Energy Efficient Motor Market to Reach $119.1 Billion Globally by 2032 at 9.5% CAGR: Allied Market Research
PORTLAND, Ore., Nov. 27, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Energy Efficient Motor Market by Type (Super premium-IE4, Premium-IE3, High-IE2, Standard-IE1), by Product Type (AC Motor, DC Motor), by Application (Pumps, Fans, Compressed Air, Refrigeration, Material Handling, Material Processing), by End User (Industrial, Commercial, Residential, Agriculture Sector, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global energy efficient motor market generated $48.5 billion in 2022, and is anticipated to generate $119.1 billion by 2032, witnessing a CAGR of 9.5% from 2023 to 2032.
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global energy efficient motor market.
- The super premium-IE4 sub-segment of the global energy efficient motor market accounted for the largest share of 34.1% in 2022 and is projected to continue to hold major share by 2032.
- The pumps sub-segment of the global energy efficient motor market accounted for the largest share of 25.6% in 2022 and is anticipated to grab a major share by 2032.
- Leading Players in the Energy Efficient Motor Market: