Energy Efficient Motor Market Summary
As per Market Research Future Analysis, the Global Energy Efficient Motor Market was valued at USD 37.83 Billion in 2023 and is projected to grow to USD 67.92 Billion by 2032, with a CAGR of 6.0% from 2024 to 2032. The market is driven by the increasing demand for energy-efficient solutions to reduce greenhouse gas emissions and the adoption of advanced motor technologies. Key applications include HVAC, fans, pumps, and compressors, with the industrial sector being the largest end-user. The IE4 efficiency level segment holds the majority share due to its superior performance and energy savings. North America currently dominates the market, while Asia-Pacific is expected to witness significant growth due to supportive government initiatives.
Key Market Trends & Highlights
The market is experiencing several key trends that are shaping its growth trajectory.
- Growing need to reduce greenhouse gas emissions is driving demand for energy-efficient motors.
- IE4 motors are preferred for their high efficiency, accounting for the majority share in 2021.
- The HVAC segment is projected to lead in revenue due to high motor requirements.
- Industrial applications dominate the market, reflecting a shift towards energy conservation.
Market Size & Forecast
2023 Market Size | USD 37.83 Billion |
2032 Market Size | USD 67.92 Billion |
CAGR (2024-2032) | 6.0% |
Major Players
Key players include ABB, Siemens, Rockwell, Schneider Electric, Crompton Greaves, Kirloskar Electric Company Ltd., Bosch Rexroth AG, Regal Beloit Corporation, Nidec Motor Corporation, and WEG.