Pumps Application to Dominate Global Energy Efficient Motor Market During Forecast Period
Growing demand for efficient
energy, reducing carbon dioxide emissions and increasing government support to
drive global energy efficient motor market during forecast period
According to
TechSci Research report, “Global Energy Efficient Motor Market By Installation Type,
By Efficiency Level, By Motor Type, By Application, By End-User, By Region,
Competition, Forecast & Opportunities, 2024”, global energy efficient motor market was valued at
USD29 billion in 2018 and is estimated to witness a significant CAGR during the
forecast period on account of increasing automation and robotics in the
manufacturing sector, urgent need to diminish greenhouse effect and rising
demand from HVAC and household applications. Moreover, increasing electric
vehicle sales worldwide is expected to bolster the growth of global energy
efficient motor market over the coming years. However, some of impending
challenges confronting the market during the forecast period are high initial
investment and rising competition among local and international companies.
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In terms of application,
the market is segmented into fans, pumps, compressors, mechanical movement
& others. Among them, the pumps application segment dominated the market in
terms of largest share of the market until 2018 and is anticipated to maintain
its dominance over the next 5 years as well on account of its application in
different end-user industries such as oil and gas, water and wastewater, commercial
and agriculture. Furthermore, pumps are the major consumer of electricity in
the industrial sector which is projected to further drive the growth of this
segment.
ABB Ltd., WEG,
Crompton Greaves, General Electric, Kirloskar Electric Company Ltd., Regal
Beloit Corporation, Schneider Electric SE, Siemens AG, Bosch Rexroth, Brook
Crompton among others are the leading players operating in global energy
efficient motor market.
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“Asia-Pacific
is anticipated to witness highest growth in global energy efficient motor
market during the forecast period which can be attributed to the increasing
energy prices, which is ultimately raising the concern about the efficient use
of energy, coupled with several initiatives taken by the department of energy (DOE)
in various developing economies in APAC by encouraging the industries to switch
to high-efficiency motors (HEMs) that consume less power.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Energy Efficient Motor Market By Installation
Type, By Efficiency Level, By Motor Type, By Application, By End-User, By
Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global
energy efficient motor market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers to take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in
global energy efficient motor market.
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