| Status : Published | Published On : Feb, 2023 | Report Code : VRSME9128 | Industry : Semiconductor & Electronics | Available Format :
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Page : 200 |
Global Energy Efficient Motor Market – Analysis and Forecast (2023-2030)
Industry Insight by Efficiency Level (IE1, IE2, IE3, and IE4), by Type (DC Motor (Brushed DC Motors and Brushless DC Motors) and AC Motor (Induction Motors and Synchronous Motors)), by Application (Fans, Air Compressor, Pumps, Material Handling, Material Processing, and HVAC), by End User Vertical (Commercial Building, Automotive, Residential, Aerospace and Defense, Industrial, and Agriculture), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global energy efficient motor market is poised for remarkable growth, with the global market size estimated to achieve USD 65.4 billion by 2030, representing a substantial increase from USD 40.45 billion in 2022. This upward trajectory indicates a steady Compound Annual Growth Rate (CAGR) of 7% during the forecast period.
Energy-efficient motors stand out due to their incorporation of advanced materials and enhanced production processes. By leveraging these features, these motors provide several advantages, including higher service factors, reduced waste heat production, extended bearing life, minimal maintenance expenses, and decreased vibration levels. These characteristics contribute to overall improved efficiency by curbing losses that typically account for 3-6% of the energy consumed by the motor.
The future outlook for the energy-efficient motor sector is highly promising. Continuous advancements in equipment utilized across diverse sectors such as industrial, commercial, residential, automotive, and agricultural applications are expected to propel significant progress in the energy-efficient motor industry throughout the study period. Embracing these innovative motors enables businesses and individuals to enhance their energy efficiency, reduce operational costs, and contribute to a greener and more sustainable future.
Industry Trends
The market for energy efficient motors is continuously expanding, with high market demand. The market is driven by the global impact of the energy crisis, as well spike in oil, gas, and commodity prices, and disruptions in energy supply chains. Furthermore, the turbulent financial market and expanding global energy demand drive the need for new, innovative energy production and supply solutions.
The COVID-19 outbreak's detrimental effects on a number of important businesses, including retail, transportation, and the automotive sector, among others, have slowed the growth of the global energy-efficient motor industry.
Market Segmentation
Insight by Efficiency Level
- Standard (IE1)
- High (IE2)
- Premium (IE3)
- Super Premium (IE4)
IE2 motors category is anticipated to contribute the largest market share during the forecast period as it has high efficiency levels i.e., equivalent to CEMEP EFF1 class and EP Act level. As an alternative to IE3 motors, IE2 motors can be utilised with inverters. The demand for IE1 motors has significantly altered as a result of IE2 motors, which are more efficient than EFF2 motors and generate less residual heat. Additionally, the installation of IE2 motors is now required by all regions' as per Minimum Energy Performance Standards (MEPS). These elements are anticipated to contribute to the market expansion for IE2 motors' energy-efficient motors during the analysis period.
Insight by Type
- DC Motor
- Brushed DC Motors
- Brushless DC Motors
- AC Motor
- Induction Motors
- Synchronous Motors
AC Motors dominates the market owing to increased concern related to carbon emissions and rising consumption of energy power which promote the advancement of better energy efficient AC motors.
Insight by Application
- Fans
- Air Compressor
- Pumps
- Material Handling
- Material Processing
- HVAC
Pumps contributes the largest market revenue in the energy efficient motor market owing to increased adoption in several end-user verticals like oil & gas, commercial, agriculture, and water and wastewater industries and are the key consumer of electricity in the industrial sector.
Insight by End-User Vertical
- Commercial Building
- Automotive
- Residential
- Aerospace and Defense
- Industrial
- Agriculture
Industrial end-user vertical contribute the largest share in the energy efficient motor market as these motors are widely deployed in several industries like marine, power & energy, oil &gas, mining, water & waste water so as to reduce operational cost and energy consumption.
Energy Efficient Motor Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
By 2030 |
|
Market Size in 2022 |
$40.45 Billion |
|
Revenue Forecast in 2030 |
$65.4 Billion |
|
Growth Rate |
CAGR 7% |
|
Segments Covered in the Report |
By Efficiency Level, By Type, By Application, and By End User Vertical |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Adoption of VSD lead to Market Growth for Energy-Efficient Motors
Utilizing Variable Speed Drives (VSDs) not only saves energy but also has the potential to reduce emissions by optimizing electric motor efficiency. VSDs play a crucial role in regulating motor speed based on specific load requirements. By incorporating VSD technology, the overall system's effectiveness is significantly enhanced. As a result, manufacturers are swiftly embracing factory automation to boost production capacity, minimize errors, reduce processing time, and mitigate harmful environmental impacts.
This growing adoption of factory automation serves as a key driver for the continuous expansion of the energy-efficient motor market. Energy-efficient motors exhibit a lower failure rate and possess a greater tolerance for overload conditions, making them highly desirable to end customers across various industries.
Factors attributing to the growth of the energy efficient motor market are increased penetration of LED, rising need to save energy and increase demand to reduce cost over traditional motors, government initiatives to adopt energy-efficient motors, increased need to lessen greenhouse effect, and surge in adoption of energy efficient motors in industrial sector.
Additionally, the market for energy-efficient motors is positively impacted by the accelerated development of technology, rapid urbanization, and growth in acceptance due to the high tolerance for overload conditions.
Customers' preferences for energy efficient motors are being influenced by their advantages over regular motors, including their high-quality lamination, insulation, and minimal fan losses.
Challenges
High Cost of IE4 Motors may Stymie Market Growth
The market's growth is anticipated to be hampered by the high cost of super premium efficiency (IE4) motors. The initial cost of energy-efficient motors costs more as compared to standard motors. Due to the use of premium materials and improved manufacturing and design processes to increase efficiency, IE4 motors are more expensive. To cut down on resistance losses, these motors' rotors use larger-diameter copper wires and more aluminium. To cut down on winding losses, an improved cooling fan is also used. The overall cost of these types of motors is raised by the usage of high-end, pricey materials.
Market expansion is constrained by high initial investment, the reduced growth rate of electric vehicle sales in BRIC nations, and a dearth of awareness among the public about the benefits associated with efficient motors will adversely impact market sales. Thus, the major challenge is the high purchasing price, which prevents small-scale businesses from using these motors in their facilities.
Opportunities
Additionally, in the forecast period of 2023 to 2030, the market players will benefit from ongoing innovation in energy-efficient technology to minimize electricity usage, thereby creating promising opportunities for the market growth of the energy efficient motors. The market revenue is being driven by the enormous need for energy-efficient motors in HVAC applications, machine tools, home appliances, power tools, and autonomous robotics.
Geographic Overview
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
North America contributes the largest share in the energy efficient motors market owing to the increasing energy prices and concern related to energy efficiency will lead to increased emphasis on high-efficiency motors that use less electricity. The region's market share demonstrates the substantial reliance of the industrial, automotive, and agricultural sectors on energy-efficient motors for a variety of activities. Energy-efficient motors are in extremely high demand throughout the region as a result of the expanding necessity for high-efficiency electrical equipment to function properly.
Europe is anticipated to grow at a faster pace during the forecast period owing to rising demand from the residential sector, mounting growth in GDP per capita income, surge in demand for home appliances.
Competitive Insight
The key players in the energy-efficient motor industry aim to expand their production capacity while also enhancing cost efficiency and streamlining their operations, aided by new digitalization opportunities. In addition, significant expansion efforts by MNCs and well-established organizations, as well as new product launches, collaborations, M&As, are predicted to raise the market share of energy efficient motors.
For all applications, ABB provides a wide selection of highly efficient motors and generators. Even in the most difficult situations, ABB has what it takes to help every sector and application achieve new heights of efficiency and energy savings. Electric motors and generators are built to work consistently no matter how demanding the process or application and to have low life cycle costs by combining the best materials currently available with cutting-edge technology. Their product portfolio include ABB IE5 SynRM and Drives, EC Titanium Integrated Motor Drive, Synchronous Motors, High Voltage Induction Motors, etc.
The industry's efforts to increase energy efficiency are led by Nidec Motor Corporation. They have contributed to the formulation of electric motor energy efficiency policies. Highly efficient commercial and industrial motors from the U.S. MOTORS® brand NEMA Premium® line are built to directly replace older, still-in-use motors. This line aids industry in conserving energy and adhering to current energy efficiency rules. The enhanced open drip-proof and entirely enclosed motors found in NEMA Premium® U.S. MOTORS® brand motors meet or exceed legal requirements.
In order to increase overall motor efficiency, reduce power consumption, assist the uptake of renewable energy sources, and participate in the worldwide effort to save energy and reduce carbon emissions, Nidec provides high-efficiency brushless DC motors to the world.
Recent Development by Key Players
The demand for the most advanced, energy-efficient pumping equipment has never been more pressing as energy prices rise. In response to that need, in April 2022, Nidec Motor Corp. unveiled SynRATM, an avant-garde, synchronous motor with a pending patent. The new motor, with ratings of IE 4 and IE 5, provides one of the best efficiencies possible for today's commercial pumping and HVAC equipment when partnered with the ID300 PerfectspeedTM integrated drive. This new technology from Nidec's U.S. MOTORS® brand offers the benefit of simple motor replacement without the need to install a full new system and controls, saving time and money. It also offers significant energy savings.
Businesses can reduce operating expenses and enhance environmental performance by adopting variable frequency drives (VFDs) to enhance motor control performance and motor efficiency. The new Energy Savings Calculator from Rockwell Automation in September 2021, allows businesses to estimate the potential savings VFDs that might bring to their chemical operations. For each electrically operated asset, the calculator displays possible energy and carbon emission reductions. The calculator will estimate the savings users can obtain by converting to VFDs by simply answering few questions regarding their application. The calculator is perfect for uses involving electric motors not currently under the control of VFDs, such as those in the chemical industry and elsewhere.
Key Players Covered in the Report
Some of the prominent players in the global energy efficient motor industry include ABB, WEG, Siemens, Rockwell Automation, Inc., Nidec Motor Corporation, Schneider Electric, Kirloskar Electric Company, Crompton Greaves Consumer Electricals Limited, Bosch Rexroth, and General Electric.
The Energy Efficient Motor Market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2023-2030.
Segments Covered in the Report
- By Efficiency Level
- Standard (IE1)
- High (IE2)
- Premium (IE3)
- Super Premium (IE4)
- By Type
- DC Motor
- Brushed DC Motors
- Brushless DC Motors
- AC Motor
- Induction Motors
- Synchronous Motors
- By Application
- Fans
- Air Compressor
- Pumps
- Material Handling
- Material Processing
- HVAC
- By End User Vertical
- Commercial Building
- Automotive
- Residential
- Aerospace and Defense
- Industrial
- Agriculture
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Energy Efficient Motor Market