The Energy Efficient Motor Market was valued at USD 28.46 Billion in 2017 and is expected to reach USD 41.57 Billion by 2023, at a CAGR of 6.5% between 2018 and 2023, as per a report by MarketsandMarkets.
Why rise in the use of energy efficient motors in the agriculture sector offers an opportunity?
Energy efficient motors are used in various application areas in the agriculture vertical; these applications include irrigation, ventilation, grain handling, material handling, aeration, and conditioning. Motors are among the largest energy consuming devices on farms. Motors used in the agriculture sector account for 18% of the on-farm energy consumption worldwide. Also, the energy saving solutions are applicable to all segments of the agriculture sector including dairies and livestock producers, nurseries, crop farmers, and food processing companies.
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Further, according to the American Council for an Energy Efficient Economy (ACEEE), the potential energy savings in the agricultural sector have been estimated to be ~USD 1 billion per year. Such reasons would lead to the increase in adoption of energy efficient motors in this sector, which would further contribute to the growth of the overall energy efficient motor market in the coming years.
How risk & uncertainty in the energy efficient motor ecosystem is a challenge?
From an economic perspective, the improvements in energy efficiency programs often require various investment-related decisions implying the trade-offs between higher initial capital costs and lower operating costs. Mostly, strict investment criteria of the end-user industry players lead to the inability to adopt the energy-efficient technologies, which could pose a challenge to the energy efficient motor manufacturers. The abovementioned factors lead to the uncertainty among the end users regarding the adoption of energy efficient motors, and the trend is likely to continue until the introduction and mandate of some sort of strict government regulations.
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