“The energy efficient motor market is expected to grow at a significant rate between 2018 and 2023”
The energy efficient motor market is expected to reach USD 41.57 billion by 2023 from USD 30.34 billion in 2018, at a CAGR of 6.5% between 2018 and 2023. The key factors driving the growth of the energy efficient motor market are saving on energy and subsequent cost over traditional motors, increasing support from governments worldwide for the adoption of energy efficient motor, rising need to diminish greenhouse effect, and increasing adoption of energy efficient motors in the industrial sector. However, the major restraining factor for the growth of this market is the high costs of super premium efficiency (IE4) motors.
“AC motors accounted for a larger share of the energy effi
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