Energy Efficient Motor Market Worth 41.57 Billion USD by 2023

PUNE, India, February 22, 2018 /PRNewswire/ --

According to the new market research report on the "Energy Efficient Motor Market by Efficiency Level (IE1, IE2, IE3, and IE4), Type, Application (HVAC, Fans, Pumps, Compressors, Refrigeration, Material Handling, and Material Processing), Vertical and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to reach USD 41.57 Billion by 2023 from USD 30.34 Billion in 2018, at a CAGR of 6.5% between 2018 and 2023. The major factors driving the growth of the energy efficient motor market are saving of energy and subsequent cost over traditional motors, increasing support from governments worldwide for the adoption of energy efficient motors, rising need to diminish greenhouse effect, and increasing adoption of energy efficient motors in the industrial sector.

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IE2 motors have efficiency levels equivalent to the CEMEP EFF1 class and EPAct level. IE2 motors can be used with inverters as an alternative to the IE3 motors. Moreover, the market has witnessed a significant shift from IE1 motors to IE2 motors as IE2 motors have greater efficiency than EFF2 motors and produce less residual heat. Further, IE2 has become mandatory minimum energy performance standard (MEPS) in all the regions, which would positively impact the growth rate of the market for IE2 motors. These factors would continue to assist the growth of the energy efficient motor market for the IE2 efficiency in the coming years too.

Energy efficient motor market for HVAC application would grow at highest CAGR during forecast period 

Energy efficient electric motors are used in heating, ventilation, and air conditioning (HVAC) solutions, especially used in commercial buildings. HVAC systems are based on the laws of thermodynamics, and principles of fluid mechanics and heat transfer. These motors are equipped in the electromechanical products such as pumps, fans, compressors, and refrigerators. The main objectives of the HVAC systems are to maintain good indoor air quality through sufficient ventilation through the filtered air and provide thermal comfort. The growth of the market for the HVAC application is propelled by the government support, increasing industrialization and urbanization, development of advanced solutions, and growing demand for energy-efficient devices.