The Energy Efficient Market Size to Reach USD 47 Billion by 2027- Arizton
The Adoption of Robotics Will Boost Energy Efficient Market Growth.
CHICAGO, ILLINOIS, UNITED STATES, April 5, 2023/EINPresswire.com/ — Arizton estimates that the energy-efficient motor market will grow at a CAGR of 6.5% during 2021-2027. The sale of energy-efficient motors in the APAC region is expected to witness steady growth, driven by expenditure on infrastructure and industrial production growth. Many APAC countries, including China and India, are expected to develop and contribute to the energy-efficient motors market, with key infrastructure expansion in the industrial sector and building services during the forecast period. North America remains the third-largest energy-efficient motors market in 2021 owing to its strong process manufacturing firms and oil & gas industries.
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HIGH ADOPTION OF ROBOTICS AND AUTOMATION TO BOOST THE MARKET GROWTH
Robotics is one of the fastest-growing industries across the globe. Robotics is witnessing a surge in demand due to their high utility, efficiency, accuracy, and cost-effectiveness. Various industries are looking at robotics and automation as an option to adopt to reduce the costs incurred by the company. For instance, robotics has a lot of scope in healthcare, agriculture, food preparation, manufacturing, and defense industries.
In the healthcare industry, development in robotics has the potential to ease the work of health professionals instead of taking over like it is usually assumed to be. Robots can be of great utility in therapy, surgery, attending patients, and rehabilitation and can make the treatment process relatively seamless for both the patient and the care/treatment giver. Now that the demand for robotics is rising in the healthcare industry, the demand for energy-efficient motors is anticipated to increase in the healthcare industry.
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SEGMENTATIONAL ANALYSIS
The global energy-efficient motors market by pumps is expected to reach $12.60 billion by 2027. Due to the excessive throttling and energy losses, energy-efficient motors can be a preferable option as they prevent unnecessary energy losses and operates more quietly when compared to standard motors. Regions such as Latin America and MEA are expected to generate high demand for pumps, given the thriving oil businesses running in the area. Thus, the demand for energy-efficient motors for these pumps is expected to drive the market in the upcoming years.
The global industrial energy-efficient motors market is expected to reach $27.06 billion by 2027. Electric motors power a variety of industrial processes that power household appliances. Every product imaginable made in modern factories uses an electric motor at some point in manufacturing. Since there are countless applications for electric motors, it is simple to imagine that millions of motors are in use worldwide in various sizes and shapes. This enormous number of motors and motor drives significantly impact the planet due to the amount of electricity they consume. Consequently, the industrial end-user segment is anticipated to have the highest demand for energy-efficient motors.
COMPETITIVE LANDSCAPE
Major suppliers actively compete for a top place in the industry, with waves of rivalry from other local suppliers. It is expected that foreign players can develop inorganically by acquiring regional or local players in the future. In addition, businesses with stronger technological and financial resources can produce new technologies to make products competitive. The competitive environment in this market is expected to intensify further with an increase in product/service extensions, technological innovations, and M&As.
Large companies like ABB, Siemens, Johnson Electric, Mitsubishi, and others are all set to explore the global energy-efficient motor market. These businesses have a global presence in at least three major geographical areas: North America, APAC, and Europe. However, local vendors are selling goods at low prices with identical requirements. The general manufacturing industry relies on multiple countries to procure its raw materials to keep the COGS low and maintain a steady inflow devoid of supply chain disruptions. The situation further deteriorated post-COVID-19, with commercial flights shut and cross-border trade limited to essential commodities. The trade-related issues with China and the U.S. are further anticipated to worsen and impact the energy-efficient motor market dynamics. The procurement model of manufacturing companies is thus expected to change to avoid the lack of access to international suppliers.
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KEY VENDORS
ABB
CG Power and Industrial Solutions
Regal Beloit Corporation
Siemens
WEG
Brook Crompton
Bharat Bijlee Limited
Havells India Limited
General Electric
Toshiba International Corporation
Mitsubishi Electric Corporation
Laxmi Hydraulics
NIDEC CORPORATION
Regal Beloit
Rockwell Automation
ebm-papst
Regal Rexnord Corporation
Emerson Electric Co.
Kirloskar Electric Company
MARKET SEGMENTATION
Efficiency: IE1, IE2, E3, and IE4
Application: Pumps, Fans, Compressors, and Others
End-Users: Industrial, Commercial, and Residential
Geography: North America, Europe, APAC, Middle East & Africa, and Latin America
Countries Covered: The US, Canada, the UK, Italy, France, Spain, Germany, China, Australia, Japan, South Korea, India, Saudi Arabia, Turkey, Brazil, and Mexico
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