The Europe Energy Efficient Motor Market would witness market growth of 7.3% CAGR during the forecast period (2023-2029).
The market will advance as demand for energy efficient solutions increases in response to the pressing need to minimize greenhouse gas emissions. As awareness of energy saving increases, businesses are choosing eco-friendly solutions for their systems and procedures. In addition, strict government regulations to obtain high efficiencies in appliances and equipment in many industries to progress towards decarbonization are another important reason that would further promote the adoption of energy efficient motors.
One of the key factors fueling the growth of the market is the increased emphasis on the adoption of green technology regionally. The market expansion is accelerated by implementing environmental rules and regulations and non-renewable energy conservation. The market is also influenced by the advent of VSD, which aids in maximizing the overall system's effectiveness, and by the adoption of motors, which increase production capacity while reducing errors and risky environmental consequences.
Additionally, the market is positively impacted by the quick development of technology, quick urbanization, and growth in acceptance due to the high tolerance for overload conditions. Furthermore, the market players will have lucrative prospects in the forecast future due to ongoing innovation in this technology to lower electricity usage.
The UK government has promoted EV use via various tactics. A 2035 delivery plan, which described the policies and investments the government is making to facilitate the transition to zero-emission vehicles and vans, was published by the government in July 2021, together with the transport decarbonization plan. In addition, the government confirmed its intention to enact a ZEV mandate beginning in 2024 to achieve its 2030 and 2035 targets as part of its Net Zero Strategy. The requirement would establish yearly goals for the proportion of new car and van sales from manufacturers that must be zero emission starting in 2024. These aspects are boosting the European market.
The Germany market dominated the Europe Energy Efficient Motor Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $3,763.3 Million by 2029. The UK market is anticipated to grow at a CAGR of 6.4% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 8.1% during (2023 - 2029).
Based on Application, the market is segmented into HVAC & Pumps, Fans, Compressors, Refrigeration and Material Handling & Material Processing. Based on Efficiency Level, the market is segmented into IE3, IE2, IE1, IE4 and IE5. Based on Power Output Rating, the market is segmented into <1KW, 1 - 2.2 KW, 2.2 - 375 KW and >375 KW. Based on Type, the market is segmented into AC Motors and DC Motors. Based on End User, the market is segmented into Industrial, Commercial, Residential, Automotive, Agriculture and Aerospace & Defense. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Energy Efficient Motor Market is Projected to reach USD 64 Billion by 2029, at a CAGR of 7.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, Toshiba Corporation, Rockwell Automation, Inc., Nidec Corporation, WEG Equipamentos Eletricos SA, Mitsubishi Electric Corporation, Havells India Ltd., CG Power & Industrial Solutions Ltd. (Murugappa Group) and Kirloskar Brothers Limited (Kirloskar Group)
By Application
By Efficiency Level
By Power Output Rating
By Type
By End User
By Country
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