We are quite possibly witnessing the beginning of an electric motor market boom as stricter energy efficiency regulations are being rolled out around the world. The higher energy efficient standards were predicted to cause worldwide overhauls of newer motor technology, resulting in significant market growth over the coming years.
According to a market report published by Credence Research “Electric Motors Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the global electric motors market is expected surpass US$ 135 Bn by 2022.
IE3 motors are now mandatory in Europe for new installations between 7.5 kW and 375 kW, in line with many other jurisdictions in the world.
At the recent energy efficiency in motor-driven systems (Eemods) conference in Finland the new regulations were presented as necessary to help meet the EC’s 2030 target of cutting greenhouse gas emission levels by 40% compared to 1990 levels, as well as cutting energy consumption by 27% by that date. These proposed changes could affect up to 89 million motors and more than four million variable-speed drives sold in the EU every year.
The new EC regulations are expected to increase growth for the replacement market. The rise of industrialisation and the construction industry is predicted to contribute to an increase in the growth of premium efficiency motors.