Growing concerns about diminishing resources and increasing energy demands is forcing businesses to come up with alternatives. Growing industrial applications and rising costs of energy resources are some other reasons why there is a need for energy efficient power sources. Electric or energy motor is the only component of the motor-driven power system with possible modifications for savings. Energy efficient motors market is booming with opportunities for business expansion and technological advancements. Rapid growth in this market is attracting new investments and geographical reach of these products, which is helping the industry to a greater deal.
Growing Demand Drives Energy Efficient Motor Market
Electric motors transfer electrical energy into mechanical energy, which diversifies their field of applications. Growing use of these motors and automation technology is creating rise in demand in the industry. Along with intensifying demands, lowering operational costs is a major boost for the global energy efficient motors market. Increasing mandatory government regulations is also a prominent driver for premium motors. These three factors determine the trends in demands and supply patterns in this industry. Their ratio also determines the increasing opportunities and challenges that the market is poised to witness in the years to come. Deeper understanding about segmentation and latest market trends provides crucial foundation for forecasting and future estimates for energy saving motors market.
Segmentation and Current Market Trends
Segmentation in this market is largely based on the types of motors, types of products, variety of applications and end users. Geographical pattern for production and consumption is also crucial for tracking prevalent trends in the global market. Types of energy saving motors are based on different international safety and energy standards and government regulations. Standard, high, premium and super-premium are basic energy standards that determine motor types. Asynchronous, synchronous and DC motors are the popular product types. These types are divided into further sub-segments, namely, squirrel cage induction, permanent magnet and reluctance motors.
Energy efficient motors have a variety of applications in motor pumps, compressed air, fans, material handling specifications and refrigeration. Industrial sector is the most flourishing end user segment in energy efficient motors market. Apart from industrial usage, these motors are widely used in residential, building, architecture and construction industries, agriculture, defense and aerospace, automotive and transportation industries. This wide range of applications into variety of industries make premium motors market expand on global platform. North America is the leading geographical region in the market, which is followed by other regions like Europe and Asia Pacific.
Forecasting and Opportunities
According to a recent study, the market is estimated to witness great strength from 2013 to 2018. According to the reports, the market is poised at an estimated rate of $37.26 billion in 2013, which is expected to rise to $91.46 billion by the end of 2018. Considering these figures, it seems that the market is expected to grow at an attractive CAGR of 19.67%. Improved motor designs, increasing demand for efficient motoring, operating cost control measures and increasing government regulations are some of the major drivers creating great business opportunities in this market. Along with growing investments and new entrants in the market, improving motor efficiency, reducing stagnancy and controlling noise output and heat dissipation are some major challenges.
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