According to a new market research report of "Energy Efficient Motors Market (2013–2018): By Product (Synchronous (Reluctance, Permanent Magnet), Asynchronous (Squirrel Cage, Wound Rotor), DC Motor (Brushless, Brushed)); Type (IE3, IE2, IE1, NEMA); Application (Fans, Pump, HVAC, Compressed Air), is expected to grow at a CAGR of 19.67% from 2013 to 2018 and reach $91.46 billion in 2018.
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The energy-efficient motors are penetrating at a rapid rate in the industry. The major reasons behind the continuous increase in the penetration is the energy saving capacity of the energy-efficient motors, shorter payback period, and low operating cost. Different standards exist in the market, on the basis of which energy-efficient motors are manufactured. The latest standards are the IE standards like IE1, IE2, IE3, and various others that are followed by most of the companies.
In the report, the performance evaluation of the energy efficiency motors is covered and also it is described that how the energy efficient motors reduce the power costs. The adoption rate of the different international standard motors, namely, IE1, IE2 and IE3 is different in different regions. The overall market of the energy efficient motors is expected to grow at a CAGR of 19% form 2013 to 2018. It is projected that over 65% of the total motors are energy efficient motors by the end of 2013.
The percentage split-up of various major market segments (by application, by end users & by geography) was used to arrive at the market size. The percentage split-ups of the sub segments categorized under the application market were used to arrive at the market sizes of the individual sub-segments of the end-user verticals in the market classification of the energy efficient motors market by application. Individual company (key players) revenue was also calculated to validate all the market sizes.
The overall market of the energy efficient motors is expected to grow from $31.79 billion in 2012 to $91.46 billion in 2018 at a CAGR of 19.67% from 2013 to 2018.The figure below shows the trend in the overall energy efficient motors market in the next five years. The penetration rate of the energy efficient motors is continuously increasing.
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Copper is the vital raw material for premium efficiency electric motors and the decrease in copper prices implies only good things for the manufacturers of premium energy efficient electric motors. In short run, the decrease in raw material prices will lead to either increase in profitability of manufacturers or increase in their market share. Lower raw material costs in form of lower Copper prices will lead to higher margins and hence, increased profitability if the prices of finished goods are kept unchanged. But increase in market share will depend on lowering of prices of electric motors and passing on the benefits of reduced raw material cost to buyers.
Rapid growth of the Energy Efficient Motor market is expected to bring forth opportunities as well as challenges for the key players in the market. All the major Energy Efficient Motor manufacturers are concentrating on future applicability of these products and deploying various strategies to cut costs through the increase in durability, reliability, decrease the size and compete with other energy savings substitute products.
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