HOME Research Insight ABB (Switzerland) and Siemens (Germany) are the Top Two Players in the Energy Efficient Motor Market

ABB (Switzerland) and Siemens (Germany) are the Top Two Players in the Energy Efficient Motor Market

The energy efficient motor market is expected to grow at a CAGR of 6.5% between 2018 and 2023 and be worth USD 41.57 Billion by 2023. Energy efficient motors are widely used in various industries such as oil and gas, marine, power and energy, mining, and water and wastewater. These motors benefit the end users by ensuring high-quality lamination, insulation, and low fan losses, among others.

Key players in the energy efficient motor market include ABB (Switzerland), Siemens (Germany), WEG (Brazil), GE (US), Schneider Electric (France), Nidec (Japan), Rockwell (US), CG (India), Bosch Rexroth (Germany), Kirloskar Electric (India).

Product launches and developments, and mergers and acquisitions are the key strategies adopted by the key players to grow in the energy efficient motor market. The companies, such as ABB (Switzerland), Siemens (Germany), and Rockwell (US) have been focusing on the strategy of product launch and development, whereas players such as Nidec (Japan) and WEG (Brazil) have been focusing on the strategy of mergers and acquisition to increase their share in the global energy efficient motor market.

Top two players in the energy efficient motor market:

ABB (Switzerland) is one of the leading players in the energy efficient motor market. The company has been consistent in expanding its energy efficient motor offering portfolio, improving the functionality of its existing products, and developing new products. It is continuously putting its efforts in various innovations in their products to sustain in the competition in the market. Moreover, the company also concentrates on expanding its geographic presence; for instance, in 2017, ABB opened more than 3 centers in North America.

Siemens (Germany) is a globally operating technology company with core activities in the fields of electrification, automation, and digitalization. It strives to expand its offering related to energy efficient motor. The company is mainly focusing on the launches and developments of new products in this field. For instance, in November 2017, Siemens launched Simotics SD Add low-voltage motors, which helped the company to extend the application area for energy efficient low-voltage motors. Through its energy efficient motor offerings, the company caters to innovation-driven markets, such as oil and gas, energy and power, pharmaceuticals, and automotive.

Related Reports:

Energy Efficient Motor Market by Efficiency Level (IE1, IE2, IE3, and IE4), Type, Application (HVAC, Fans, Pumps, Compressors, Refrigeration, Material Handling, and Material Processing), Vertical and Geography - Global Forecast to 2023

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