The Global Energy Efficient Motor Market size is expected to reach $64 billion by 2029, rising at a market growth of 7.8% CAGR during the forecast period

IE1 is one of the standard efficiency levels of Energy Efficient Motor because low Voltage motors with the IE1 standard are primarily used in the metallurgical, hydrocarbon, chemical, cement, and paper industries; they can be combined with pumps, fans, and compressors.

New York, June 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Energy Efficient Motor Market Size, Share & Industry Trends Analysis Report By Application, By Efficiency Level, By Power Output Rating, By Type, By End User, By Regional Outlook and Forecast, 2023 - 2029" - https://www.reportlinker.com/p06469113/?utm_source=GNW Therefore, IE1 accounted for $5,553 million revenue of the market in 2022. The range of capacity for IE1 motors is between 0.75kW and 355kW. Two, four, six, eight, ten, and twelve poles are featured on the IE1 motors. The IE1 motors operate between 500 and 3600 revolutions per minute and have an rpm frequency of 50Hz or 60Hz. Thus, these factors are expected to surge the segment’s expansion.The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October 2022, WEG announced the addition of a new assembly line facility for its WEG IE3 electric motors this new facility enhances flexibility in WEG’s electric motor supply chain and makes sure of prompt delivery times for customers. Moreover, In June, 2023, Nidec Drive Technology Corporation introduced FLEXWAVE, a precision-control reducer, and a motor. The FLEXWAVE consists of better energy density and low backlash on their reducers, the actuators would suppress the shock generated at start-up.Based on the Analysis presented in the KBV Cardinal matrix; Siemens AG is the major forerunner in the Market. In February, 2021, Siemens announced a collaboration with Turboden S.p.A., a Mitsubishi Heavy Industries Group Company, to broaden and decarbonize Egypt’s transmission network of natural gas. Moreover, Siemens supports the government in the adoption of energy efficiency and sustainable solutions and business models to sustain Siemens energy infrastructure. Companies such as ABB Group, Nidec Corporation and WEG Equipamentos Eletricos SA are some of the key innovators in the Market.Market Growth FactorsGovernment programs promoting the use of energy efficient motorsGovernments can create energy efficiency programs through these that offer resources and technical support to organizations and people wishing to adopt energy-efficient technologies. In addition, these programs offer advice on choosing the best motor for a specific application, which can help uncover energy-saving opportunities and provide financing choices to aid with the initial expenditures of new equipment. Thus, the government’s ongoing efforts to promote the use and understanding of energy-efficient motors will support market growth during the projected period.Measures to reduce carbon emissions and advance industrializationEnergy-efficient motors play a critical role in accomplishing these objectives by lowering the energy consumption and carbon footprint of industrial operations. A crucial component in making the energy transition, which entails moving away from fossil fuels and toward renewable energy sources, is the usage of energy-efficient motors. The increasing industrialization and decarbonization programs have established an advantageous market for energy-efficient motors. As more sectors embrace energy-efficient practices and the push toward decarbonization intensifies, the market is anticipated to expand.Market Restraining FactorsThe high production and net cost of energy-efficient motorsTo assure their efficacy, energy-efficient motors typically require additional certification and testing, higher-quality components, more sophisticated production techniques, and more testing. This can result in increased production costs for manufacturers and a higher price for the end user. Generally, energy-efficient motors are more expensive than conventional motors. In addition, there is a possibility that some buyers are not aware of the benefits of energy-efficient motors, and as a result, they are unwilling to pay higher prices for a technology that they do not fully understand. Thus, the price of energy-efficient motors, particularly the IE4, will restrict the market growth.Type OutlookBased on type, the market is segmented into AC motors and DC motors. The DC motors segment acquired a substantial revenue share in the market in 2022. This is because DC motors are ideally adapted for use in vacuums, fabrication & manufacturing equipment, elevators, and material handling equipment due to their faster response times and more stable torque and speed levels. In addition, they offer easier installation and maintenance demands, increased starting power and torque, quicker response times for start/stop and acceleration, and a wider range of voltage options.Power Output Rating OutlookOn the basis of power output rating, the market is divided into < 1 kW, 1–2.2 kW, 2.2–375 kW and > 375 kW. The < 1 kW segment held the highest revenue share in the market in 2022. This is due to the fact that these electric motors are utilized in various industrial, marine, and wind applications. For instance, fans and HVAC, pumps, shredders, and gears hydraulics, are common uses. Moreover, their energy efficiency and the increasing trend of low energy consumption further fuel their usage in various end-use industries, propelling the segment’s growth in the forecasted period.Efficiency Level OutlookBy efficiency level, the market is classified into IE1, IE2, IE3, IE4 and IE5. The IE2 segment garnered a prominent revenue share in the market in 2022. This is due to the range of capacity for IE2 motors which is between 0.75kW and 355kW. It is an ideal replacement for Y and Y2 series motors in chemical, mining, and other relatively harsh environments where fans, pumps, machine tools, compressors, transportation machinery, etc., operate various general mechanical equipment. Two, four, or six poles are present in IE2 motors.Application OutlookBased on the application, the market is bifurcated into HVAC, pumps, fans, compressors, refrigeration, material handling and material processing. The HVAC & pumps segment held the highest revenue share in the market in 2022. This is due to the fact that HVAC is utilized in a variety of technologies to regulate the temperature, humidity, and cleanliness of the air within an enclosed space. Using this technology, residential and commercial buildings are heated and chilled. Various structures, from single-family homes to submarines, contain HVAC systems that provide environmental comfort.End User OutlookOn the basis of end user, the market is segmented into residential, commercial, industrial, automotive, agriculture and aerospace & defense. The industrial segment led the market by generating the maximum revenue share in 2022. This is attributed to the fact that energy efficient motors are widely used for industrial applications; as industries become more automated, the demand increases; energy efficient motors enable industries to save on electricity consumed; and the government’s focus on the industrial sector to reduce power consumption will contribute to the growth of the segment.Regional OutlookRegion-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated the highest revenue share in the market in 2022. The regional growth is attributed to several Asian-Pacific governments that have enacted minimum energy performance standards or labeling programs for electric motors, increasing the demand for energy-efficient motors. Asia-Pacific is the world’s most populous region and is projected to become the largest energy consumer globally.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, Toshiba Corporation, Rockwell Automation, Inc., Nidec Corporation, WEG Equipamentos Eletricos SA, Mitsubishi Electric Corporation, Havells India Ltd., CG Power & Industrial Solutions Ltd. (Murugappa Group) and Kirloskar Brothers Limited (Kirloskar Group).Recent Strategies Deployed in Energy Efficient Motor MarketPartnerships, Collaborations and Agreements:Mar-2023: Rockwell Automation signed an agreement with Energy Drive, an energy-efficiency specialist. Under this agreement, companies would team up on projects which are developed so that the resulting energy savings offset any systems and investment in technology needed to propel the sustainability solutions.Feb-2023: Nidec Leroy-Somer, a subsidiary company of Japan-based Nidec Group, came into an agreement with Airbus SE, a Europe-based global aerospace corporation. This agreement aims to design an electric motor for its hydrogen-powered fuel cell engine prototype, as part of Airbus’ goal to bring the first zero-emission commercial aircraft.Sep-2022: Mitsubishi Electric Corporation teamed up with Toshiba Mitsubishi-Electric Industrial Systems Corporation, a joint venture between Japan’s Toshiba Corporation and Mitsubishi Electric Corporation, with expertise in rotating machines, power electronics, and automation technologies. Under this alliance, companies have developed an electrical motor-developed support system adding Mitsubishi Electric’s Maisart AI technology to reduce the time needed to produce electrical motor designs.Feb-2021: Siemens announced a collaboration with Turboden S.p.A., a Mitsubishi Heavy Industries Group Company, a Japan-based multinational electronics, equipment, and engineering corporation. Under this collaboration, Siemens would broaden and decarbonize Egypt’s transmission network of natural gas. Moreover, Siemens supports the government in the adoption of energy efficiency and sustainable solutions and business models to sustain Siemens energy infrastructure.Product Launches and Product Expansions:Jun-2023: Nidec Drive Technology Corporation introduced FLEXWAVE, a precision-control reducer, and a motor. The FLEXWAVE consists of better energy density and low backlash on their reducers, the actuators would suppress the shock generated at start-up.Feb-2023: Toshiba Electronic Devices & Storage Corporation introduced TB9083FTG, a gate-driver IC[1] for automotive brushless DC motors with applications in electric brakes, electric power steering, and shift-by-wire. The latest product TB9083FTG controls and propels external N-channel power MOSFETs for driving a three-phase brushless DC motor.Jun-2022: Nidec Corporation unveiled SynRA, an aluminium cage-equipped, high-efficiency synchronous reluctance (SR) motor that integrates an SR motor with the cage-type induction motor’s basic principles. The product rotates as an induction motor when starts and spins in synchronization with frequency during operation.May-2022: ABB India announced the launch of Flameproof Motors, the low voltage flameproof motors range created for safe usage in applications in possible explosive atmospheres. The launched products deliver crucial benefits consisting of low vibration levels with enhanced reliability for more lifetime and decreased maintenance needs for a lower cost of ownership.Apr-2022: Havells India Limited announced the launch of the ECOACTIV fans range, the 19 new models under the pedestal, wall, ceiling, and ventilator fan category. The latest range of technologically advanced fans comes with ECOACTIV super-efficient BLDC and induction motor.Oct-2021: WEG introduced the range of WEG Electronically Commutated Motor. The motors were developed to meet the reliability and safety requirements of ventilation and exhaust systems - offering energy consumption rates for diversified air movement applications.Acquisitions and Mergers:May-2023: ABB took over Seimens’s low voltage NEMA motor business. Through this acquisition, ABB strengthened its position as a leading NEMA motor manufacturer, and it offers an enhanced platform from which ABB would be able to better serve its customers.Jul-2022: WEG signed an agreement with Cevital Group to form a Joint venture company WEG Algeria Motors SpA. Together companies would broaden their global market share of electric motors for the home appliance segment, taking benefit of its geographic and technology diversification to grab the latest commercial opportunities.Dec-2022: Nidec Corporation came into an agreement with Freyr Battery, a clean battery cell developer and producer of high-efficiency motor and storage systems to form a joint venture company Nidec Energy AS. Through this Joint Venture, Nidec aims to develop and deliver highly competitive, combined battery energy storage solutions and products with the least environmental impact.Oct-2022: Rockwell Automation, Inc. acquired CUBIC, a company with expertise in modular systems for the manufacturing of electrical panels. This acquisition strengthens Rockwell’s suite of leading intelligent motor control technologies. Additionally, CUBIC would expand Rockwell’s market access to data centres and renewable energy solutions.Oct-2021: Toshiba America Energy Systems Corporation, an affiliate of Toshiba ESS, acquired the EtaPRO® business from GP Strategies Corporation, a provider of workforce transformation solutions. The acquisition would enhance Toshiba’s current global servicing and maintenance solutions for turbines and equipment across multiple platforms.Geographical Expansions:Oct-2022: WEG announced the addition of a new assembly line facility for its WEG IE3 electric motors in South Africa. The new facility enhances flexibility in WEG’s electric motor supply chain and makes sure of prompt delivery times for customers.Aug-2021: ABB opened a new manufacturing line of low voltage motors at its Factory located in Faridabad, India. This expansion would enhance plant capability by over 20% while also boosting the position of ABB in the region and worldwide.Scope of the StudyMarket Segments covered in the Report:By Application• HVAC & Pumps• Fans• Compressors• Refrigeration• Material Handling & Material ProcessingBy Efficiency Level• IE3• IE2• IE1• IE4• IE5By Power Output Rating• <1KW• 1 - 2.2 KW• 2.2 - 375 KW• >375 KWBy Type• AC Motors• DC MotorsBy End User• Industrial• Commercial• Residential• Automotive• Agriculture• Aerospace & DefenseBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• ABB Group• Siemens AG• Toshiba Corporation• Rockwell Automation, Inc.• Nidec Corporation• WEG Equipamentos Eletricos SA• Mitsubishi Electric Corporation• Havells India Ltd.• CG Power & Industrial Solutions Ltd. (Murugappa Group)• Kirloskar Brothers Limited (Kirloskar Group)Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06469113/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________