oil & gas, mining, and other industries across the region. Supportive policy frameworks could further stimulate demand for energy-efficient motors to reduce carbon emissions.
What Are The Key Data Covered In This Energy-efficient Motor Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Energy-efficient Motor 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Energy-efficient Motor and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Energy-efficient Motor Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Energy-efficient Motor vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
