The Energy Efficient Motors as the name implies are the same traditional motors but consuming less energy for the same amount of work or power delivered. Also, these motors run cooler, and often last longer than normal motors of the same size. The Energy Efficient Motors has more copper windings and reduced copper losses than the standard motors which make them give same output by consuming the lesser amount of energy. Due to low noise and low operating temperature, they can be widely used indoors.
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The market is segmented on the basis of efficiency level as: IE4, IE3, IE2, IE1; on the basis of type: AC Motors, DC Motors; on the basis of Application: HVAC, Fans, Pumps, Compressors, Refrigeration, Material Handling, Material Processing; on the basis of Vertical: Industrial, Commercial Building, Residential, Automotive, Aerospace and Defense, Agriculture; on the basis of Geography: North America, Europe, Asia Pacific (APAC), Rest of the World (RoW)The Low energy consumption is the main growth driver for the market.
The Energy Efficient Motors save the energy for the same amount of work. They have lesser failure rate than the standard motors thus making it more useful. These factors influence the Energy efficient market and helps it to expand.The higher initial cost of installation is the only restraint in the the energy efficient motors market which is slowing down the growth of the market. The lower cost of long time operation, less maintenance, and less risk of hardware failure are creating surplus opportunities for the growth of The Energy Efficient Motors Market.
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On the basis of vertical, the Industrial Sector is leading the global market. Due to the growing industrialization and advancement in the technology, The Energy Efficient Motors Market is evolving faster in this sector as The Energy Efficient Motors save energy at a large scale. Thus, the Energy Efficient Motors are proved to be economical.Globally, Asia Pacific Region has the largest market share. Due to globalization and industrialization, the developing countries in the region like China and India has the wide scale implementation of the The Energy Efficient Motors on a large scale. The North American market and European market has the saturated industry sector, therefore following the Asia Pacific region market.
The major key players in the The Energy Efficient Motors Market are: ABB, Siemens, General Electric, Schneider Electric, Nidec, CG Power and Industrial Solutions, Bosch Rexroth, Kirloskar Electric