Energy Efficient Motor Global Market Report 2024

The energy efficient motor market size has grown strongly in recent years. It will grow from $39.17 billion in 2023 to $42.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historic period can be attributed to various factors, including environmental regulations and sustainability initiatives driving the adoption of energy-efficient solutions, rising demand for such solutions due to increasing electricity prices, the recognition of lower life cycle costs associated with energy-efficient motors compared to traditional ones, efforts to reduce carbon emissions, and the ongoing industrialization process. These factors collectively contributed to the expansion of energy-efficient motors during this period.

The energy efficient motor market size is expected to see strong growth in the next few years. It will grow to $57.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period is expected to be driven by several factors, including the increasing adoption of industrial automation, the growing imperative to reduce greenhouse gas emissions and mitigate environmental impact, rising awareness regarding sustainability and corporate social responsibility, government initiatives incentivizing the adoption of energy-efficient motors, and the potential for significant cost savings and return on investment associated with these motors. Major trends projected for the forecast period include continuous product innovations aimed at enhancing motor efficiency and performance, strategic partnerships between manufacturers and other industry stakeholders, and ongoing technological advancements to further improve motor efficiency and functionality. These trends collectively indicate significant growth opportunities and advancements in the energy-efficient motors market in the coming years.

The surge in demand for industrial automation is anticipated to drive the growth of the energy-efficient motor market. Industrial automation involves the utilization of control systems, computers, robots, and information technologies to manage various processes and machinery, replacing human labor. Energy-efficient motors within industrial automation enhance overall system efficiency, diminish energy consumption, and contribute to sustainable operations by optimizing power usage and minimizing waste. As of December 2023, Eurostat reported that 8% of EU enterprises incorporated artificial intelligence technologies, with 28% of large enterprises adopting them, particularly prevalent in the information and communication sector. This increasing industrial automation trend is a key factor propelling the energy-efficient motor market forward.

Key players in the energy-efficient motor market are actively developing innovative solutions such as gate-driver Integrated Circuits (ICs) to reduce power dissipation. Gate-driver ICs act as power amplifiers, accepting low-power input from controller ICs and producing high-current drive input for the gate of a high-power switch. In February 2023, Toshiba Electronic Devices & Storage Corporation launched the TB9083FTG gate-driver IC tailored for automotive brushless DC motors, aligning with the technology sector's focus on innovation. This product, crucial in the automotive industry's shift towards electric vehicles, controls and drives external N-channel power MOSFETs for three-phase brushless DC motor operation.

In May 2023, ABB Ltd., a Swiss technology company specializing in electrification and automation, acquired Siemens AG's low-voltage NEMA motor business for an undisclosed amount. This strategic acquisition bolsters ABB's standing as an industrial NEMA motor manufacturer, providing a robust platform to better serve its customers. Siemens AG, a German technology company, is recognized for manufacturing energy-efficient motors, including the Super Premium Efficiency (IE4) motors.

Major companies operating in the energy efficient motor market are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Johnson Controls Inc., Nidec Corporation, Emerson Electric Company, Rockwell Automation Inc., Microchip Technology Inc., Bosch Rexroth AG, WEG Equipamentos Eletricos SA, Wolong Electric Group Co. Ltd., Havells India Ltd., CG Power and Industrial Solutions Ltd., Crompton Greaves Consumer Electricals Limited, Bharat Bijlee Limited, Marathon Electric India Pvt. Ltd., Elin Electronics Limited, Toshiba International Corporation Pty Ltd., Kirloskar Electric Company Ltd., Brook Crompton Greaves Limited, Integrated Electric Co. Pvt. Ltd., Regal Beloit Corporation, Elektrim Motors, Shanghai Top Motor Co.Ltd., Hoyer Motors, Baldor Electric Company.

North America was the largest region in the energy efficient motor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy efficient motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the energy efficient motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Energy-efficient motors are electric motors engineered to achieve enhanced efficiency in converting electrical energy into mechanical power output. These motors are meticulously designed with improved components, materials, and manufacturing techniques, allowing them to accomplish more work per unit of electricity consumed. By maximizing efficiency, energy-efficient motors contribute to reducing energy consumption and promoting sustainability in various applications.

The main types of energy-efficient motors include super premium-IE4, premium-IE3, high-IE2, and standard-IE1. Super premium-IE4 denotes a classification of energy-efficient electric motors that comply with specific international efficiency standards. These motors find application in various sectors such as pumps, fans, compressed air systems, refrigeration units, material handling equipment, and material processing machinery. They are widely utilized by diverse end-users including industrial, commercial, residential, agricultural, and other sectors.

The energy efficient motors market research report is one of a series of new reports that provides energy efficient motors market statistics, including energy efficient motors industry global market size, regional shares, competitors with a energy efficient motors market share, detailed energy efficient motors market segments, market trends and opportunities, and any further data you may need to thrive in the energy efficient motors industry. This energy efficient motors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The energy-efficient motors market consists of sales of eco drive energy-saving motors, green motion efficient motors, power saver eco-motors, energy smart drive motors, econodrive electric motors, eco power efficient motors, smart drive energy-efficient motors, eco boost motors, power max eco-motors, and energy guard motors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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