The energy efficient motors market has been forecast to increase at a compound annual growth rate (CAGR) of 19.6% over the next five years, increasing from a valuation of approximately $31.8 billion in 2012, to hit a market value of almost $91.5 billion by the year 2018.
Key factors set to play a part in the growth of the energy efficient motors market include energy cost savings, increasing government funding for the energy efficient solutions and increasing demand for greenhouse gas reduction.
Energy-efficient motors, also called premium or high- efficiency motors, are 2 to 8% more efficient than standard motors. Motors qualify as "energy-efficient" if they meet or exceed the efficiency levels listed in the National Electric Manufacturers Association's (NEMA's) MG1- 1993 publication.
Energy-efficient motors owe their higher performance to key design improvements and more accurate manufacturing tolerances. Lengthening the core and using lower-electrical-loss steel, thinner stator laminations, and more copper in the windings reduce electrical losses. Improved bearings and a smaller, more aerodynamic cooling fan further increase efficiency.
Energy-efficient motors generally have longer insulation and bearing lives, lower heat output, and less vibration. In addition, these motors are often more tolerant of overload conditions and phase imbalance. This results in low failure rates, which has prompted most manufacturers to offer longer warranties for their energy-efficient lines.
Rapid growth within the energy efficient motors market is expected to bring forth opportunities as well as challenges for the key players in the industry.
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.
While North America has dominated the energy efficient motors market, Asia Pacific is expected to be the fastest growing region over the next five years.
For more information on the energy efficient motors market, see the latest research: Energy Efficient Motors Market
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